Regulations & Policy: Page 4

  • Mastercard and Visa credit card logos on the outside of a glass window
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    Visa-Mastercard settlement claims deadline postponed

    Merchants seeking a piece of the $5.5 billion settlement now have until February 2025 to file claims, a federal judge overseeing the class action said.

    By Lyle Moran • Aug. 19, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    FedNow to add more fraud tools, Fed official says

    The Federal Reserve is still seeking to allay financial institutions' concerns that faster payments allowed by the new instant payments system could lead to faster fraud.

    By • Aug. 16, 2024
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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
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    Joe Raedle / Staff via Getty Images
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    Q&A

    Credit card users struggle with inflation

    JD Power’s annual credit card survey found that more than half of U.S. credit card users don’t pay their balances in full every month, and less than half are considered financially healthy.

    By • Aug. 16, 2024
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    Michael M. Santiago / Staff via Getty Images
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    JPMorgan, Zelle may have upper hand if litigation ensues

    If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.

    By • Aug. 15, 2024
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    Win McNamee via Getty Images
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    Fintechs ramp up lobbying over earned wage access, crypto

    Chime, PayPal and Block, for example, spent more on lobbying in the first half of 2024 than for the same span last year, OpenSecrets reported.

    By Suman Bhattacharyya • Aug. 15, 2024
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    Senators ask Dimon to justify new checking account fees

    “JPMorgan Chase is the industry leader when it comes to usurious overdraft fees,” Sens. Elizabeth Warren, D-MA, and Chris Van Hollen, D-MD, wrote in a letter sent Friday.

    By Rajashree Chakravarty • Aug. 15, 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 insists Discover deal won’t increase card fees

    The bank and credit card issuer told regulators in a letter that competition will require it to keep its products fairly priced.

    By • Aug. 14, 2024
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    Opinion

    Why the CFPB’s recent EWA rule is wrong

    The Consumer Financial Protection Bureau’s earned wage access rule “could outright deny EWA to the wage earners who need it the most,” writes a trade group CEO.

    By Brian Tate • Aug. 14, 2024
  • Car driver's hand on the wheel with a smartphone to the right.
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    Drew Angerer via Getty Images
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    How embedded payments are changing the way we pay

    As payments technology advances, more companies are embedding the payments process in websites and apps. Here’s a primer on how this trend is advancing and changing the payments arena.

    By • Aug. 13, 2024
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    tattywelshie via Getty Images
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    Q&A

    Employers react to CFPB’s new stance on EWA

    Employers are responding quickly to the Consumer Financial Protection Bureau’s rule noting earned wage access services may constitute lending, says a Chime executive.

    By • Aug. 12, 2024
  • Jonathan Kanter, Assistant Attorney General for the Department of Justice Antitrust Division, speaks as U.S. Attorney General Merrick Garland listens, during a news conference at the Department of Justice Building in Washington, D.C.
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    Kent Nishimura / Stringer via Getty Images
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    Capital One-Discover antitrust concerns may be overblown

    Capital One’s proposed acquisition of the smaller Discover seems “too small to be a core antitrust concern,” said Barry Barnett, an antitrust lawyer.

    By Caitlin Mullen • Aug. 9, 2024
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    Permission granted by Global Payments
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    Global Payments executive promoted to president, COO

    Bob Cortopassi, who was tapped for the C-suite post Tuesday, has nearly 30 years of experience in the industry.

    By • Aug. 6, 2024
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    bernie_photo via Getty Images
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    Q&A

    Credit card delinquencies rise even as credit limits are extended

    The two developments stem from greater use of credit cards, and could have implications for some businesses, says a Bain & Company analyst.

    By • Aug. 6, 2024
  • Apple introduces tap to pay on iPhone.
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    Courtesy of Apple
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    Apple services revenue rises with boost from payments

    The company said it raised a record $24.2 billion from services in the most recent quarter, a 14% year-over-year increase.

    By • Aug. 5, 2024
  • Small wooden box swag from Fed with FedNow logo.
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    Lynne Marek/Payments Dive
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    FedNow ‘could lower fees’ in future, analyst reports

    The Federal Reserve instant payments system may cut fees after it attracts more financial institutions, or in the face of competition, a Wolfe Research analyst said, citing a FedNow official.

    By • Aug. 5, 2024
  • Two people walk past a Chase bank branch.
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    Spencer Platt via Getty Images
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    JPMorgan threatens to sue CFPB over Zelle

    The bank flagged government inquiries over its handling of P2P disputes in May, and said Friday it would consider litigation if the agency issues an enforcement action.

    By Dan Ennis • Aug. 5, 2024
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    andresr via Getty Images
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    Opinion

    Credit Card Competition proposal should become law

    “In the aftermath of the CrowdStrike outage, Congress and state lawmakers should look for opportunities to build backups and redundancies into critical online systems,” writes a payments consultant.

    By Dan Swanson • Aug. 2, 2024
  • The exhibit floor at the Nacha Smarter Faster Payments conference in Miami this year.
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    Lynne Marek/Payments Dive
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    Outdated tech could slow instant payment adoption: survey

    Financial institutions expect business clients to be a driver of instant payment revenue, but adopting the technology comes with hurdles, the results of a recent survey showed.

    By Tatiana Walk-Morris • Aug. 2, 2024
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    putilich via Getty Images
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    Q&A

    How artificial intelligence can improve payments fraud prevention

    Generative AI could help spot fraudulent patterns in transaction data and reduce the cost of processing payments, says a McKinsey consultant.

    By • July 31, 2024
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    Justin Sullivan / Staff via Getty Images
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    Column

    Is Visa readying for an expiration of cards?

    Slowing card volume growth in the network giant’s earnings report this month revived questions about the longevity of its core business.

    By • July 31, 2024
  • Sibongile Ngako, Brex's new compliance chief, is pictured wearing a white jacket.
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    Permission granted by Victoria Reynolds
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    Q&A

    5 questions for Brex’s new compliance chief

    When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.

    By Caitlin Mullen • July 31, 2024
  • Stripe CEO Patrick Collison
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    Matt Winkelmeyer via Getty Images
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    Stripe buys software rival Lemon Squeezy

    The San Francisco payments giant bought the 4-year-old Salt Lake City startup as it continues its global expansion.

    By • July 30, 2024
  • Buy now, pay later
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    I going to make a greatest artwork as I can, by my head, my hand and by my mind. via Getty Images
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    Affirm says CFPB’s proposed BNPL rules will confuse customers

    In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.

    By • July 29, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Opinion

    How to speed up FedNow adoption

    “Interfaces need to be standardized to ensure a consistent and reliable payment experience for businesses and consumers,” writes one payments software executive.

    By Ani Narayan • July 26, 2024
  • Revolut card with logo
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    Courtesy of Revolut Press Kit
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    Revolut faces more fraud claims than other UK banks: report

    The fintech investigates each fraud claim independently of other cases, and takes such claims “incredibly seriously,” a spokesperson for the company said.

    By Gabrielle Saulsbery • July 25, 2024