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Swiss-UK Agreement Sends Strong Signal for Open Financial Markets

Fintech News

Switzerland and the United Kingdom signed an agreement to create more efficient and globally competitive conditions for cross-border trade in financial services with the new “Berne Financial Services Agreement” (BFSA). The agreement requires approval by the parliaments of both countries before it can enter into force.

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CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Fintech Finance

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. When the paycheck advance product is no-fee and truly free to the employee, many requirements would not apply.

CFPB 105
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UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). See our previous Sidley Update on that review.

Rules 88
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What The Streamlined Sales And Use Tax Agreement Means After Wayfair

PYMNTS

Businesses depend on the public services tax revenues pay for: roads that facilitate deliveries, courts where firms resolve legal disputes and regulators that help protect businesses from fraud. Wayfair ruling have made tax compliance challenges highly visible. This resulted in the Streamlined Sales and Use Tax Agreement (SSUTA). .

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Mastercard And Visa Lose Legal Round In Europe Over Swipe Fees

PYMNTS

In the United Kingdom, and for the payment network giants in the decades-long legal battle over interchange fees — next stop, trial court? Sainsbury’s will now be seeking to recover the full amount of the unlawful charges it has incurred,” Murphy said, in the wake of the ruling. ruling on Wednesday was not a final one.

Legal 60
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Top ChatGPT prompts for legal professionals

Nanonets

From court documents being moved to digital formats to the advent of AI in legal research, a lot has changed. What does it mean for legal professionals? And how can you use AI to make legal work more efficient? Court dates, client meetings, legal research, paperwork – the list goes on for legal professionals.

Legal 52
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Industry Statements on on Merchant, Payment Network Lawsuit Agreement

Electronic Payments Coalition

EPC STATEMENT: WASHINGTON – Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued the following statement regarding the impact the interchange lawsuit agreement between U.S. Congress should put an end to the ill-advised Durbin-Marshall mandates and let the agreement merchants reached stand on its own.”