Regulation

Britain Will Soon Lay Out New Plans to Regulate ‘Buy Now, Pay Later’ Firms Like Klarna After Delays

CNBC

"Britain’s new Labour government will soon set out updated plans to regulate the “buy now, pay later” industry, a government spokesperson told CNBC."

Regulation

FTC to Study Surveillance Pricing Methods of Mastercard, Chase, Other Companies

The Hill

"The Federal Trade Commission issued orders for eight companies to provide information about pricing as it seeks to study impacts such practices have on privacy, competition and consumer protection. The aim is to understand third-party products that use algorithms and AI with personal information to categorize individuals and set prices."

Tags: Federal Trade Commission

Regulation

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act."

Tags: CFPB

Regulation

The Supreme Court Weakens Federal Regulators, Overturning Decades-Old Chevron Decision

AP News

"The Supreme Court on Friday upended a 40-year-old decision that made it easier for the federal government to regulate the environment, public health, workplace safety and consumer protections, delivering a far-reaching and potentially lucrative victory to business interests."

Regulation

FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs

FinCEN

"The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs."

Tags: FinCEN

Regulation

Banks Stand to Benefit From the Supreme Court Decision on the Chevron Doctrine

The New York Times

"The end of Chevron deference is a boon for banking lobbyists, who have in recent years intensified their pushback against the agencies that oversee them — especially the Consumer Financial Protection Bureau, one of the industry’s most aggressive regulators."

Regulation

Central Banks Must Prepare for AI's Profound Impact on Economy and Financial System: BIS

BIS

"The rapid adoption of AI requires central banks to embrace the new technology, the Bank for International Settlements said today, urging policymakers to anticipate the transformative effects of AI on the economy and to use it to sharpen their own analytical tools in pursuit of financial and price stability."

Regulation

CFPB Proposes to Ban Medical Bills from Credit Reports

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay."

Tags: CFPB

Regulation

CFPB Launches Process to Recognize Open Banking Standards

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule."

Tags: CFPB

Regulation

CFPB Creates Registry to Detect Corporate Repeat Offenders

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders."

Tags: CFPB

Regulation

CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards."

Tags: CFPB

Regulation

A Bill That Would Cut the Number of Banks Covered by Durbin Advances Out of Committee

Digital Transactions

"A bill containing a provision that would raise the asset threshold for debit card issuers covered by the Durbin Amendment narrowly passed in a vote late Thursday by the House Financial Services Committee. The committee voted 24-22 in favor of advancing the bill, called the Bank Resilience and Regulatory Improvement Act."

Regulation

Statement on Supreme Court Decision in CFPB v. CFSA

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau issued a statement regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America."

Tags: CFPB

Regulation

Supreme Court Rules Consumer Financial Protection Bureau Funding Structure Is Legal

CNBC

"The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB’s funding method violated the U.S. Constitution’s Appropriations Clause because Congress had not annually authorized money for the agency."

Tags: CFPB

Regulation

How the U.S. Chamber Halted the CFPB's Credit Card Late Fees Rule

US Chamber

"On May 10, the U.S. Chamber scored a major win for the business community against federal agencies’ micromanagement of business decisions. The Northern District of Texas granted the Chamber's motion for a preliminary injunction and stayed the Consumer Financial Protection Bureau's (CFPB) credit card late fees rule."

Companies Regulation

Agencies Announce Inflation-Adjusted Dollar Thresholds for Regulation CC Funds Availability

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau and the Federal Reserve Board jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.

Tags: CFPB Federal Reserve

Regulation

CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau issued a new report finding consumers encounter numerous problems with credit card rewards programs."

Tags: CFPB

Companies Regulation

CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed."

Tags: CFPB

Regulation

Banking in Video Games and Virtual Worlds

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) is monitoring markets—regardless of the infrastructure used—where financial products and services may be offered, including video games and virtual worlds."

Tags: CFPB

Regulation

OCC’s HSU Suggests Requiring Banks, AI Companies to Reimburse Customers for Fraud

ABA Banking Journal

"A new U.K. regulation requiring banks to reimburse customers for losses resulting from push payment fraud “deserves greater discussion and debate” in the U.S., particularly when the fraud is powered by artificial intelligence, Acting Comptroller of the Currency Michael Hsu said...Hsu pointed to the U.K.’s Payment Systems Regulator, which recently issued a rule requiring banks to reimburse customers when criminals trick them to send money to a fraudulent account."

Tags: OCC

Companies Regulation

Coinbase Must Face Us Securities Regulator’s Lawsuit, Judge Says

Reuters

"A federal judge in Manhattan on Wednesday said the U.S. Securities and Exchange Commission's lawsuit against Coinbase can move forward, but dismissed one claim the regulator made against the largest U.S. cryptocurrency exchange."

Tags: Coinbase SEC

Regulation

CFPB Takes Action to Halt False Claims of 'Free' International Money Transfers

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. Companies in the marketplace are charging junk fees on international money transfers and making false claims about the speed of transfers."

Tags: CFPB

Regulation

CFPB Clarifies Plans to Recognize Standard-Setting Organizations

ABA Banking Journal

"Before the Consumer Financial Protection Bureau finalizes its proposed rulemaking on personal financial data this fall, it will first codify what attributes an organization must have to be recognized under the rule as an issuer of qualified industry standards, CFPB Director Rohit Chopra said Wednesday."

Tags: CFPB

Regulation

Banks Prepare Legal Assault on CFPB Credit Card Late Fee Rule

Bloomberg Law

"The Consumer Financial Protection Bureau’s landmark rule capping credit card late fees at $8 faces a bumpy path ahead, as industry groups eye legal challenges to block it from taking effect. Banks have already blasted the regulation released Tuesday, arguing the CFPB used a shoddy process and incorrect math."

Tags: CFPB

Regulation

CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers...once the final rule goes into effect by reducing the typical fee from $32 to $8."

Tags: CFPB

Regulation

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."

Regulation

US Supreme Court Wrestles With Bid to Challenge Debit Card ‘Swipe Fee’ Rule

Reuters

"U.S. Supreme Court justices on Tuesday grappled with a North Dakota convenience store's challenge to a government regulation on debit card "swipe fees" - a case that could make it easier for businesses to try to undo longstanding federal rules."

Regulation

CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau reported on the first set of results from the newly updated Terms of Credit Card Plans survey in which the survey data reveals that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk."

Tags: CFPB

Global Regulation

Indian Parliamentary Panel Red-flags PhonePe and Google Pay Cornering 83% of India's UPI Payments

TechCrunch

"An Indian parliamentary panel has urged the government to support the growth of domestic fintech players that can provide alternatives to the Walmart-backed PhonePe and Google Pay apps that currently command more than 83% of the country’s fast-growing digital payments market."

Tags: India

Regulation

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.