Stax

SEPTEMBER 26, 2024

It requires stringent adherence to regulatory guidelines and card network rules, from surcharge caps to disclosure requirements. Learn how your business can capitalize on these transaction fees while staying on the right side of the law. But they advise businesses to check state laws for stricter limits or an outright surcharging ban.

Credit Cards 88

Credit Cards Caps Best Practices Laws 88

The Fintech Times

SEPTEMBER 4, 2024

The UK’s Payment Systems Regulator (PSR) has announced a significant reduction in the maximum fraud reimbursement limit for authorised push payment (APP) scams, lowering it from £415,000 to £85,000 just weeks before new rules take effect in October. Rocio Concha, director of policy and advocacy at UK consumer body Which?,

Regulations 59

Regulations Scams Payments Caps 59

Stax

AUGUST 1, 2024

However, card brand rules and state and federal laws have been established to prevent merchants from abusing this privilege. Visa’s surcharge rules around disclosure, compliance, options (brand-level/product-level), notifying acquirers, surcharge cap, etc. Earlier, the surcharge cap used to be 4%.

Rules 88

Rules Credit Cards Caps Processors 88

PYMNTS

JULY 1, 2020

Keeping up with customers’ shifting behaviors and preferences amid changing regulations is a familiar challenge for today’s small- to medium-sized businesses (SMBs), but the pandemic’s impact on the scale of digital payments has steepened the learning curve for these merchants. Examining SMBs’ Regulatory Struggles. are experiencing.

Regulations 64

Regulations Digital Payments Contactless Payments Online and Mobile Banking 64

Stax

DECEMBER 6, 2023

Businesses that choose to add surcharges can either charge a fixed flat fee or a percentage of the transaction amount with a cap on the total. Credit card surcharging is subject to regulations and compliance requirements that vary by region and country. Ready to learn more and get started with credit card surcharging?

Consumer 88

Consumer Credit Cards Alternative Payment Methods Debit Card 88

PYMNTS

DECEMBER 3, 2020

Like all regulations, the new Digital Services Act brewing in the European Union has its detractors (those who will be regulated) and its fans (those who are writing the regulations). Somewhere in between are consumers. The DSA, now scheduled for a Dec. Its detractors say it will stifle innovation.

Regulations 81

Regulations Rules Laws Cross-Border 81

PYMNTS

MAY 20, 2016

In the latest chapter of the Lending Club drama, on Thursday (May 19), it came to light that New York’s highest-ranking financial regulator has launched an official inquiry into the online alternative lender. The requested New York information dates back to 2013. SEC filings also revealed a grand jury subpoena from the U.S.

Regulations 40

Regulations Laws Underwriting Caps 40

The Payments Association

OCTOBER 21, 2024

The UK’s increasing fraud and scam problem, focusing on new regulations mandating automatic reimbursement for APP fraud victims. Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

PYMNTS

MARCH 4, 2020

Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. LaFontaine was warned by his subordinates and by regulators that capping the number of alerts was dangerous and ill-advised. The capped alerts were in place for at least five years.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

MAY 12, 2020

Much about the deal remains unknown, such as what amount Uber offered – though Grubhub’s market cap is roughly $5.4 Uber’s market cap, by comparison, currently comes in at $58.7 In some states, regulators have already begun investigating the commission fees that firms like Uber and Grubhub charge restaurant owners for deliveries.

Regulations 58

Regulations Push-to-Card Caps Consulting 58

PYMNTS

DECEMBER 15, 2020

Six weeks after securing passage of the Proposition 22 ballot measure that overturned a California law requiring part-time workers to be reclassified as employees, two of its biggest backers have rolled out new fees to offset expenses related to additional worker benefits. 14) that capped third-party food delivery fees at 15 percent.

Laws 90

Laws Caps Online and Mobile Banking Economy 90

Stax

DECEMBER 20, 2023

Please note there are many other categories not covered in this table, including variations by card type, business type, whether the bank is regulated or exempt, and more. Beyond the card type (debit, or the various kinds of credit cards), you’ll also see “exempt” or “regulated” which indicate different fees for debit cards.

Credit Cards 167

Credit Cards Debit Card Processors Non-Bank 167

Finovate

JULY 3, 2024

Marshals Service (USMS) has selected Coinbase Prime to hold and trade the agency’s “Class 1” (large cap) digital assets. Marshals Service (USMS) announced it has selected Coinbase to hold and trade the agency’s “Class 1” (large cap) digital assets. judicial system. Photo by Zach Lisko on Unsplash The post U.S.

Law Enforcement 52

Law Enforcement Caps Laws Money Laundering 52

PYMNTS

OCTOBER 24, 2019

The Kenyan National Assembly is considering a law that would make mobile lenders in the country subject to central bank oversight, which would force them to reveal transactions fees and interest rates before they dole out loans. There is need for consumer protection. These mobile loan apps have commercialized poverty.”.

Regulations 40

Regulations Central Bank Money Laundering Small Business 40

PYMNTS

FEBRUARY 14, 2019

A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. “I think this proposal is likely to become law, after some tweaks,” said Mark Kantrowitz, an expert on student loans. . In November, student loan debt in the U.S.

Laws 56

Laws Caps Payroll Regulations 56

PYMNTS

APRIL 3, 2020

FinCEN said it will continue outreach to regulators and banks to ensure compliance with the BSA, and the agency will issue additional new information as needed. Bancorp, was warned by colleagues and regulators that capping the number of alerts was dangerous and ill-advised.

Fincen 56

Fincen BSA Crime Financial Crimes 56

Stax

DECEMBER 13, 2023

However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. Understanding Credit Card Surcharges Card networks not only help businesses process credit card payments but they also regulate the industry by establishing surcharging rules and maintaining compliance.

Credit Cards 88

Credit Cards Debit Card Laws Rules 88

PYMNTS

MAY 31, 2019

New York City also passed a law requiring that Uber and Lyft drivers make a minimum wage, which also affected prices. But the money was contingent on New York City dropping its proposed regulations that would limit the number of ride-hailing drivers in the city, which would cost the ridesharing companies more than $100 million.

Caps 52

Caps Laws Rules Regulations 52

Tearsheet

MARCH 27, 2024

Regarded as distinct from payday lenders and viewed as a means for 60% of Americans who live paycheck-to-paycheck to break free from debt, financial regulators remain hesitant to fully endorse on-demand pay’s effectiveness. Last month, Montana’s attorney general asserted that EWA should not be subject to lending regulations.

Instant Payments 64

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) FedNow 64

PYMNTS

FEBRUARY 6, 2019

” Regulators have not accused the company of wrongdoing, and FLEETCOR said all of its fees are lawful and comply with regulations. Analysis in 2015 from the National Consumer Law Center (NCLC) found that employees in Missouri and Kansas were hit hardest by payroll card fees imposed by issuers.

Payroll 66

Payroll Commercial Card Federal Trade Commission Wire Transfer 66

PYMNTS

APRIL 6, 2020

It anticipates that its loan capacity will be maxed out under the program since it is operating with the current asset cap limitations. Today, the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership. Customers will be notified with updates in the coming days.

Small Business 65

Small Business Caps Payroll Regulations 65

Stax

DECEMBER 20, 2023

This article explores the legal landscape surrounding surcharges, shedding light on the intricacies of state and federal laws and strategies for small businesses to manage processing costs. TL;DR Card brands such as Visa and MasterCard along with state and federal laws prohibit debit card surcharging.

Debit Card 88

Debit Card Legal Credit Cards Processing Costs 88

PYMNTS

JANUARY 9, 2019

8 to dismiss a challenge to such charges, seemingly capping a battle stretching back years. The Supreme Court sent the case back to the Second Circuit, deciding that the case was a regulation of commercial speech. The merchant plaintiffs and the state of New York filed motions on Jan.

Credit Cards 80

Credit Cards Rules Caps Laws 80

PYMNTS

APRIL 5, 2019

Silicon Valley-based financial services startup Earnin has potentially run afoul of New York State regulators with its payday advance product for consumers. Users can skip the tip — but those borrowers run the risk of seeing their credit capped at $100 per borrowing period.

Regulations 40

Regulations Request for Comment Caps Consumer 40

PYMNTS

FEBRUARY 10, 2020

Separately, Facebook has reportedly settled a lawsuit for violating laws in the state of Illinois tied to facial recognition technology, agreeing to pay a fine of $550 million. The Illinois law — on the books for more than a decade — sets parameters for the collection, use and storage of biometric information.

Laws 70

Laws Governance Government Small Business 70

PYMNTS

FEBRUARY 20, 2020

Regulators around the world are passing new laws to make sure ad hoc workers are properly protected, and some of these rules could have sweeping implications for businesses and their freelance partners. states are developing similar regulations. The most sweeping of these rules in the U.S. Lawmakers in other U.S.

Security 64

Security Economy Regulations Rules 64

PYMNTS

MAY 7, 2018

Bitcoin may be the marquee name in cryptocurrencies, but regulation may loom for its digital dollar brethren. Recent inquiries from regulators in the federal securities and commodities realms have centered on Ethereum. The suit by the state attorney general alleges that the company exceeded the 12 percent usury cap.

Bitcoin 43

Bitcoin Regulations CFPB Cryptocurrency 43

PYMNTS

DECEMBER 26, 2018

Credit unions cap rates at 3 percent a month. In a letter to firms earlier in the year, the Bank of England’s prudential regulation arm said some credit unions collapsed because of “involved fraud committed by either members of staff or directors.” Even some of the more successful CUs have had to curtail lending.

Credit Union 53

Credit Union Caps Regulations Governance 53

FICO

JUNE 21, 2022

The use of FICO prescriptive analytics for credit card portfolio optimization allows the bank to comply with rigorous national laws around credit offers while growing approvals by 45 percent and limits by 60 percent. A key challenge was the legal caps enforced by the regulator,” said Pak. Working within the Rules.

Credit Cards 52

Credit Cards Caps Credit Limit Regulations 52

PYMNTS

MAY 29, 2019

As a result of that legal status, it is not clear if Align and firms like it are required to comply with federal “truth in lending” regulations, which require for borrowers to be given a sheet, showing them the effective interest rate, or whether they must conform to things like state-regulated caps on APRs.

Agreements 59

Agreements Laws Underwriting Caps 59

PYMNTS

SEPTEMBER 16, 2019

17), per new regulations in New York City , according to a report by Reuters. The new regulations are meant to boost driver pay and help to lessen congestion in the city. Lyft recently took similar action due to city regulations. Uber will limit drivers’ access to the app during low-demand times starting Tuesday (Sept.

Rules 43

Rules On-Demand Laws Regulations 43

PYMNTS

JANUARY 8, 2020

In physics, one of Newton’s Laws state that for every action, there is an equal and opposite reaction. 17 USD) to 15 rupees on transactions of more than 2,000 rupees, and the cap is 60 basis points. since the aftermath of the Durbin Amendment, which capped debit interchange at $.24. The charges have typically been 12 rupees ($.17

Debit Card 52

Debit Card Push-to-Card Caps Laws 52

Stax

AUGUST 22, 2024

Regulatory compliance risk To maintain the integrity of financial transactions and to protect cardholder data, any company dealing with payments must strictly adhere to laws and regulations. It can be quite hard for PayFacs to manage compliance with all these regulations in the industry but it is a necessity.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

PYMNTS

FEBRUARY 15, 2018

Bank chose to manipulate their software to cap the number of suspicious activity alerts rather than to increase capacity to comply with anti-money laundering laws,” said FinCEN Director Kenneth A. Blanco in the press release. Banks in the U.S. FinCEN, the OCC and the DOJ contend that U.S.

Money Laundering 43

Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

Stax

NOVEMBER 8, 2023

Currently, only two states still have anti-surcharge laws (as mentioned earlier). Even if surcharge rates are capped at 3% in the US, surcharging can be a boon for small businesses. This is because every business that surcharges is bound by law to inform their customers about it.

Process 88

Process Credit Cards Debit Card Processors 88

PYMNTS

SEPTEMBER 26, 2017

Australia has introduced tougher rules on banks that will go into effect as early as next month, including capping executives’ salaries, delaying their bonuses and driving them out of the industry if they are guilty of wrongdoing.

Money Laundering 40

Money Laundering Non-Bank Laws Caps 40

PYMNTS

SEPTEMBER 17, 2019

Interest rates on pawn loans vary as they are regulated by states. Regulations require that pawnbrokers request proof of ownership before making a deal with a potential customer — but the less reputable players in the industry have a nasty habit of forgetting to ask. Where Payday Lending Recedes, Pawnbrokers Flourish .

Laws 60

Laws Push-to-Card Regulations Non-Bank 60