Regulations & Policy: Page 48
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Retrieved from Facebook on December 09, 2021
Tech trade group criticizes CFPB payments probe
The Electronic Transactions Association, a trade group representing tech companies, asked the Consumer Financial Protection Bureau to explain how the agency's inquiry fits within its authority.
By Jonathan Berr • Dec. 21, 2021 -
Courtesy of Tricia Harte
BNPL growth prompts change from credit bureaus
Paying in installments has become wildly popular, but many of these plans aren't reflected on consumers' credit reports. Credit agencies say adaptations are coming.
By Caitlin Mullen • Dec. 20, 2021 -
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TrendlinePayments 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 -
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Bankers group presses CFPB to expand tech probe
Independent Community Bankers of America is urging the Consumer Financial Protection Bureau to sweep data aggregators into its inquiry into the practices of payment tech companies.
By Jonathan Berr • Dec. 20, 2021 -
Courtesy of Klarna
Feds increase scrutiny of buy now-pay later
The Consumer Financial Protection Bureau is concerned about consumers taking on too much debt, and about BNPL providers evading laws. As a result, it's demanding information from five of the biggest players in the emerging industry.
By Lynne Marek , Jonathan Berr , Caitlin Mullen • Dec. 16, 2021 -
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Gen Zers relied on buy now-pay later for holiday shopping. It's time to pay up.
Look up #Klarna, #Afterpay or #Affirm on the social media site TikTok. Beneath some of those BNPL provider hashtags are videos of teens dancing and lip syncing to viral sounds, with the balances they owe in the background.
By Maria Monteros • Dec. 15, 2021 -
Win McNamee/Getty Images via Getty Images
How Elon Musk's mood drives crypto
The world's richest man can send cryptocurrency prices soaring or plummeting depending on his mood. This year, Dogecoin has been the object of his affection, and derision.
By Jonathan Berr • Dec. 14, 2021 -
Megan Quinn/Payments Dive
Crypto execs urge regulation tailored to risks
They told lawmakers at a Wednesday hearing on Capitol Hill that nothing short of U.S. leadership in the field of digital assets is at stake.
By Dan Ennis • Dec. 10, 2021 -
Rebecca Pifer/Payments Dive
Fintech firms lock arms for new standard
Digital finance company Plaid is leading a group of fintechs, data security companies and compliance firms in developing a new standard to protect confidential consumer data from hackers.
By Jonathan Berr • Dec. 9, 2021 -
Kevin Dietsch via Getty Images
OpinionFor hourly workers, the paycheck is the enemy
The magnitude of financial precarity in America is staggering. This is why employers have a responsibility for the financial health of their workers.
By David Baga • Dec. 8, 2021 -
Courtesy of Coinbase
Coinbase president seeks "rules of the road"
At a Tuesday conference, Emilie Choi reiterated the company's call for a single regulator to oversee the emerging digital asset industry. She also said the company remains on the hunt for acquisitions.
By Caitlin Mullen • Dec. 8, 2021 -
Courtesy of PayPal
Bank groups spell out payments industry concerns
"Consumers can make better-informed choices if they more fully understand a big tech’s ability to collect and use a consumer’s financial transaction data, or directly and regularly access their bank account using their sign in and password," the trade groups say.
By Jonathan Berr • Dec. 8, 2021 -
Chip Somodevilla via Getty Images
New York Fed, BIS partner on fintech research center
The innovation hub is meant to support the U.S. central bank's analysis of digital currencies, including CBDCs, and to help make cross-border payments faster and less expensive, Fed Chair Jerome Powell said.
By Robin Bradley • Dec. 7, 2021 -
CardX CEO Jonathan Razi testifies before the Colorado House Business Affairs & Labor Committee earlier this year. Retrieved from CardX on July 8.
Will Stax acquisition of CardX mean more surcharging?
With the Stax acquisition of CardX last week, the combined company plans to scale its mission of bringing surcharging tools to more merchants.
By Lynne Marek • Dec. 6, 2021 -
Chip Somodevilla via Getty Images
SEC Chair Gensler to crypto platforms: Come to us before we come for you
The SEC head called on digital asset exchanges to register with the agency, citing concerns for "vulnerable" investors. "If we don’t address these issues, I worry a lot of people will be hurt," he said.
By Caitlin Mullen • Dec. 3, 2021 -
Dan Kitwood via Getty Images
Crypto execs to face House panel next week
Executives from crypto firms Coinbase and Circle are among those in the line-up for a Dec. 8 discussion of "the challenges and benefits of financial innovation" as House lawmakers seek answers.
By Robin Bradley • Dec. 3, 2021 -
Arturo Holmes via Getty Images
Will the Amazon-Visa dispute spill over to other credit card companies?
While Visa's rivals are dependent on interchange fees like those at the center of the Amazon-Visa fight, they also might benefit if Amazon tosses some business in new directions.
By Jonathan Berr • Nov. 30, 2021 -
Kevin Dietsch via Getty Images
Senate banking chair queries crypto CEOs
The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.
By Anna Hrushka • Nov. 29, 2021 -
Dan Kitwood via Getty Images
Bank regulators to roll out crypto guidance in 2022
Tuesday's two-page report didn’t provide many details on how banks should navigate digital assets, but regulators said the industry should expect to see the agencies roll out guidance throughout next year.
By Anna Hrushka • Nov. 24, 2021 -
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Deep DivePayment Choice Act wins bipartisan backing
New Jersey Democrat Rep. Payne is trying to preserve cash as a form of payment and collecting support across the aisle, even as the possibility of a U.S. digital dollar gains traction.
By Lynne Marek • Nov. 23, 2021 -
Chip Somodevilla via Getty Images
Biden to nominate Powell as Fed chair
Lael Brainard, Powell's chief rival for the role, will be nominated as vice chair. Biden intends to announce nominees for three open Fed slots in early December, the White House said Monday.
By Dan Ennis • Nov. 22, 2021 -
Courtesy of Amazon
Will Amazon's war of words with Visa backfire?
Consumers may not tolerate fewer payment options from Amazon, an analyst says. Still, Amazon may be willing to risk angering customers as it pressures Visa and other payment providers to reduce their transaction costs.
By Jonathan Berr • Nov. 18, 2021 -
Column
Ripple puts SEC on losing end in crypto regulation proposal
The company last week said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.
By Dan Ennis • Nov. 17, 2021 -
Courtesy of Toast Inc.
After much hyped IPO, Toast scales back financial disclosures
Wall Street analyst raises questions about the company's financial disclosures.
By Jonathan Berr • Nov. 12, 2021 -
Matt Cardy via Getty Images
OpinionPayments trade group rebuts retailers
The Electronic Payments Coalition says it wants to set the record straight: "Expanding the Durbin Amendment would be a disaster for consumers and small businesses."
By Jeff Tassey • Nov. 11, 2021 -
Chopra screen grab/Payments Dive, data from Screen grab
CFPB's hard line with payments industry may be a hint of things to come
Six of the biggest tech companies in the US are stepping up to meet the demands of the CFPB's new head, Rohit Chopra, regarding their payments practices.
By Jonathan Berr • Nov. 8, 2021
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