Regulations & Policy: Page 8

  • Consumer Financial Protection Bureau Director Rohit Chopra with his hand raised while speaking.
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    Win McNamee via Getty Images
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    Chopra defends CFPB open banking rule in face of lawsuit

    Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d even read it.

    By Patrick Cooley • Oct. 28, 2024
  • Exterior of the state capitol of Illinois in Springfield, IL
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    rruntsch via Getty Images
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    Opinion

    Illinois should abandon interchange law

    “Illinois has made a hasty decision that, if implemented, would have government change our payments system that functions so well that we barely notice it,” writes a trade group CEO.

    By Jodie Kelley • Oct. 25, 2024
  • Graphic of digital money transfer symbols overlaid on a map of the world Explore the Trendline➔
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    ArtemisDiana via Getty Images
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    Trendline

    Cross-border payments targeted for upgrades

    When it comes to cross-border payments, businesses, non-profits and governments alike are determined to increase the speed of transactions and cut the cost.

    By Payments Dive staff
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    Michael M. Santiago via Getty Images
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    Capital One-Discover deal draws NY scrutiny

    New York Attorney General Letitia James is probing the proposed acquisition’s effects on competition, arguing “often vulnerable New Yorkers with subprime credit scores” could be negatively impacted.

    By Caitlin Mullen • Oct. 25, 2024
  • Bank sign on glass wall of business center
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    ultramarine5 via Getty Images
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    Industry balks at FDX standard-setting monopoly

    Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.

    By • Oct. 24, 2024
  • blue World Map on digital pixelated display
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    Stock via Getty Images
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    Payments trade groups caution World Bank on digital infrastructure

    U.S. payments associations urged the World Bank this week to consider interoperability and private sector involvement in its development of a digital public infrastructure.

    By Tatiana Walk-Morris • Oct. 24, 2024
  • The Goldman Sachs company logo is displayed on a screen at the New York Stock Exchange during afternoon trading on August 02, 2024 in New York City.
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    Michael M. Santiago via Getty Images
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    Goldman, Apple to pay CFPB $89.8M over Apple Card issues

    The bank and tech firms failed to address disputed transactions in their joint Apple Card program, and misled cardholders about interest-bearing products, the bureau alleged.

    By Gabrielle Saulsbery • Oct. 23, 2024
  • Rohit Chopra looks just off camera as someone else speaks.
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    Drew Angerer / Staff via Getty Images
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    Trade groups challenge CFPB’s open banking rule on Day 1

    Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing that is has overreached its authority.

    By Caitlin Mullen • Oct. 23, 2024
  • Hands holding a paycheck with a laptop in the background.
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    AndreyPopov via Getty Images
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    California to begin oversight of EWA

    The state instituted regulations Tuesday that will require earned wage access providers to register and be regulated as of next February.

    By • Oct. 23, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    CFPB issues final rule on open banking

    In a change from last year’s proposal, payment apps are included under the rule. Financial institutions with less than $850 million in assets are exempt.

    By Dan Ennis • Oct. 22, 2024
  • The exterior of the Fiserv Forum.
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    Daniel Boczarski via Getty Images
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    Fiserv may grab competitive edge with new bank charter

    The payments processor can undercut rivals on price because it won’t be paying bank fees, say industry consultants.

    By • Oct. 21, 2024
  • FTC regulation
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    Gorodenkoff via Getty Images
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    FTC unveils final ‘click-to-cancel’ rule for consumers

    The agency rule targeting recurring payments comes amid a broader effort by the Biden administration to reduce consumer “junk” fees.

    By Justin Bachman • Oct. 16, 2024
  • Man sitting at table outside with card in one hand and a phone in another hand.
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    MStudioImages via Getty Images
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    More authentication leads to fewer approvals

    Research from payments software firm Stripe shows credit and debit card transactions using an advanced security tool are less likely to be approved.

    By • Oct. 15, 2024
  • Treasury Department Undersecretary Nellie Liang
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    Win McNamee via Getty Images
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    Treasury official calls for new regulatory framework

    The department’s undersecretary for domestic finance, Nellie Liang, suggested state oversight of money transmitters was outdated in an era of electronic payments.

    By • Oct. 11, 2024
  • A rifle is seen in a store window
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    Spencer Platt / Staff via Getty Images
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    New York Governor signs gun code law

    Gov. Kathy Hochul signed a new law Wednesday requiring merchants to use a gun code, saying it could help prevent mass shootings.

    By • Oct. 10, 2024
  • Man in glasses speaks at microphone seated on dias behind a wood railing.
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    Bonnie Cash via Getty Images
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    Durbin jumps into Illinois interchange law fray

    Sen. Dick Durbin threw his weight behind an Illinois law that would nix interchange fees on taxes and tips, supporting the edict in a court document filed Friday.

    By • Oct. 8, 2024
  • Fiserv headquarters in Brookfield, Wisconsin
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    Google Maps

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    Fiserv nets special banking charter in Georgia

    The payments processor is only the second company to win the special bank charter since Georgia made it available.

    By • Oct. 4, 2024
  • OCC
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    Retrieved from OCC.
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    OCC seeks to halt Illinois card interchange fee law

    The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.

    By • Oct. 3, 2024
  • U.S. Attorney General Merrick Garland stands at a podium with hands lifted, shrugging with a smirk.
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    Kent Nishimura via Getty Images
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    Visa expected to temper competitive moves after DOJ action

    The card network may bend to emboldened fintech rivals and more assertive merchants following the Justice Department’s antitrust lawsuit.

    By • Oct. 3, 2024
  • Visa debit cards antitrust
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    Roy Rochlin via Getty Images
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    Visa boosts litigation funding ahead of US antitrust fight

    The company added $1.5 billion to a litigation escrow account as it battles a Justice Department lawsuit and ongoing legal case with merchants.

    By Justin Bachman • Oct. 1, 2024
  • A scene with people standing at colorful booths at the Nacha Faster Smarter Payments conference in Miami in 2024.
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    Lynne Marek/Payments Dive
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    Payments conferences to keep on your radar for 2025

    Artificial intelligence, FedNow and the ISO 20022 standards are expected to be hot topics at this year’s payments conferences.

    By Shefali Kapadia • Updated Jan. 31, 2025
  • A man stands in front of a podium in a suit.
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    Bill Pugliano via Getty Images
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    Trump interest rate cap draws criticism

    Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.

    By • Sept. 30, 2024
  • Digital payments
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    Courtesy of Adyen
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    Fed dissects consumer use of digital payments

    While most U.S. households have a bank account, just under half use a nonbank payment service, Kansas City Federal Reserve Bank research says.

    By Tatiana Walk-Morris • Sept. 30, 2024
  • Bank sign on glass wall of business center
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    ultramarine5 via Getty Images
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    FDX seeks to become open banking standard-setter

    The Consumer Financial Protection Bureau will decide whether an organization’s practices are transparent and balanced enough to set standards for open banking.

    By • Sept. 26, 2024
  • Sezzle CEO Charlie Youakim
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    Permission granted by Sezzle
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    Q&A

    Sezzle evolves alongside BNPL industry

    The company now offers more products but also faces more regulatory pressure, Sezzle CEO Charlie Youakim told Payments Dive.

    By • Sept. 25, 2024
  • Visa debit cards antitrust
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    Kent Nishimura via Getty Images
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    DOJ suit accuses Visa of illegal debit payment monopoly

    The company threatens merchants with high fees, and "makes its potential rivals business partners to thwart competition in debit card processing," the DOJ says.

    By Justin Bachman • Sept. 24, 2024