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October 20, 2023
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CFPB Eyes Open Banking with Financial Data Rights Rule Proposal
Compliance Week
"On Thursday, the CFPB proposed its personal financial data rights rule. The action builds upon a proposal outlined by the agency last year as part of its desire to accelerate the shift toward open banking. Comments on the rule are due by Dec. 29."
On the web
FinCEN Proposes New Regulation to Enhance Transparency in Convertible Virtual Currency Mixing and Combat Terrorist Financing
Fincen
"Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern."
California Enacts Two New Virtual Currency Laws
Cooley
"On October 13, 2023, California Gov. Gavin Newsom signed two bills into law that will impose sweeping obligations on companies engaged in virtual currency activities in California and with California residents."
October 19, 2023
On the web
CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking
Consumer Financial Protection Bureau
"Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data."
October 17, 2023
On the web
CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) today took action against Chime Inc. for deceiving consumers about the speed and cost of remittance transfers through its mobile app, Sendwave."
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."
On the wires
US Consumer Watchdog Warns Payment Systems Risk Chinese-Style Surveillance
Reuters
"The top U.S. agency for consumer financial protection is considering regulatory moves to help protect the public from the kind of excessive surveillance of their financial data enabled by payment structures in China, its director said on Friday."
October 2, 2023
On the wires
Consumer Agency Hated by Republicans Is in Fight of Its Life at Supreme Court
Bloomberg
The US Consumer Financial Protection Bureau, long a target of conservatives and the bane of the banking industry, is now in the fight of its life at the Supreme Court.
September 27, 2023
On the web
CBDC and the Operational Framework of Monetary Policy [Euro Area]
BIS
"What effect would a retail central bank digital currency (CBDC) have on monetary policy implementation in the euro area, and how would this shape the macroeconomic effects of a CBDC?"
September 21, 2023
On the web
CFPB Outlines Requirements for Lenders Using Artificial Intelligence to Deny Credit
Financial Regulation News
"...The Consumer Financial Protection Bureau (CFPB) released guidelines for lenders to adhere to when using artificial intelligence and other models to deny consumers credit...The guidance outlines legal requirements creditors must meet in providing specific and accurate reasons why adverse actions were taken against consumers."
U.S. Congressional Committee Passes Anti CBDC Bill
Ledger Insights
"Yesterday the House Financial Services Committee voted in favor of the ‘CBDC Anti-Surveillance State Act“. The Bill prevents the Federal Reserve (Fed) from opening digital dollar accounts for individuals. It also bars the Treasury from directing the Fed to issue a central bank digital currency (CBDC) without Congressional approval."
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
U.S. Fed’s Vice Chair Barr Says CBDC Decision Still a ‘Long Way’ Off
Coin Desk
"Michael Barr, who leads the central bank’s regulatory efforts, said the Fed remains in the basic research phase and would need actual legislation from Congress to authorize the move."
September 7, 2023
On the web
CFPB Report Highlights Role of Big Tech Firms in Mobile Payments
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches."
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
Credit Card Companies Urged by Senators to Cancel Plan to Raise Swipe Fees
Bloomberg
"Senators are urging credit card giants Visa Inc. and Mastercard Inc. to cancel plans to raise their swipe fees charged to retailers and used reports on the plans to champion their bill to force competition in the industry."
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
U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House
Coindesk
"A long-awaited stablecoin bill graduated from a House committee in a Republican push, leaving the chair of the House Financial Services Committee lamenting that a bipartisan deal was strangled by the White House."
June 22, 2023
On the web
Federal Reserve Chair Jerome Powell: We Do See Payment Stablecoins As Money
Unchained Crypto
"In testimony in front of the House Financial Services Committee on Wednesday, Federal Reserve chair Jerome Powell said that the central bank should have a robust role in what happens to stablecoins going forward."
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"
Laying the Foundation for Open Banking in the United States (CFPB)
Consumer Financial Protection Bureau
"...The CFPB is working to accelerate the shift to open banking through a new personal data rights rule intended to break down these obstacles, jumpstart competition, and protect financial privacy...We expect to solicit comments on our formal proposal in a few months and finalize in 2024."
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
Swipe Fee Legislation Would Save Merchants and Consumers $15 Billion a Year
NACS
"The Merchants Payments Coalition (MPC) welcomed a new estimate showing that passage of the Credit Card Competition Act would save merchants and their customers at least $15 billion a year. NACS is a founding member of MPC."
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."
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