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February 26, 2024

On the web

EU Adopts Euro Instant Payments Rules to Take on Visa, Mastercard

Reuters

"The European Union Council on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against U.S. firms Visa and Mastercard. The new regulation will allow customers to transfer euro-denominated money within 10 seconds at any time, including outside business hours, not only within the same country but also to another EU member state, the EU Council said."

February 21, 2024

On the wires

February 16, 2024

On the web

February 9, 2024

On the web

On the wires

Ensuring Euro Money Transfers Arrive Within Ten Seconds

European Parliament

On Wednesday, MEPs adopted new rules to ensure transferred funds arrive immediately into the bank accounts of retail customers and businesses across the EU. The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers.

January 24, 2024

On the web

CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts

Consumer Financial Protection Bureau

"The CFPB proposed to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click including prohibiting non-sufficient funds (NSF) fees on transactions that financial institutions decline in real time."

January 11, 2024

On the web

January 5, 2024

Top Post

December 18, 2023

On the web

December 12, 2023

On the web

November 27, 2023

On the web

November 22, 2023

On the web

Eurosystem Updates Its Retail Payments Strategy

European Central Bank

"With the strategy, the Eurosystem aims to improve retail payments within the euro area and to strengthen the European payments market. The main goals of the strategy remain the same: to develop pan-European solutions for payments at the point of interaction (POI), governed at the European level, and to further strengthen the Single Euro Payments Area (SEPA), primarily through the full deployment of instant payments."

November 21, 2023

On the web

November 17, 2023

On the wires

November 9, 2023

On the web

FTC, Florida Lawsuit Leads To Restrictions on Chargebacks911, Prohibits Deceptive Efforts to Stop Consumers From Reversing Disputed Charges

Federal Trade Commission

"As a result of a law enforcement action by the Federal Trade Commission and the State of Florida, Chargebacks911 and its owners have agreed to a settlement that will prohibit them from working with certain high-risk clients and using deceptive tactics to stop consumers trying to dispute credit card charges through the chargeback process."

November 7, 2023

On the web

November 1, 2023

On the web

October 31, 2023

On the web

October 27, 2023

On the web

CFPB Issues Biennial CARD Act Report to Congress

Consumer Finance Monitor

"On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act)."

October 25, 2023

On the web

October 20, 2023

Top Post

On the web

October 19, 2023

On the web

October 17, 2023

On the web

October 16, 2023

On the web

CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status."

October 6, 2023

On the web

Credit Card Reward ‘Bait and Switch’ Tactics Face CFPB Scrutiny

Bloomberg Law

"The Consumer Financial Protection Bureau is preparing to take a closer look at credit card rewards programs, the agency’s director said. CFPB Director Rohit Chopra on Friday said his agency is eyeing new guidance for how the Electronic Fund Transfer Act, a 1978 law governing electronic payments, applies to what he called “private digital dollars” and other digital currencies, including crypto."

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