Regulations & Policy: Page 11

  • Officials and employees celebrate the grand opening of Fiserv's Berkeley Heights, New Jersey office on Nov. 15.
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    Permission granted by Fiserv
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    Fiserv CEO details special bank charter pursuit

    The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.

    By Caitlin Mullen • Feb. 7, 2024
  • Xochitl Torres Small, Under Secretary for Rural Development, US Department of Agriculture speaks onstage during the 2022 Concordia Lexington Summit
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    Jon Cherry via Getty Images
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    USDA offers online payment tool for farm loan borrowers

    The new online option will give farmers and ranchers an alternative to making payments by phone, mail or visits to a USDA office.

    By • Feb. 6, 2024
  • Hand of person tapping phone with dollar signs floating up Explore the Trendline➔
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    1401461124 via Getty Images
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    Trendline

    Top 5 stories from Payments Dive

    The digital evolution of payments is roiling the industry, forcing companies to rethink pricing schemes and revamp corporate strategies. Embedded payments, earned wage access, real-time systems and other innovations will transform the business.

    By Payments Dive staff
  • Frank Bisignano, Fiserv CEO
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    Eugene Gologursky / Stringer via Getty Images
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    Fiserv lands Uber, eBay as debit network clients

    The payment processing giant has signed more than a dozen large e-commerce clients following the Federal Reserve’s clarification of the debit routing rule.

    By Caitlin Mullen • Feb. 6, 2024
  • Chief Executive Officer of Apple Tim Cook speaks onstage during Vox Media's 2022 Code Conference
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    Jerod Harris via Getty Images
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    Apple CEO pushes back on European regulation

    The company’s customers may experience a drop in quality thanks to EU regulation slated to take effect next month, said Tim Cook, chief executive of the tech giant.

    By • Feb. 5, 2024
  • CFPB Director Rohit Chopra speaks in front of the House Financial Services Committee.
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    Anna Moneymaker via Getty Images
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    Lawmakers clash on CFPB digital payment rule

    Democratic senators said the proposed rule would curb “rampant” fraud, while Republican Congress members said it would introduce “regulatory uncertainty.”

    By • Feb. 1, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    NY AG sues Citi over denied fraud claims

    “If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.

    By Dan Ennis • Jan. 31, 2024
  • Rifles are shown in a gun store
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    Brandon Bell/Getty Images via Getty Images
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    Colorado lawmakers seek to require gun code use

    Democratic legislators in the state have introduced a bill that’s similar to the law California passed last year requiring use of a gun merchant category code. 

    By Caitlin Mullen • Jan. 31, 2024
  • Woman paying contactless at the cash register.
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    iStock/lechatnoir

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    What’s ahead for payments in 2024

    The industry faces more upheaval this year as legacy companies and upstart fintechs jockey for the upper hand, and regulators monitor the competition closely. 

    By • Jan. 31, 2024
  • Rohit Chopra discusses the impact of student debt on the individual borrower and the public at a Consumer Financial Protection Bureau hearing on May 8, 2013.
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    Retrieved from Consumer Financial Protection Bureau.
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    CFPB hiring for tech enforcement

    The expansion of the enforcement team is meant “to send a clear deterrent message to entities that are within our authority,” CFPB enforcement attorney Molly McOwen said.

    By • Jan. 31, 2024
  • The front of the U.S. Capital with white clouds and blue sky.
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    Sara Samora/Payments Dive
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    Payments regulation and legislation abound in 2024

    Payments players can expect this year to be heavy with regulatory and legislative moves, both at the federal and state levels.

    By • Jan. 30, 2024
  • Person looks at mobile phone advertising buy now-pay later offer while online shopping
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    Creative via Getty Images
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    NY may drive out BNPL firms: attorneys

    If the state’s buy now, pay later legislation passes, new requirements piling on additional compliance burdens may lead some providers to pull their operations in New York, attorneys said. 

    By Caitlin Mullen • Jan. 30, 2024
  • Lina Khan
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    Chip Somodevilla via Getty Images
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    FTC, FloatMe reach $3M settlement

    The cash advance provider “lured consumers in with false promises of free money advances,” and then made it difficult for them to cancel, FTC Director Samuel Levine said in a press release.

    By • Jan. 29, 2024
  • A general view inside the European Parliament.
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    Christopher Furlong via Getty Images
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    Apple opens up payments under EU pressure

    Apple plans to give software developers the option to use third-party payment systems, but warned that the change will expose consumers to new threats.

    By • Jan. 26, 2024
  • CFPB Director Rohit Chopra
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    Chip Somodevilla via Getty Images
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    CFPB eyes NSF fee ban for transactions declined in real time

    It’s an uncommon penalty, but the federal agency asserts that as technology advances, financial institutions may be able to block more transactions at the time of a swipe, tap or click.

    By Gabrielle Saulsbery • Jan. 26, 2024
  • A man in a suit speaks at a podium.
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    Kena Betancur / Stringer via Getty Images
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    Manhattan DA seeks tighter payment app security

    “No longer is the smartphone itself the most lucrative target for scammers and robbers – it’s the financial apps contained within,” District Attorney Alvin Bragg Jr. said.

    By • Jan. 25, 2024
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    M_a_y_a via Getty Images
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    Maryland EWA legislation draws protest

    A Maryland bill calling for some earned wage access providers to be registered and licensed has triggered opposition from fintech advocates.

    By • Jan. 25, 2024
  • Customer pays at business
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    Creative via Getty Images
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    Rivals may chase Fiserv special bank charter lead

    If the payments giant receives a special Georgia charter and gains access to the card networks, it could open the floodgates for other merchant acquirers, attorneys said.

    By Caitlin Mullen • Jan. 25, 2024
  • Federal Reserve building in Washington, D.C.
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    Chip Somodevilla via Getty Images
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    Fed extends comment period on debit card fee proposal

    The Federal Reserve extended the time period during which it will accept public comments on its proposal to reduce the cap on debit card fees.

    By • Jan. 23, 2024
  • A person displays their open wallet and cards
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    Joe Raedle / Staff via Getty Images
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    Opinion

    Congressional card bill won’t yield benefit

    If it were to pass, the Credit Card Competition Act proposal would result in additional costs without any gains, argues one payments industry consultant.

    By Ken Musante • Jan. 22, 2024
  • A worker in a yellow vest inspects a package with the Target logo as it makes its way down a conveyor belt.
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    Permission granted by Target
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    DailyPay lands more financial support

    The earned wage access company said it raised $75 million in new equity funding and $100 million in debt financing.

    By • Jan. 22, 2024
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    Avosb via Getty Images
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    Law firms jockey for payments action

    A proliferation of payments and fintech players has sparked a contest for talent among law firms seeking to meet clients’ needs.

    By • Jan. 22, 2024
  • An aerial shot of the Washington State Capitol in Olympia.
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    David Ryder/Getty Images via Getty Images
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    Credit card surcharge bills lurk in state legislatures

    The state legislation relating to credit card surcharges is poised to keep percolating in a pack of states this year, following new laws in some last year.

    By • Jan. 19, 2024
  • the exterior of the federal reserve building in washington, dc
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    crbellette via Getty Images
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    FedNow draws some banks, as others lag

    The Federal Reserve is building up bank participation in FedNow, but some big financial institutions remain on the sidelines.

    By • Jan. 18, 2024
  • A graduation cap sits atop cash bills
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    Creative via Getty Images
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    Discover lands servicer for student loan portfolio

    Student loan servicer Nelnet will handle servicing of Discover’s portfolio while the card issuer markets it for sale, said CFO John Greene.

    By Caitlin Mullen • Jan. 18, 2024
  • An iPhone 15 Pro is displayed during an Apple event on September 12, 2023 in Cupertino, California.
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    Justin Sullivan/Getty Images via Getty Images
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    Epic CEO vows challenge to Apple’s payments plan

    “Epic will contest Apple's bad-faith compliance plan in District Court,” Epic Games CEO Tim Sweeney said in a Tuesday post on X, formerly Twitter.

    By • Jan. 18, 2024