NY AG sues Citi over denied fraud claims

“If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.

By Dan Ennis • Jan. 31, 2024

What’s ahead for payments in 2024

The industry faces more upheaval this year as legacy companies and upstart fintechs jockey for the upper hand, and regulators monitor the competition closely. 

By Lynne Marek • Jan. 31, 2024

Explore the Trendline➔

Real-time payments are on the rise

As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.

By Payments Dive staff

Colorado lawmakers seek to require gun code use

Democratic legislators in the state have introduced a bill that’s similar to the law California passed last year requiring use of a gun merchant category code. 

By Caitlin Mullen • Jan. 31, 2024

CFPB hiring for tech enforcement

The expansion of the enforcement team is meant “to send a clear deterrent message to entities that are within our authority,” CFPB enforcement attorney Molly McOwen said.

By James Pothen • Jan. 31, 2024

NY may drive out BNPL firms: attorneys

If the state’s buy now, pay later legislation passes, new requirements piling on additional compliance burdens may lead some providers to pull their operations in New York, attorneys said. 

By Caitlin Mullen • Jan. 30, 2024

Payments regulation and legislation abound in 2024

Payments players can expect this year to be heavy with regulatory and legislative moves, both at the federal and state levels.

By Lynne Marek • Jan. 30, 2024

FTC, FloatMe reach $3M settlement

The cash advance provider “lured consumers in with false promises of free money advances,” and then made it difficult for them to cancel, FTC Director Samuel Levine said in a press release.

By James Pothen • Jan. 29, 2024

Apple opens up payments under EU pressure

Apple plans to give software developers the option to use third-party payment systems, but warned that the change will expose consumers to new threats.

By James Pothen • Jan. 26, 2024

CFPB eyes NSF fee ban for transactions declined in real time

It’s an uncommon penalty, but the federal agency asserts that as technology advances, financial institutions may be able to block more transactions at the time of a swipe, tap or click.

By Gabrielle Saulsbery • Jan. 26, 2024

Manhattan DA seeks tighter payment app security

“No longer is the smartphone itself the most lucrative target for scammers and robbers – it’s the financial apps contained within,” District Attorney Alvin Bragg Jr. said.

By James Pothen • Jan. 25, 2024

Maryland EWA legislation draws protest

A Maryland bill calling for some earned wage access providers to be registered and licensed has triggered opposition from fintech advocates.

By Lynne Marek • Jan. 25, 2024

Rivals may chase Fiserv special bank charter lead

If the payments giant receives a special Georgia charter and gains access to the card networks, it could open the floodgates for other merchant acquirers, attorneys said.

By Caitlin Mullen • Jan. 25, 2024

Fed extends comment period on debit card fee proposal

The Federal Reserve extended the time period during which it will accept public comments on its proposal to reduce the cap on debit card fees.

By Lynne Marek • Jan. 23, 2024

Congressional card bill won’t yield benefit

If it were to pass, the Credit Card Competition Act proposal would result in additional costs without any gains, argues one payments industry consultant.

By Ken Musante • Jan. 22, 2024

DailyPay lands more financial support

The earned wage access company said it raised $75 million in new equity funding and $100 million in debt financing.

By Lynne Marek • Jan. 22, 2024

Law firms jockey for payments action

A proliferation of payments and fintech players has sparked a contest for talent among law firms seeking to meet clients’ needs.

By Lynne Marek • Jan. 22, 2024

Credit card surcharge bills lurk in state legislatures

The state legislation relating to credit card surcharges is poised to keep percolating in a pack of states this year, following new laws in some last year.

By Lynne Marek • Jan. 19, 2024

FedNow draws some banks, as others lag

The Federal Reserve is building up bank participation in FedNow, but some big financial institutions remain on the sidelines.

By Lynne Marek • Jan. 18, 2024

Discover lands servicer for student loan portfolio

Student loan servicer Nelnet will handle servicing of Discover’s portfolio while the card issuer markets it for sale, said CFO John Greene.

By Caitlin Mullen • Jan. 18, 2024

Payments M&A poised to rise this year

Conditions could be ripe for more payments deals in 2024, as legacy players seek to add unique technologies and struggling startups find themselves in need of an exit plan.

By Caitlin Mullen • Jan. 18, 2024

Epic CEO vows challenge to Apple’s payments plan

“Epic will contest Apple's bad-faith compliance plan in District Court,” Epic Games CEO Tim Sweeney said in a Tuesday post on X, formerly Twitter.

By James Pothen • Jan. 18, 2024

Amazon, Andreessen Horowitz seek exemptions on proposed CFPB rule

The e-commerce giant and investment firm asked for carve-outs for Amazon Pay and non-fungible tokens, respectively.

By James Pothen • Jan. 17, 2024

CFPB proposal would cut overdraft fees

Overdraft fees would be reclassified as extensions of credit, forcing banks to disclose an APR. They could also be cut to as low as $3.

By Dan Ennis • Jan. 17, 2024

X gains money transmitter approval in Utah

X has been collecting money transmitter approvals in recent months to launch peer-to-peer payments in the app.

By Andrew Hutchinson • Jan. 17, 2024

Apple, Google face legal challenges to their payments businesses

Both tech giants will spend this year fighting off rivals hungry for a piece of their payments revenue.

By James Pothen • Jan. 16, 2024