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November 22, 2023
On the web
UK Payments Report Calls for Alternatives to Mastercard and Visa
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."
November 21, 2023
On the web
Hunt to Review Payment Rules in Post-Brexit Fraud Push
"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."
November 17, 2023
On the wires
US Consumer Watchdog Hands Wall Street Rare Win With Big Tech Crackdown
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."
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
CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps."
November 1, 2023
On the web
Chime Inc. Agrees to Pay CFPB $3 Million to Resolve Remittance App Allegations
ABA Banking Journal
"Chime Inc. agreed to pay $3 million to resolve CFPB allegations that its subsidiary mobile app (Sendwave) illegally restricted consumer rights under the EFTA."
October 31, 2023
On the web
FCA Secures Contract Changes for Buy-Now-Pay-Later Customers as More Consumers Use the Product
FCA
"New research from the FCA shows that there has been a significant increase in the use of buy-now-pay-later (BNPL)."
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
CFPB Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees."
October 20, 2023
Top Post
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."
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