Regulations & Policy: Page 3

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    Trump interest rate cap draws criticism

    Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.

    By • Sept. 30, 2024
  • Digital payments
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    Fed dissects consumer use of digital payments

    While most U.S. households have a bank account, just under half use a nonbank payment service, Kansas City Federal Reserve Bank research says.

    By Tatiana Walk-Morris • Sept. 30, 2024
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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
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    FDX seeks to become open banking standard-setter

    The Consumer Financial Protection Bureau will decide whether an organization’s practices are transparent and balanced enough to set standards for open banking.

    By • Sept. 26, 2024
  • Sezzle CEO Charlie Youakim
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    Q&A

    Sezzle evolves alongside BNPL industry

    The company now offers more products but also faces more regulatory pressure, Sezzle CEO Charlie Youakim told Payments Dive.

    By • Sept. 25, 2024
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    Kent Nishimura via Getty Images
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    DOJ suit accuses Visa of illegal debit payment monopoly

    The company threatens merchants with high fees, and "makes its potential rivals business partners to thwart competition in debit card processing," the DOJ says.

    By Justin Bachman • Sept. 24, 2024
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    Justin Sullivan via Getty Images
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    Visa faces possible DOJ lawsuit, news reports say

    The card network may soon be sued by the Department of Justice over its debit card practices, according to multiple news reports citing anonymous sources.

    By • Sept. 24, 2024
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    bernie_photo via Getty Images
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    Reliant pushes back against CFPB lawsuit

    The card services company argued Wednesday that it has always been upfront with customers about fees, and was blindsided by the CFPB's legal action.

    By • Sept. 19, 2024
  • Senator Roger Marshall (R-Kan.) speaks during a Senate HELP committee hearing
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    Credit Card Competition bill backers keep pressure on

    Republican Sen. Roger Marshall has a new ad pitching the Credit Card Competition Act proposal aimed at dislodging Visa and Mastercard’s dominance.

    By • Sept. 19, 2024
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    Fed payments proposal pits big banks against small rivals

    The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.

    By • Sept. 18, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    CFPB takes aim at ATM, debit card fees

    Regulators should assume, as a default, that customers have not agreed to coverage and fees unless banks can provide signed agreements or recorded conversations, the agency said in a policy reminder.

    By Dan Ennis • Sept. 18, 2024
  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    Lawmakers push for crackdown on fintechs

    Two U.S. senators demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”

    By Rajashree Chakravarty • Sept. 17, 2024
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    FTC cracks down on subscription traps

    The Biden-Harris administration is taking to task companies that trap consumers in recurring subscriptions and make it nearly impossible to cancel.

    By Kristen Doerer • Sept. 16, 2024
  • CFPB Director Rohit Chopra
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    Chip Somodevilla via Getty Images
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    CFPB sues credit card company over excessive fees

    The agency says Horizon Card Services violated the Truth in Lending Act by charging fees as high as 60% of a customer’s credit limit, and all but refusing to cancel their cards.

    By • Sept. 16, 2024
  • Headshot of Hope Mehlman, GC and CLO of Discover
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    Courtesy of Discover
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    Discover’s top lawyer leaves for Ally

    Hope Mehlman is expected to take her new Ally role on Dec. 2, even as Discover faces high legal hurdles in completing an acquisition of its business by Capital One.

    By • Sept. 9, 2024
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    Scott Olson / Staff via Getty Images
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    Opinion

    CFPB’s EWA rule may undo progress

    “The CFPB’s plan to reclassify EWA as a loan could accidentally backfire on the agency by driving people right back to the payday lending industry,” writes one tech trade group professional. 

    By Adam Kovacevich • Sept. 5, 2024
  • Closeup shot of a woman paying using NFC technology in a cafe
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    Cecilie Arcurs via Getty Images
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    Academics question digital wallet security

    Due to lax authentication practices, a thief or hacker can easily add a stolen credit card to their own digital wallet, the study concluded.

    By • Sept. 4, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    CFPB slammed with EWA commentary

    The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.

    By • Sept. 4, 2024
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    Tracker

    Earned wage access: Following states that have passed laws, or have legislation pending

    States began passing laws friendly to the industry in 2023 and have continued to pursue them this year, even after the federal government weighed in with a stricter standard.

    By • Aug. 30, 2024
  • Federal Reserve Board Governor Christopher Waller sits at table speaking.
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    Sarah Silbiger via Getty Images
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    Fed official questions faster cross-border payments ties

    Federal Reserve Governor Christopher Waller suspects there could be more fraud and money-laundering if countries move too quickly to link their faster payments systems, he said at a conference.

    By • Aug. 29, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB chides retailers on fees for cash back

    The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.

    By • Aug. 27, 2024
  • Daniel Muller
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    Aeropay targets pay-by-bank evolution in US

    The Chicago fintech has moved from servicing small merchants to handling cannabis payments, and now it’s catering to gaming clients.

    By • Aug. 26, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Payments Dive
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    Fed’s Waller eggs on payments research

    Federal Reserve Governor Christopher Waller encouraged attendees at a summer research workshop to keep exploring payments systems, and innovations to overcome frictions in financial markets.

    By Tatiana Walk-Morris and Lynne Marek • Aug. 23, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra
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    Anna Moneymaker / Staff via Getty Images
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    EWA providers crusade against CFPB rule proposal

    Earned wage access providers that backed state laws friendly to the industry are preparing for a fight over the Consumer Financial Protection Bureau’s plan to treat such payments like loans.

    By • Aug. 21, 2024
  • A person's hand holding a phone and on the screen is an image of a shopping cart with a banner above that says "BUY NOW PAY LATER!A
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    Creative via Getty Images
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    Stripe, Zip partner on BNPL processing

    The buy now, pay later firm will partner with Stripe, adding another major payments player tie to a set of recent high-profile collaborations.

    By • Aug. 21, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One, Citi plan to join FedNow in ‘near future’

    The two big banks say they’ll soon connect to the Federal Reserve’s new instant payment system, even as other major banks remain on the sidelines.

    By • Aug. 20, 2024