CFPB $8 late fee cap edges toward reality
Payments Dive
APRIL 17, 2024
Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.
Fed proposes reduction in debit fee cap
Payments Dive
OCTOBER 25, 2023
The Federal Reserve Board proposed a rule change that would slash the amount card issuers can charge merchants for processing a debit transaction. The proposal also calls for periodic updates to the fee cap in the future.
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Examining the PSR’s APP fraud reimbursement cap change
The Payments Association
OCTOBER 14, 2024
The Payment Systems Regulator’s decision to lower the cap for APP fraud reimbursements to £85,000. PSPs will need to adapt their fraud prevention strategies and comply with the new reimbursement rules starting in October 2024. ” The urgency of the new rules APP fraud has become a major concern in the UK’s financial landscape.
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CFPB attacks credit card late fees
Payments Dive
FEBRUARY 1, 2023
The Consumer Financial Protection Bureau proposed a new rule that would effectively cap credit card late fees and potentially save Americans $9 billion.
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The PSR’s new fraud refund rules: A step forward, but is it enough?
The Payments Association
OCTOBER 22, 2024
As of October 7, all UK payment firms making use of the faster payment system (FPS) are required to refund fraud victims up to £85,000 within five days under new rules set by the Payment Systems Regulator (PSR). Further, it is unclear whether the rules address the complexities and evolving fraud tactics.
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Synchrony, Bread plan offsets to late fee cap
Payments Dive
DECEMBER 14, 2023
“I want that shoe to drop so we can start mitigating that issue,” Bread CEO Ralph Andretta said last week, as the industry awaits the CFPB’s final rule.
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Synchrony braces for late fee rule
Payments Dive
JULY 18, 2023
The CEO of the private label card issuer expects a final rule on the CFPB’s proposed credit card late fee cap later this year, and litigation could follow, he said.
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What You Should Know About Visa Surcharge Rules in 2024: A Guide for Merchants
Stax
AUGUST 1, 2024
However, card brand rules and state and federal laws have been established to prevent merchants from abusing this privilege. In this article, we’ll explore Visa’s rules around credit card surcharging and what merchants need to know about them. Per the latest reports, Visa wants to enforce its surcharging rules more seriously.
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India To Cap FinTech Payments Volumes At 30 Pct
PYMNTS
DECEMBER 2, 2020
India, in a bid to curb antitrust concerns, is trying a new strategy, putting a 30 percent cap on what a single player can grab from transactions, Bloomberg reported. Despite WhatsApp having over 400 million users in India, the government caps will make it unable to beat its rivals in India, including local giant Paytm.
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MAS Bolsters Crypto Payment Rules, Here’s What You Need to Know
Fintech News
APRIL 2, 2024
To qualify as an accredited investor, an individual must demonstrate considerable financial robustness, evidenced by owning more than S$2 million in net personal assets—with the valuation of a primary residence capped at S$1 million—or possessing over S$1 million in net financial assets, or earning an annual income exceeding S$300,000.
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UK Retailers Press For Commercial Card Interchange Fee Caps
PYMNTS
FEBRUARY 27, 2019
Supreme Court ruling in favor of the card networks during a case in 2017, and with Australia in the midst of pondering either swipe fee limits or an outright ban. ” Part of that simplification should include the addition of commercial cards under swipe fee caps, he added. Swipe fee debates are not new, with the U.S.
Banking Innovation Enters New Era; Consolidation Now The Rule
PYMNTS
DECEMBER 9, 2020
These are $100 billion market cap companies that are sitting in the middle of the payments supply chain.”. All of these new FinTechs and digital innovators are changing the landscape as the role of payments rapidly shifts in the broader financial services arena. These aren't small companies or digital innovators,” he noted.
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Apple iOS, macOS Exec Ordered To Testify In Epic Suit
PYMNTS
DECEMBER 18, 2020
Apple Chief Executive Tim Cook already is expected to testify in the case, in which Epic challenges Apple's rules governing the selling of programs and subscriptions through its App Store. In a ruling dated Friday (Dec.
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Bitcoin Daily: Bitcoin Sheds $20 Billion Off Market Cap; Gibralter-Based FinTech Launches Tokenized Securities Platform
PYMNTS
MAY 10, 2020
According to the law, digital securities “presumptively not an investment contract” would not be subjected to the sometimes contradictory rules between organizations. The law is an amendment to a bill filed by Majority Leader Ian Calderon. Open interest on the platform fell.
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Payments Industry Seeks Delay in APP Fraud Rules Amid New Leadership at PSR
The Fintech Times
JUNE 10, 2024
The Payments Association is urging for a delay in the rollout of new authorised push payment (APP) fraud rules, leveraging the recent leadership change at the Payment Systems Regulator (PSR) as a pivotal moment to push for reconsideration. The rule changes require the FPS to ensure that Pay.UK
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EU Wants Basel To Look Again At Bank Risk Model Rules
PYMNTS
SEPTEMBER 30, 2016
The European Union wants the Basel Committee on Banking Supervision to reexamine its rules governing banks’ capital requirements and restrictions on internal risk controls, according to reports on Thursday (Sept. Dombrovskis said on Thursday that the floors should be thrown out.
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Visa tightens fraud caps as merchants face new digital scams
Payments Source
MAY 13, 2019
Restaurants, electronics sellers and digital-goods merchants are seeing sharp spikes in fraud as criminals find creative new ways to interfere in online and mobile commerce.
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Uber Sues City Of New York To Get Driver Cap Lifted
PYMNTS
FEBRUARY 17, 2019
Uber , the ride-hailing startup, filed a lawsuit against the city of New York last week seeking to overturn a rule that puts a cap on the number of drivers that work for ride-hailing companies that can operate in the city. Uber wants the law thrown out, fearing the city could make it a permanent cap.
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46 Bill to correct Madden ruling would benefit consumers
Payments Source
MARCH 7, 2018
House legislation to reverse a federal court decision on state interest rate caps would increase access to credit, not expand predatory lending as critics have argued.
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60 Lyft Follows Uber With NYC Lawsuit Over Cruising Time Cap
PYMNTS
OCTOBER 14, 2019
The suit asks that the city’s Taxi and Limousine Commission’s (TLC) cruising rule be invalidated. The law imposes a 31 percent cap on cruising time for most vehicles before 11 p.m. Lyft says the mandate is based on old, inaccurate TLC data and doesn’t hold taxis to any caps. .
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Credit Card Surcharge Guidance: A State-by-State Overview of Surcharging Laws
Stax
JULY 30, 2024
However, before you start surcharging customers, you need to be aware of all the rules surrounding it. Apart from card networks setting their own rules and guidelines, states also have certain rules that merchants must abide by. Illinois – Surcharge rates are capped at 1% or the total processing fee—whichever is lower.
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EU Regs Hear More Calls For Commercial Card Swipe Fee Caps
PYMNTS
MAY 6, 2019
The European Commission (EC) recently ruled in favor of a 40 percent reduction of interregional interchange fees charged by Visa and Mastercard, a ruling that reports said applies to non-EU consumer debit and credit cards used to make purchases across Europe. Earlier this year, the EC issued a $648.3
Merchant Account Reserves: A Strategic Risk Management Tool for Banks
Fi911
FEBRUARY 14, 2024
Capped (Accrual) Reserves A capped reserve accumulates funds by withholding a percentage of monthly sales until reaching a fixed cap, often half of the merchant’s monthly processing volume. Once the cap is reached, no additional funds are held in reserve.
CFPB caps credit card late fees
Finextra
MARCH 5, 2024
The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.
AirPlus Makes Changes After UK Commercial Card Ruling
PYMNTS
APRIL 15, 2016
AirPlus revealed that it will replace its individual pay corporate cards with cards that fall under the EU’s definition of a card product to which interchange fee caps apply. The EU ruled late last year that the regulation regarding those caps, which limit the fee at 0.3 regulator declared.
Three ways APP mandatory reimbursement can work for PSPs and victims of fraud and scams
The Payments Association
OCTOBER 21, 2024
The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. Years in the making, the rule changes replace the voluntary system of reimbursement operated by the signatories of the Contingent Reimbursement Model Code. What is this article about? Why is it important?
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Chase Caps ATM Withdrawals For Non-Customers
PYMNTS
APRIL 5, 2016
JPMC has capped ATM withdrawals at $1,000 per day for those who are not accountholders with the bank. There are no codified rules on appropriate withdrawal amounts. Individual banks are largely left to that determination on their own. banks’ policies vary.
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China Eyes Limits On Bank, FinTech Partnerships
PYMNTS
DECEMBER 20, 2020
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 The suggestion was made by Lou Jiwei, the country's former finance minister and now an advisor to the government, Reuters reported.
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102 China Changes Rules To Lure More IPOs In Tech
PYMNTS
NOVEMBER 8, 2019
China has changed some IPO rules to entice more tech companies to list publicly in the country, according to a report by The Wall Street Journal. The new rules, put forth by securities regulations and officials at the stock exchange, could be unveiled in the next few days. billion) or less.
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Securing The New Commerce Normal
PYMNTS
APRIL 13, 2020
Since then, Sevounts noted, marketplaces have been attempting to limit price gouging and hoarding behaviors by putting hard caps on how much of particular items customers can purchase at one time. It’s a solid start, he said, but one that needs some technical assistance on the back end if it is actually going to have any kind of effect.
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JPMC Halts Non-PPP SMB Loans
PYMNTS
APRIL 8, 2020
The endgame is for those SMBs, most of which have had to close or drastically reduce operations to prevent the spread of the coronavirus , to be able to continue to pay employees and keep the lights on while social distancing and lockdown rules are in effect.
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Uber’s Bid For Grubhub Triggers Delivery Fee Fears
PYMNTS
MAY 14, 2020
The possible merger between Uber and Grubhub is causing a wave of worry over delivery fees at a time when some local officials are considering instituting caps , as the New York City Council did on Wednesday (May 13). Similar caps were also instituted in San Francisco, Seattle, Washington, D.C.,
China Changes Rules To Woo More Tech IPOs
PYMNTS
NOVEMBER 8, 2019
China has changed some IPO rules to entice more tech companies to list publicly in the country, according to a report by The Wall Street Journal. The new rules, put forth by securities regulations and officials at the stock exchange, could be unveiled in the next few days. billion) or less.
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China To Update Rules To Lure More Public Tech Listings
PYMNTS
NOVEMBER 8, 2019
China has changed some IPO rules to entice more tech companies to list publicly in the country, according to a report by The Wall Street Journal. The new rules, put forth by securities regulations and officials at the stock exchange, could be unveiled in the next few days. billion) or less.
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Chinese Big Tech Value Plummets $280B Amid Regulatory Issues
PYMNTS
NOVEMBER 11, 2020
“The combined losses of the five tech heavyweights since their Monday’s close has contributed to more than $280 billion being wiped off in terms of market cap at the close of the trading day in Hong Kong,” according to CNBC’s calculations. 10) that it was issuing draft rules to put a stop to the “monopolistic behavior” on digital platforms.
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Credit Card Surcharges: What Are They, and How Do They Work?
Stax
SEPTEMBER 26, 2024
It requires stringent adherence to regulatory guidelines and card network rules, from surcharge caps to disclosure requirements. Some states cap the surcharge rate to a set rate or dollar amount. The overarching rule is that it must not exceed the fees charged by credit card companies.
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Credit Card Surcharges OK’ed In New York
PYMNTS
JANUARY 9, 2019
8 to dismiss a challenge to such charges, seemingly capping a battle stretching back years. The requests from those parties to dismiss the case came after an appellate court in the state ruled that merchants have the right to levy the charges, and the tally of states with such bans in place has now dropped to six.
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Today In Payments: Stimulus, Vaccine Key To Full Recovery By End Of 2021; Chinese Watchdog Warns More Big Tech Rules Looming
PYMNTS
DECEMBER 8, 2020
Top Chinese Watchdog Warns More Big Tech Rules Looming. With Capped Fees, Dining Aggregators May Face Tough Post-Covid Future . Cities and even entire states are instituting caps on delivery aggregators. Of the surveyed forecasters, 73 percent expect the economy to see pre-pandemic recovery by late 2021.
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DECTA Joins Forces With French Fintech to Revive Euro-Pegged Stablecoin
The Fintech Times
AUGUST 5, 2024
Under the new MiCA rules, which took effect on 1 July 2024, the issuance of Euro-pegged stablecoins like EURT is permitted exclusively to credit institutions or EMIs within the EU. However, the stablecoin project was eventually suspended due to a lack of regulatory framework.
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98 EU Court Sets Date To Rule On Privacy Case Against Facebook
PYMNTS
JULY 9, 2019
The latest twist in what could very well be a landmark ruling is set to unfold Dec. The issue came to a head Tuesday (July 9) at the end of a Court of Justice of the European Union (ECJ) hearing capping a six-year saga pitting Facebook against Austrian privacy activist Max Schrems.
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How to Successfully Implement a Credit Card Surcharge Program In Your Business
Stax
FEBRUARY 28, 2024
Surcharge rules do differ from state to state. However, debit card processing fees are capped, and the interchange rates are less than credit card processing rates. Also, be sure to check your local rules and follow them. Any provider programming your terminal will know the rules for your region.
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Will China Fast-Track Its Initial Public Offerings?
PYMNTS
FEBRUARY 24, 2017
The relaxation of some listing rules might help tip the balance of firms of scale and size listing in China, as among the 400 tech firms listed in Shanghai and Shenzhen, most are valued at about $1.9 Indeed, the highest tech market caps in China belong to Hikvision Digital Technology and display maker BOE Technology Group [000725.SZ]
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Despite Caps On Ridesharing In NYC, Uber And Lyft Have Biggest Month Ever
PYMNTS
MAY 31, 2019
Because the rules were put in place less than a year ago, however, it will take time to see their full effects. And in data collected in August, the two ride-hailing companies combined made more pickups per month than taxis did in any month since the data began being analyzed in 2009.
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