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CFPB will keep defending late fee cap

Payments Dive

The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap on Friday, but the federal agency said it will continue to “defend” the rule.

Caps 97
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What are Velocity Checks?

Fi911

By setting a cap on the number of transactions a user can initiate within a specific period, velocity checks aid in reducing the incidence of fraud, thereby mitigating potential losses to merchants. Should a user conduct a series of transactions inconsistent with their historical data, these transactions are flagged for review.

Checks 52
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China Eyes Limits On Bank, FinTech Partnerships

PYMNTS

One reason Jiwei gave for the possible rule is that it would help avoid the amassing of too much bad debt by one entity. A cap also would support competition, he said, according to Reuters. "We It was soon after that the government blocked the Ant Group IPO. Jiwei was speaking at a wealth management conference.

FinTech 102
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Mastercard Incurs $650M Fine Over EU Antitrust Law

PYMNTS

The company was accused of setting rules that blocked banks in one EU country from offering lower interchange fees to a retailer in another EU country. Mastercard actually stopped the practice in December of 2015 after the European Commission (EC) adopted charge-capping rules.

Visa 53
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Bitcoin Tracker: Another Tough Week

PYMNTS

In its latest ruling, the SEC mirrored the language used in its previous denial, once again referring to Section 6(b)(5) of the Exchange Act, which “requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”.

Bitcoin 65
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Do Startups Need To ‘Follow The Rules’ To Succeed?

PYMNTS

Basically, Rosenbloom is saying that every new startup off the block thinks it can disrupt and then take control of its given market the same way Facebook or Uber or Warby Parker did. Also, let’s pause for a minute here to remember that there is a reason that nine out of every 10 startups fail.

Rules 40
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What Is Blockchain Technology?

CB Insights

The ledger has rules encoded into it, one of which states that there will only ever be 21M bitcoin produced. Because of this cap on the number of bitcoins in circulation, which will eventually be reached, bitcoin is inherently resistant to inflation. All participants must agree to the ledger’s rules in order to use it.