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Texas Court Rules Against CFPB’s Payday Lending Act Delay

PYMNTS

A Texas court ruled on Tuesday (June 12) against delaying the compliance date for the Consumer Financial Protection Bureau ’s rule on payday loans. A lawsuit had aimed to block the new federal rules that would limit these short-term loans that some critics say can force people into serious debt. But the U.S.

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UK Lawsuit Against Mastercard Gains Court Support

PYMNTS

A consumer lawsuit against Mastercard in the U.K. got approval to move forward after a court reversed a ruling by the Competition Appeal Tribunal. Court of Appeal rejected the tribunal’s ruling from 2017, which had blocked the claimants from pursuing the case led by Walter Merricks, the former financial ombudsman.

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As Apple Enters Open Banking a Dangerous Paradox Comes to Light

The Fintech Times

Thus, they write the rules for whatever happens on your phone and they can restrict any app’s access to the hardware at will. Apple will block their payment feature from accessing the phone’s NFC chip, i.e. the chip that enables the phone to talk to the payment terminal. Apple and Google share a duopoly on mobile operating systems.

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The state of fraud in 2024: Key mid-year takeaways

The Payments Association

One of the key shifts in APP fraud this year involves the introduction of new reimbursement rules , which came into effect in October 2024. of every £10 of attempted fraud being successfully blocked. The report notes that while these rules are crucial for victim compensation, prevention remains the ultimate goal. Read More »

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Banks look to fintechs to stave off threat from Big Tech

Neopay

In the US, the Consumer Financial Protection Bureau published a proposed rule that would see non-bank financial companies that handle more than five million transactions per year face the same rules as large banks and credit unions.

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Understanding the FCA’s proposed updates to the Financial Crime Guide

Neopay

The aim is to increase the obligation on firms to identify and block financial transactions that may breach international sanctions. This includes references to the travel rule and updates to sections on risk assessment and fraud.

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My Thoughts on the Dopamine Rush of Money20/20

Finovate

Open banking Open banking– specifically the recently released Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act– was one of the hottest topics of the show. The majority of people on the networking floor I spoke with had not read the entire, 594-page ruling.

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