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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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February 16, 2024
On the web
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."
February 9, 2024
On the web
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."
South Dakota Joins Florida, Indiana in Passing Anti-CBDC Bill
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."
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
Bank Policy Institute and TCH Call for Stronger Consumer Financial Data Rules
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”."
January 5, 2024
Top Post
New York State to Introduce BNPL Licensing Legislation
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."
December 18, 2023
On the web
Lawmakers Ask CFBP to Rein in Financial Industry’s Use of Forced Arbitration
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 Hochul Signs Four New Laws to Protect Consumers from Price Gouging, Medical Debt and Unfair Business Practices
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
December 12, 2023
On the web
OCC Report Identifies Key Risks Facing Federal Banking System
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."
November 27, 2023
On the web
Australia to Amend Law to Regulate Digital Payments Like Apple, Google Pay
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."
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."
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.