Remove Caps Remove Laws Remove Regulations
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Singapore’s Competition Regulator Says No Merger Notification from Grab, GoTo

Fintech News

The Competition and Consumer Commission of Singapore (CCCS) acknowledged media reports on the possible deal and advised the companies to seek legal counsel to ensure compliance with Singapore’s competition laws. The regulator remains open to discussions through its merger notification and pre-notification processes.

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European retailers say card costs rose after EU capped fees

Payments Source

called on European Union regulators to crack down on credit and debit card fees that have increased after laws capped so-called interchange fees five years ago. Retailers including Tesco Plc, Ikea and Amazon.com Inc.

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OJK Plans to Raise P2P Funding Limit for Business Loans

Fintech News

Indonesia’s Financial Services Authority (OJK) plans to raise the maximum limit for peer-to-peer (P2P) funding above the current IDR 2 billion cap, specifically for productive funding used for business and economic activities, rather than consumptive funding for personal use.

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Cap One could dodge law requiring added processing capacity

Bank Automation

Capital One could be excluded from the proposed Credit Card Competition Act of 2023 if its acquisition of Discover Financial Services goes through and the bank creates an in-house processor. Read more on the Capital One, Discover deal The proposed act, introduced in June 2023 by U.S. Richard Durbin, D-Ill, would require credit card […]

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India Introduces New Laws, Cap Regarding P2P Lending

PYMNTS

The Reserve Bank of India (RBI), in a move to protect the interests of consumers, has passed a regulation that says the allowable exposure of a lender to all of its borrowers should not go over Rs 50 lakh ($70,000) at any time on a peer-to-peer (P2P) platform, according to a report by Business Insider. “On

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Capitol Hill Hearing Examines ‘Rent-A-Bank’ Schemes To Sidestep Interest Rate Caps

PYMNTS

The hearing was titled “Rent-a-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”. She noted that states have interest rate caps on non-bank installment loans, with a median cap on a $500 loan of about 37.5 The Rent-a-Bank Scheme.

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Predatory ‘Rent-a-Bank’ Lending Practices Trigger Calls For Regulation

PYMNTS

Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). Utah has no caps on interest rates. “A South Dakota passed a law in 2016, followed by Colorado in 2018.