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September 14, 2023

On the wires

American Bankers Association: CBDC would be advantaged competitor

Ledger Insights

"Today U.S. Congress will hold a hearing on the Digital Dollar Dilemma to discuss the implications of a central bank digital currency (CBDC) and potential private sector alternatives. The Federal Reserve believes that a CBDC will help maintain the dollar’s unique role as the international reserve currency, and improve financial inclusion for millions of U.S. citizens. However, both the American Bankers Association (ABA) and the Bank Policy Institute strongly object to the Federal Reserve potentially launching a digital dollar."

September 13, 2023

On the web

Big Tech's Role in Contactless Payments: Analysis of Mobile Device Operating Systems and Tap-to-Pay Practices

Consumer Financial Protection Bureau

"In jurisdictions around the world, consumers, small businesses, financial institutions, and policymakers are recognizing the benefits of open ecosystems in the digital world...Given the agency’s mandate to ensure fair, transparent, and competitive markets, as well as the CFPB’s plans to issue rules that will accelerate the shift to open banking in the United States, the CFPB analyzed POS payments in the context of mobile operating systems to better understand the state of platform interoperability in payments, a critical open banking use case."

September 8, 2023

On the web

September 7, 2023

On the web

September 6, 2023

On the web

How To Get a Jump-Start On PCI DSS 4.0 Regulations

RIS News

"Since 2004, the Payment Card Industry Data Security Standard (PCI DSS) has dictated how organizations that accept credit card payments must protect the data exchanged in those transactions....the new regulations have 12 requirements and more than 300 sub-requirements. However, a great deal of PCI DSS deals directly with protecting the card data environment (CDE)."

September 1, 2023

On the wires

August 22, 2023

On the wires

CardX: New Jersey Surcharge Legislation Signed Into Law

Business Wire

"New Jersey Governor Phil Murphy announced Friday that he signed Assembly Bill 4284 into law, which prohibits New Jersey merchants from imposing a credit card surcharge that exceeds the payment processing cost, and requires merchants to clearly disclose the surcharge. The bill took effect immediately upon signing."

August 11, 2023

On the web

PSD3 – What Does It Mean and How Will it Advance Open Banking?

Electronic Payments International

"Whether it’s meals in the day, Neapolitan ice cream, or a game of rock, paper, scissors – the best things in life come in threes. And while payment legislation may not spring to mind when we think of important trilogies, PSD3, the European Commission’s recently proposed update to the Payment Services Directive (PSD2), is a hotly anticipated update for those in the payments space."

July 28, 2023

On the web

June 22, 2023

On the web

CUNA, AACUL, Leagues Call on Leaders to Oppose Interchange Bill

CUNA

"Far from increasing credit card competition, the Marshall-Durbin-Gooden-Lofgren interchange bill would hurt consumers and small businesses while benefitting big box retailers, CUNA, the American Association of Credit Union Leagues, and all state Leagues and Associations wrote to House and Senate leaders Wednesday."

June 15, 2023

On the web

Senate Democrats Pressure PayPal, Venmo, Cash App Over Fraud Protections

CNBC

"Senate Democrats on Thursday urged PayPal and Cash App to better protect users of their peer-to-peer payment applications from fraud. Sen. Sherrod Brown of Ohio, along with Massachusetts Sen. Elizabeth Warren, Rhode Island Sen. Jack Reed and New Jersey Sen. Bob Menendez, requested detailed fraud detection and prevention methods from the PayPal-owned Venmo and Cash App, which is owned by Block"

Interchange Bill ‘Cynical Manipulation’ of Payments System

CUNA

"CUNA and organizations representing the entire financial services industry wrote House leaders in strong opposition of the interchange bill (H.R. 3881) introduced last week by Reps. Lance Gooden, R-Texas, and Zoe Lofgren, C-Calif. The letter follows a similar one sent by the organizations to Senate leaders last week."

June 14, 2023

On the web

May 23, 2023

On the web

MiCA is the First Step in Robust Approach to Crypto Regulation

OMFIF

"The Markets in Crypto-Assets regulation being introduced by the European Commission will set the benchmark for governing the global cryptoasset industry. Other jurisdictions should take note. After being proposed by the Commission in September 2020 as part of its digital finance strategy, the European Parliament finally approved the MiCA regulation on 20 April, setting the wheels in motion for it enter into force in July."

May 15, 2023

On the web

Dozens of Democrats Defend CFPB at Supreme Court as Case Threatens Its Existence

CNBC

"Over 140 current and former Democratic lawmakers filed an amicus brief in the Supreme Court on Monday to defend the country’s leading consumer protection agency from challenges to its regulatory authority. The brief, led by Democrats Sen. Sherrod Brown of Ohio and Rep. Maxine Waters of California, relates to the case Consumer Financial Protection Bureau v. Community Financial Services Association of America, which would threaten the constitutionality of the agency and undermine its funding and mandated authorities."

April 13, 2023

On the web

FTC, Florida Attorney General Sue Chargebacks911 for Thwarting Consumers Who Were Trying to Reverse Disputed Credit Card Charges

Federal Trade Commission

"The Federal Trade Commission and the State of Florida have filed suit against Chargebacks911 for unfairly thwarting consumers who were trying to dispute credit card charges through the chargeback process. In a complaint filed in federal court, the FTC and Florida charged that, since at least 2016, the “chargeback mitigation” company and its owners, Gary Cardone and Monica Eaton Cardone, have used multiple unfair techniques to prevent consumers from successfully winning chargeback disputes."

Are Payment Apps Systemically Important? CFPB's Chopra Thinks So

American Banker

"Rohit Chopra, the director of the Consumer Financial Protection Bureau, has concerns about peer-to-peer payment platforms such as PayPal, Venmo and Cash App.  During a webcast appearance on Tuesday, Chopra suggested that financial regulators should consider whether such money transmitter services should be designated as systemically important to ensure their customers' funds are adequately protected. (Subscription Required)"

April 3, 2023

On the web

Italy Bans ChatGPT Over Personal Data Risk

Silicon UK

"Italy’s data regulator has blocked ChatGPT in the country and launched an investigation into the Microsoft-backed chatbot’s use of personal data. The Garante regulator said there was concern about the massive amounts of data collected by ChatGPT from its users. It said there was no legal basis to justify “the mass collection and storage of personal data for the purpose of ‘training’ the algorithms underlying the operation of the platform”. Italy is the first Western country to ban OpenAI’s ChatGPT, which is blocked in countries including China, North Korea, Iran and Russia.  The regulator noted a 20 March software bug in the chatbot that exposed portions of users’ conversations and payment information to other users for about nine hours."

March 24, 2023

On the web

Florida Governor Ron DeSantis Introduces State Legislation Banning CBDC

Decrypt

Florida Governor Ron DeSantis proposed legislation on Monday that would ban central bank digital currencies (CBDCs) from the Sunshine State, portraying it as a measure to safeguard Floridians’ financial privacy. The legislation would prohibit in Florida any CBDC that the U.S. Federal Reserve could introduce and any created by a foreign government, outlawing the technology entirely from being used as a form of money within the state.

March 6, 2023

On the web

Menendez, Colleagues Urge Regulators to Hold Zelle Accountable for Inadequate Protections to Stop Fraudulently Induced Payments to Crooks

senate

"U.S. Senator Bob Menendez (D-N.J.), alongside Sens. Jack Reed (D-R.I.), Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio), and Mark Warner (D-Va.), led an effort urging financial institutions and regulators to help people keep their hard-earned cash safe from fraud and scams, especially as scammers find new ways and employ sophisticated schemes to dupe customers using instant peer-to-peer payment systems like Zelle to send money on the platform under fraudulent pretenses."

March 3, 2023

On the web

Consumer Use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey

Consumer Financial Protection Bureau

"This report explores the consumer financial profiles of Buy Now, Pay Later (BNPL) borrowers using the Bureau’s Making Ends Meet survey and its association with credit bureau data. While many BNPL borrowers who we observed used the product without any noticeable indications of financial stress, BNPL borrowers were, on average, much more likely to be highly indebted, revolve on their credit cards, have delinquencies in traditional credit products, and use high-interest financial services such as payday, pawn, and overdraft compared to non-BNPL borrowers."

February 24, 2023

On the web

Regulators: Banks That Offer Crypto Deposits Must Mitigate Risks

ABA Banking Journal

"Banking regulators today issued a joint statement reminding financial institutions of their risk management obligations should they offer depository services for cryptoassets. In the statement, the Federal Reserve, FDIC and the Office of the Comptroller of the Currency said that banks are neither prohibited nor discouraged from providing banking services that are permitted by law or regulation. However, “certain sources of funding from cryptoasset-related entities may pose heightened liquidity risks to banking organizations due to the unpredictability of the scale and timing of deposit inflows and outflows,” they said."

February 23, 2023

On the web

February 1, 2023

On the web

January 19, 2023

On the web

CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew unless the consumer affirmatively cancels, and trial marketing programs that charge a reduced fee for an initial period and then automatically begin charging a higher fee.

January 17, 2023

On the web

US Lawmakers Create 'Congress' First Ever' Digital Assets Subcommittee

Bitcoin News

U.S. Congress’ “first ever” subcommittee on digital assets has been created as part of the House Financial Services Committee. “We want to create a regulatory legal framework for digital assets … that makes America a leader from an innovation point of view but also protects consumers and investors,” explained Congressman French Hill, who will lead the digital asset subcommittee.

January 5, 2023

On the web

Why the FTC Isolated Mastercard With Its Pre-Christmas Consent Order

Digital Transactions

“When the Federal Trade Commission announced two days before Christmas it had leveled a preliminary consent order against Mastercard Inc. to correct what the agency saw as roadblocks the card company had erected against routing online debit transactions to competing networks, the move may have surprised at least some observers. The surprise lay not in what the FTC had to say, but in what it omitted: the order left out Visa Inc., Mastercard’s main rival and a company the Commission had identified only two months earlier as a fellow actor in blocking debit routing to other networks.”

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