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."
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."
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."
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.
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau issued a new report finding consumers encounter numerous problems with credit card rewards programs."
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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
CoinGeek
"South Dakota has joined Florida and Indiana in opposing the use of central bank digital currency (CBDC), passing an amendment to its Universal Commercial Code (UCC) that explicitly states that a CBDC doesn’t qualify as money in the state."
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.
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."
bankingexchange
"The Bank Policy Institute (BPI) and The Clearing House Association (TCH) have called for the Consumer Financial Protection Bureau (CFPB) to strengthen its proposed data protection rules arguing the proposed rules do “not go far enough in protecting sensitive consumer financial data or requiring data recipients to comply with these rules”."
Retail Banker International
"New York State Governor Kath Hochul announced on Tuesday (2 January) that she plans to propose legislation that would require buy-now-pay-later (BNPL) providers to acquire a license to operate in the state."
Financial Regulation News
"U.S. Sen. Elizabeth Warren (D-MA) and U.S. Rep. Hank Johnson (D-GA) recently led 91 legislators in urging the Consumer Financial Protection Bureau (CFPB) to protect consumers by reining in the financial industry’s use of forced arbitration."
Governor Kathy Hochul
Legislation S.5941B/A.3245D Requires Companies to Notify Customers of Automatic Subscription Renewals and to Provide Clear Instructions for Canceling; Legislation S.1048A/A.2672B Clarifies that Merchants Must Post the Highest Price a Consumer Might Pay for a Product Regardless of Payment Methods
Banking Exchange
"The Office of the Comptroller of the Currency released its semiannual report analyzing the key issues facing the federal banking system...It highlighted AI in banking as an emerging risk and released guidance on ‘Buy Now, Pay Later’ (BNPL) lending, focusing on risk management."
Reuters
"Australia's government said on Monday it would bring Apple Pay, Google Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week."
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."
Reuters
"Britain needs a 'digital alternative' to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday."
"Chancellor Jeremy Hunt will this week pledge to review the rules governing payment authentication in what he will describe as a post-Brexit crackdown on fraud."
Reuters
"The Consumer Financial Protection Bureau (CFPB) last week proposed regulating payments and smartphone wallets provided by tech leaders like Apple and Google, arguing they now rival traditional bank services in scale and scope and should be subject to the same consumer safeguards."
