Global Fintech & Digital Assets

DECEMBER 21, 2023

BNPL in US, UK, and EU Regulators’ Sights The Consumer Financial Protection Bureau (CFPB) has been actively monitoring BNPL activity in the consumer finance marketplace for some time now. The Federal Trade Commission (FTC) also published a short notice in September 2022 on the obligations of BNPL providers vis-à-vis the FTC Act.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

MARCH 13, 2017

According to FTC data (from a report mandated by Congress), one in five consumers have at least one error on one of their three major credit reports. According to the CFPB, the three credit bureaus received around eight million requests disputing information since 2011.

CFPB 44

CFPB Settlement FTC Social Security 44

PYMNTS

JULY 14, 2017

In four words, the Federal Trade Commission (FTC) — which about a month ago gave its official thumbs down to the merger on antitrust grounds. The FTC complained that because DraftKings and FanDuel are each other’s largest competitors, their merger would create a single firm that “controls more than 90 percent of the U.S.

FTC 40

FTC Federal Trade Commission CFPB Legal 40

PYMNTS

MARCH 14, 2017

According to an FTC report in 2013, a full 20 percent of consumers have an error on at least one of their three major credit reports. In a statement last month, the CFPB noted that it has identified “significant” issues with the quality of the credit information being provided by furnishers and kept by credit reporting companies.

CFPB 40

CFPB Underwriting Social Security Consumer 40

FICO

NOVEMBER 7, 2022

It was even more surprising to me that the CEOs didn’t have the data right in front of them, given the signals coming from regulatory bodies like the Consumer Financial Protection Bureau (CFPB) about the need for more oversight for real-time P2P payments networks. All Parties Agree that Scams are Bad, But Not on Who Is Liable.

Scams 52

Scams Authorization P2P Zelle 52

Clearly Payments

FEBRUARY 8, 2024

Through transparent disclosures, dispute resolution mechanisms, and limits on consumer liability, regulations shield consumers from deceptive practices and ensure their financial well-being. It formulates policies, provides services, and conducts research to promote the safety, efficiency, and accessibility of payment systems.

Regulations 105

Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105