Regulations & Policy: Page 6

  • Window with sticker showing logos for Visa, Mastercard and American Express.
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    Column

    Why a Visa-Mastercard settlement is likely to fall short

    The persistence of the networks’ ‘honor all cards’ rule may be a key reason Judge Margo Brodie is unlikely to approve a negotiated resolution of the two-decade-old case brought by merchants.

    By • June 24, 2024
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    Fed extends comment period on expansion of payment services proposal

    The Federal Reserve said it will give the public two more months to comment on its plan to expand operating hours for its two large-value payments services, the Fedwire Funds Service and the National Settlement Service.  

    By Tatiana Walk-Morris • June 24, 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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    Rain plans to raise more capital

    The earned wage access provider seeks to raise $50 million, said its CEO, who is rooting for increased regulation of the industry.

    By • June 21, 2024
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    Google Maps

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    Fiserv hires former JPMorgan executive

    Takis Georgakopoulos worked for JPMorgan for 17 years before he departed earlier this month, and landed at the mega-processor as an advisor.

    By • June 21, 2024
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    Senate Republicans join battle against Fed debit card plan

    Senators this week introduced their version of a House bill aimed at derailing the Federal Reserve’s plan to lower the cap on fees that card issuers can charge merchants on debit card transactions.

    By • June 20, 2024
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    FTC warns of cash losses to government impostors

    The median loss paid in cash to government impersonation scammers in the first quarter was $14,740, far above the $1,000 median for all payment types.

    By • June 20, 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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    Faster payments catch on slowly: survey

    About half of payments players surveyed recently by the U.S. Faster Payments Council said they have integrated faster payment technologies.

    By Tatiana Walk-Morris • June 20, 2024
  • CFPB Director Rohit Chopra
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    CFPB House hearing: 6 key takeaways

    House Republicans expressed frustration that the Consumer Financial Protection Bureau decided to treat buy now, pay later loans like credit cards, while Democrats pushed for faster, cheaper remittance options.

    By • June 18, 2024
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    Justin Sullivan via Getty Images
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    Landmark Visa, Mastercard settlement in peril

    The judge's likely rejection would scuttle a $29.79 billion deal that was two decades in the making.

    By • June 14, 2024
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    Justin Sullivan via Getty Images
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    EBay to accept Venmo

    A week after dropping American Express, the online auctioneer said it will now accept payments through Venmo, a digital tool popular among Gen Z and millennials.

    By • June 12, 2024
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    Courtesy of Apple
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    Apple unveils new iPhone touch and pay feature

    The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

    By • June 12, 2024
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    Opinion

    Fighting deepfakes via payments

    “Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.

    By Alan Primitivo • June 12, 2024
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    1401461124 via Getty Images
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    Q&A

    Upcoming ISO 20022 transition leaves some finance players scrambling

    The move to ISO 20022 is coming late next year and many financial institutions remain unprepared for the switch.

    By • June 11, 2024
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    D-Keine via Getty Images
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    Cash use persists in US beyond pandemic

    Consumers remained committed to cash use last year, even as the share of card payments rose and online payments increased, according to an annual Federal Reserve study.

    By • June 11, 2024
  • Illinois state capitol building in Springfield
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    Illinois heads toward landmark card interchange fee restrictions

    The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.

    By • June 7, 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 finalizes open banking standard-setter rule

    The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.

    By Gabrielle Saulsbery • June 7, 2024
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    Justin Sullivan via Getty Images
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    Amex dismisses impact of eBay’s rejection

    EBay will no longer accept American Express, but the credit card company said in a statement that the online auctioneer accounts for a minuscule portion of its total business.

    By • June 6, 2024
  • The exterior of the New York State Capitol in August 2021 in Albany, New York.
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    Michael M. Santiago/Getty Images via Getty Images
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    New York races to pass BNPL bill

    State lawmakers are negotiating three separate proposals related to the buy now, pay later industry ahead of the end of the legislative session on Thursday.

    By • June 6, 2024
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    Drew Angerer via Getty Images
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    Pot payments players crave federal reforms

    The Safer Banking Act and federal rescheduling of marijuana could simplify transactions for payments companies doing business in the arena.

    By • June 5, 2024
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    FTC delves into scam payments

    In consumer fraud complaints to the federal agency last year, PayPal and Cash App were cited as apps often used by consumers to pay scammers.

    By • June 4, 2024
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    Zelle faces Senate probe on fraud

    “The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.

    By • May 31, 2024
  • Person pays using phone to tap point-of-sale device with cup of coffee sitting on table.
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    Are digital wallets safer than debit cards?

    Research shows young people see digital wallets as a more secure option than debit and credit cards. Cybersecurity professionals mostly agree, despite caveats.

    By • May 31, 2024
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    Opinion

    CFPB seeks to thwart cross-border junk fees. Now what?

    “Putting these regulations into practice is challenging, and the success of such regulatory measures largely hinges on enforcement,” writes a Wise executive.

    By Rina Wulfing • May 30, 2024
  • A Person With a Phone Using a Mobile Wallet Application At Workplace
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    Businesses boost use of digital wallets: Fed

    Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.

    By Tatiana Walk-Morris • May 24, 2024
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    Opinion

    Let’s avoid legal patchwork for credit card surcharging

    “All parties in the payments ecosystem would benefit greatly from state laws that provide clarity and consistency between jurisdictions,” write two legal professionals.

    By Jonathan Razi and Keturah Taylor • May 23, 2024