CFPB recasts innovation office to emphasize competition

The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.

By Dan Ennis • May 26, 2022

CFPB carves out new competition angle for oversight

A former CFPB enforcement director told an audience of payments professionals this week that they'd best be prepared for the agency to expand its oversight by way of its markets authority.

By Lynne Marek • May 18, 2022

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Payments industry seeks to keep pace with fraudsters

As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.

By Payments Dive staff

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 17, 2022

Three US cash trends persist, Fed report says

The COVID-19 pandemic led U.S. consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month.

By Lynne Marek • May 16, 2022

Fed delivers mixed credit card data

While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.

By Jonathan Berr • May 12, 2022

World Bank forecast for cross-border payments rises

The international bank expects remittances to climb 3.7% to $802 billion this year. That's more than was previously expected and the increase is partly due to the upheaval in Ukraine, the World Bank said.

By Jonathan Berr • May 11, 2022

Yellen urges stricter stablecoin regulation amid TerraUSD crash

The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

By Robin Bradley • May 11, 2022

Mastercard CEO lands hefty raise

Compensation for Michael Miebach, who was the card company's chief product officer and president before he became CEO last year, climbed 75% to $16.1 million for 2021 after he took Mastercard's top post.

By Jonathan Berr • May 10, 2022

Cannabis payments companies focus on compliance, creativity

In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.

By Caitlin Mullen • May 6, 2022

Durbin proposes card fee reforms, not legislation

Sen. Dick Durbin pushed for a handful of reforms of credit card fee practices at Wednesday's Senate Judiciary Committee hearing on "excessive swipe fees," but didn't offer plans for new legislation. He also questioned Visa and Mastercard representatives about recent fee increases and took testimony from consumer advocates who slammed the hikes.

By Lynne Marek • May 5, 2022

Congressman calls for increased digital wallet protection

Consumers may "not understand that funds kept in digital wallets or by payment apps may not be insured and protected to the same degree as their bank accounts,” a congressional report says.

By Jonathan Berr • May 4, 2022

SEC bulks up crypto enforcement unit

To combat scams and fraud in the digital asset space, the federal agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team.

By Robin Bradley • May 3, 2022

Contractors turn to payment apps to speed billing

Cloud-based and mobile-friendly, fintech solutions are poised to revolutionize how contractors pay and get paid.

By Robyn Griggs Lawrence • May 3, 2022

BNPL players’ losses grow as costs soar

At buy now-pay later providers, expenses have been rising faster than revenue as consumer demand increases, so losses are mounting amid BNPL mania.

By Jonathan Berr • May 3, 2022

FTA pushes for remittance fee reform

"We urge Director Rohit Chopra to update the CFPB’s outdated remittance rule and take on the high cost of international payments," the Financial Technology Association says in this op-ed piece.

By Penny Lee • May 2, 2022

Card companies called on congressional carpet

Visa and Mastercard will be in the hot seat next week at a hearing of the Senate Judiciary Committee led by their long-time nemesis, Sen. Dick Durbin. A notice for the hearing teases that the discussion will zero in on "excessive swipe fees" and a lack of competition in the industry.

By Lynne Marek • April 29, 2022

Mastercard shakes off Russia concerns, inflation woes

Mastercard's first-quarter revenue jumped 24% to $5.2 billion on robust consumer spending as coronavirus restrictions faded and cross-border payments picked up.

By Jonathan Berr • April 29, 2022

Senate Democrats berate Zelle over alleged fraud

In a letter to Zelle's CEO, two U.S. senators said the company's platform leaves consumers exposed to fraud, with little ability to recover lost funds. “Your company and the big banks who both own and partner with the platform have abdicated responsibility," they said.

By Robin Bradley • April 27, 2022

CFPB aims to level playing field between banks, fintech

Banks have long complained that fintechs are able to offer many of the same financial services without abiding by the same laws. In an effort to level the playing field, the Consumer Financial Protection Bureau said Monday it would invoke a largely unused legal provision. 

By Jonathan Berr • April 25, 2022

Crypto bank Anchorage ordered to revamp AML program

The Office of the Comptroller of the Currency said the bank — the first crypto firm to receive a national trust bank charter in January 2021 — must overhaul its anti-money laundering program after failing to implement internal controls for customer due diligence and procedures for monitoring suspicious activity. 

By Anna Hrushka • April 25, 2022

MoneyGram sued by CFPB, New York AG

“MoneyGram spent years failing its customers and failing to follow the law,” Consumer Financial Protection Bureau Director Rohit Chopra alleged. MoneyGram called the latest in a series of regulatory actions against the company a "frivolous" lawsuit.

By Jonathan Berr • April 22, 2022

Robinhood's acquisition of crypto firm puts UK, Europe in its sights

The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.

By Dan Ennis • April 19, 2022

Waiting for action on hidden cross-border fees

An executive with the cross-border payments company Wise Payments calls on the federal government to expose the hidden fees buried in international remittance transactions.

By Rina Wulfing • April 18, 2022

Lawmakers seek to cancel card fee increases

Four members of Congress are suddenly pushing Visa and Mastercard to cancel the credit card "swipe" fee increases they planned to impose this month. The lawmakers cited inflation and a lack of competition in the card industry.

By Lynne Marek • April 18, 2022

SEC issues guidance on crypto-asset accounting, disclosure

As theft of crypto-assets rises, the Securities and Exchange Commission is pushing companies to publicly report on the potential costs of such crimes and efforts to curb hacking risks.

By Jim Tyson • April 12, 2022