The Fintech Times

FEBRUARY 27, 2024

. “Protection is an increasing priority for consumers and the industry is likely to focus heavily on this over the next 12 months. “However, the challenge lies in the lack of a clear funding strategy and a consistent international approach to protection.

Consumer Protection 69

Consumer Protection Stablecoins Payments Trends Consumer 69

Finextra

FEBRUARY 9, 2024

The emergence of Variable Recurring Payments (VRPs) marks a significant milestone in the realm of op.

Consumer Protection 59

Consumer Protection Consumer Payments 59

The Fintech Times

SEPTEMBER 27, 2024

The post FCA Steps in To Increase Consumer Protections When Payments Firms Go Out of Business appeared first on The Fintech Times. The financial services regulator also plans to publish strengthened interim safeguarding rules for firms by the middle of next year.

Consumer Protection 59

Consumer Protection Consumer Consulting Payments 59

Payments Source

SEPTEMBER 24, 2020

But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation. The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard.

Regulations 144

Regulations OCC Consumer Protection FinTech 144

Fintech Finance

DECEMBER 18, 2023

A grant from the Mastercard Center, through the Mastercard Impact Fund, will accelerate the research and development of a global framework for consumer protection and empowerment in new and emerging digital infrastructure to ensure the potential of these platforms is realized.

Consumer Protection 52

Consumer Protection Visa Consumer Economy 52

Payments Dive

OCTOBER 31, 2022

Elizabeth Warren told the Consumer Financial Protection Bureau that it should amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection.”

Zelle 131

Zelle CFPB Funds Transfer Consumer Protection 131

Fintech News

JUNE 5, 2024

The new laws aim to balance consumer protection with innovation and competition. Stephen Jones Assistant Treasurer and Minister for Financial Services, Stephen Jones MP, emphasised the government’s commitment to consumer protection. ” “The government is working hard to protect consumers against financial harm.

Regulations 110

Regulations BNPL Product Consumer Protection 110

The Payments Association

AUGUST 7, 2024

The PSR's July 2024 report on APP scams highlights growing fraud sophistication and the challenges for financial institutions, stressing the need for improved regulations and consumer protection. Read more

Scams 100

Scams Consumer Protection Regulations Consumer 100

PYMNTS

AUGUST 16, 2020

According to a report by Cointelegraph , the bill passed by the state Senate Banking and Financial Institutions committee, which is looking to define digital assets and analyze their impact on the state and consumer protections. The bill originally set out to distinguish digital assets from securities.

Digital Currency 134

Digital Currency Bitcoin Money Laundering Regulatory Compliance 134

Payments Dive

MAY 21, 2024

“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards BNPL Consumer Protection 97

Payments Dive

OCTOBER 2, 2023

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

Agreements 103

Agreements FDIC Consumer Protection Laws 103

Fintech News

MARCH 20, 2024

A second product, named “Shopping Secure,” is slated for release in the second quarter of the year, aiming to further extend consumer protection measures.

BNPL 109

BNPL Embedded Finance Consumer Protection Financial Inclusion 109

The Fintech Times

DECEMBER 19, 2023

The focus is now on introducing limited and proportional regulation while considering BNPL services as a cost-effective means for consumers to access flexible credit. The proposed changes aim to strike a balance between consumer protection and fostering innovation within the BNPL sector.

BNPL 113

BNPL Regulations Finance Consumer Protection 113

The Payments Association

JUNE 20, 2024

million lost in early 2023, prompting calls for stronger consumer protections. APP fraud is surging, with UK Finance reporting £42.6 Read more

Regulations 88

Regulations Consumer Protection Security FinTech 88

The Payments Association

AUGUST 14, 2024

Regulatory changes in BNPL, cVRPs, and digital wallets aim to boost e-commerce innovation and competition while safeguarding consumer protection and market stability. Read more

BNPL 88

BNPL Consumer Protection Payments Innovation 88

The Payments Association

JUNE 7, 2024

The Consumer Rights Act 2015 aimed to unify UK consumer protections, but rapid digital advances in banking have necessitated a stronger focus on fraud protection. Read more

Consumer Protection 88

Consumer Protection Consumer Compliance Regulations 88

The Payments Association

SEPTEMBER 16, 2024

The FCA's latest guidance proposes a risk-based approach allowing payment service providers to delay outgoing payments to combat APP fraud, balancing fraud prevention with consumer protection. Read more

Risk 88

Risk Fraud Prevention Consumer Protection Payments 88

The Payments Association

MAY 7, 2024

With the UK's financial watchdogs set to establish a regulatory regime for stablecoins, payment service providers must brace for stringent new standards in operations, redemptions, audits, and consumer protection. Read more

Stablecoins 88

Stablecoins Audit Consumer Protection Service Provider 88

Payments Dive

MARCH 21, 2022

A report this month from the organization outlines a litany of complaints about buy now-pay later, such as hidden fees, and suggests the industry is trying to evade consumer protection laws.

Consumer 97

Consumer BNPL Consumer Protection Laws 97

Fintech News

APRIL 28, 2024

This distinction, effective from 1 May 2024, allows consumers to easily recognise these accredited providers, signaling their compliance with the stringent standards set out in the BNPL Code of Conduct. Buy Now, Pay Later Accredited Trustmark The trustmark signifies a commitment to responsible lending and consumer protection.

BNPL 109

BNPL Compliance Accreditation Consumer Protection 109

Fintech News

MAY 5, 2024

Announced by Dr Daranee Saeju, Assistant Governor, Payment Systems Policy and Financial Consumer Protection Group, Bank of Thailand at the recent Money20/20 Asia event in Bangkok, this move aims to enhance the speed and security of international transactions.

Cross-Border 120

Cross-Border Cross-Border Payments Payment Networks Consumer Protection 120

The Payments Association

DECEMBER 2, 2024

2024 reshaped payments with instant payment mandates, crypto regulations, and enhanced consumer protection driving innovation and security. In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

Fintech News

NOVEMBER 20, 2024

The Monetary Authority of Singapore (MAS) is streamlining the product approval process for life insurers while maintaining robust consumer protection. These revisions aim to facilitate innovation within the life insurance sector while maintaining robust consumer protection.

Product 96

Product Process Consumer Protection Compliance 96

Fintech News

FEBRUARY 27, 2024

The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. As we look towards 2024, the dual focus on fostering growth in the digital asset sector while ensuring consumer protection is expected to remain a key theme in Malaysia.

APACS 115

APACS Regulations Stablecoins Cryptocurrency 115

Fintech News

JULY 21, 2024

Key improvements to the regulations include enhanced institutional frameworks, risk management, governance, and consumer protection, with a focus on bolstering support for the productive sector.

P2P 108

P2P Caps Consumer Protection Risk Management 108

Fintech Finance

DECEMBER 9, 2024

With the ongoing surge in digital payments, its critical these transactions are subject to the same oversight and consumer protection laws as the rest of the payments system. Now were seeing over half a billion payments being made with mobile wallets in just one month.

Digital Payments 96

Digital Payments Payments Consumer Protection Laws 96

Fintech News

MARCH 31, 2024

Hasan Fawzi Hasan Fawzi, the Chief Executive of the Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, highlighted the initiative’s role in enhancing consumer protection and education.

Consumer Protection 113

Consumer Protection Risk Management Regulations Legal 113

Fintech News

JULY 23, 2024

Alessio Quaglini “The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection. said Calvin Shen, Managing Director, Hex Trust. ” said Alessio Quaglini, Co-Founder and CEO of Hex Trust Group.

Payments 116

Payments Consumer Protection Authorization On-Demand 116

PYMNTS

SEPTEMBER 30, 2020

“The potential for asymmetries in regulation across companies with different banking charters could produce regulatory arbitrage and undermine safety and soundness and consumer protection,” the bankers wrote. “A A lack of safety and soundness rules will expose the financial system to significant vulnerabilities.”.

Office of the Comptroller of the Currency 139

Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

Fintech News

FEBRUARY 7, 2024

This regulatory measure enforces strict operational standards to bolster consumer protection and maintain the integrity of the financial system. In an effort to regulate the burgeoning sector, Thailand introduced a licensing framework for cryptocurrency exchanges and brokers in 2018 under the Digital Asset Business Emergency Decree.

Cryptocurrency 101

Cryptocurrency Consumer Protection Regulations Participant 101

Fintech News

FEBRUARY 21, 2024

The Indonesian Financial Services Authority (OJK) is closely monitoring Investree , a fintech peer-to-peer lending platform, following public reports of potential operational and consumer protection violations.

Law Enforcement 116

Law Enforcement Audit Authorization Consumer Protection 116

Bank Automation

AUGUST 23, 2024

The Consumer Financial Protection Bureau has once again made it clear that new AI- and machine learning-based technologies are held to the same consumer protection regulations as established technologies.

AI 75

AI CFPB Consumer Protection Laws 75

Fintech News

APRIL 10, 2024

These efforts cover a comprehensive range of regulatory concerns, including but not limited to licensing requirements, reserve asset management, redemption rights, capital adequacy, consumer protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) guidelines.

Stablecoins 125

Stablecoins Regulations Risk Mitigation Digital Currency 125

Fintech News

OCTOBER 27, 2024

By holding these entities accountable, the SRF enhances consumer protection and provides clear avenues for victim recourse in cases of phishing-related losses. This inclusion acknowledges the increased risk of significant losses from e-wallets and mandates robust consumer protection controls.

Phishing 126

Phishing Scams Blocks Authorization 126

Fintech Finance

NOVEMBER 19, 2024

While this payment method remains popular due to Visa and Mastercard’s robust consumer protection frameworks, it is essential for issuers to ready their operations for the anticipated rise in disputes. Recent data indicates that the average UK resident makes approximately 70 card transactions per month.

Disputes 94

Disputes Consumer Protection Duplicate Transactions 94

Fintech News

FEBRUARY 21, 2024

Under the PSA, DPT service providers must obtain a license from MAS and comply with strict standards related to anti-money laundering, consumer protection, cybersecurity, and governance. This regulatory foundation established further measures to safeguard investors and ensure market integrity.

Crime 108

Crime Ransomware Scams Stablecoins 108

The Paypers

MAY 17, 2022

The Central Bank of Ireland has widened its consumer protection rules to cover Buy Now, Pay Later (BNPL) companies.

Central Bank 69

Central Bank BNPL Consumer Protection Rules 69