PYMNTS

MARCH 31, 2019

Facebook CEO Mark Zuckerberg wrote an opinion piece in The Washington Post calling on regulators to take a “more active role” in making rules for how to police the internet, according to reports. “By At Google, he pointed to its role in online ads as an antitrust and consumer protection concern. In other Facebook news , the U.S.

Regulations 60

Regulations Federal Trade Commission FTC Rules 60

Fintech Finance

SEPTEMBER 24, 2024

The government is producing a much needed National Payments Vision and Strategy (NPV&S), that reflects its recognition of the systemic importance of payments to the UK authorities and how its leadership must give rise to a new era for payments. Prioritise initiatives and decide on investment programmes.

Cross-Border Payments 95

Cross-Border Payments Financial Inclusion Cross-Border Payments 95

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

The Payments Association

DECEMBER 11, 2024

It highlights the need for a strategic, proportionate approach to safeguarding that aligns with broader regulatory and consumer protection goals. In January 2023, HM Treasury issued the Payment Services Regulations: Review and Call for Evidence. The government invited the FCA to consult on the safeguarding regime in 2023.

Treasury 88

Treasury Payments Consulting Consumer Protection 88

PYMNTS

NOVEMBER 18, 2016

When it comes to issues of competition and regulation , the sharing economy may still have a long way to go. There are also unanswered questions regarding regulation in the sharing economy — think the U.K.’s Despite (or perhaps directly due to) its popularity, the sharing economy at large is developing its fair share of issues.

Economy 57

Economy Regulations Consumer Protection Continuity 57

The Payments Association

NOVEMBER 28, 2024

In the UK, consumers and businesses make around 1,500 transactions every second. The government aims to simultaneously boost the economy and drive innovation in payments, via the National Payments Vision and Strategy, which has been shaped by views and inputs of over 100 financial institutions. What are PSD3 and PSR?

Authentication 88

Authentication Regulations IBAN Rules 88

Fintech News

FEBRUARY 21, 2024

Amidst this complex backdrop, regulatory efforts, particularly in jurisdictions like Singapore, have taken center stage, offering a glimpse into the future of crypto governance and its potential to shape the industry’s trajectory toward greater safety and integrity. billion (SG$ 32.51

Crime 108

Crime Ransomware Scams Stablecoins 108

PYMNTS

DECEMBER 4, 2019

Federal banking regulators support using alternative methods to assess creditworthiness to help high-risk people get loans, The Wall Street Journal (WSJ) reported on Tuesday (Dec. The regulators added that agencies choosing to tap into alternative data should do so judiciously.

Assessments 54

Assessments Regulations Federal Reserve Consumer Protection 54

Open Banking Excellence

OCTOBER 6, 2023

Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.

Consumer Financial Protection Bureau (CFPB) 130

Consumer Financial Protection Bureau (CFPB) Rules CFPB Finance 130

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

Clearly Payments

MARCH 11, 2024

Recognizing the potential risks and opportunities associated with cryptocurrencies, Canadian regulatory bodies have been proactive in developing frameworks to govern their use. Existing Regulations: Canada already treats cryptocurrency like a commodity for tax purposes.

Cryptocurrency 82

Cryptocurrency Financial Inclusion Consumer Protection Payments 82

Finovate

AUGUST 26, 2024

Governance, risk, and compliance platform Themis has partnered with regulatory compliance company Sei. Sei’s technology leverages Large Language Models (LLMs) to convert regulations into actionable code. Themis won Best of Show in its Finovate debut at FinovateFall 2022.

Compliance 111

Compliance AI Regulatory Compliance Consumer Protection 111

The Fintech Times

MAY 11, 2024

A refreshing sentiment that stands in stark contrast to the usual grumblings elsewhere that regulations hinder innovation. In Dubai, stakeholders view regulations as a catalyst for growth and success, providing a sturdy foundation that drives the thriving developments in the fintech sector.

Regulations 59

Regulations FinTech Innovation Authorization 59

Payment Savvy

NOVEMBER 30, 2021

In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). This federal law, known as Regulation F goes into effect on November 30, 2021. Regulation F affects everything from debtor communication to multi-state compliance. What is the FDCPA?

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

The Fintech Times

AUGUST 14, 2024

Perhaps unsurprisingly, regulations can struggle to keep up – leading to fresh calls for enhanced regulatory clarity regarding AI. In response to this, the American Fintech Council (AFC) sent a letter detailing its recommendations to develop regulations for AI and to increase clarity for industry participants.

Treasury 69

Treasury AI Innovation FinTech 69

Fintech News

DECEMBER 9, 2024

However, this embrace of the new is not without a cautious side, as Singapore carefully balances innovation with robust regulation and consumer protection. GL1 is not merely a technological endeavour; it also addresses the crucial aspects of governance, risk management, and compliance.

Cryptocurrency 106

Cryptocurrency Cross-Border Facilitators Consumer Protection 106

Fintech News

SEPTEMBER 29, 2024

The rapid growth of BNPL services has sparked concern among regulators worldwide. In the UK, the government has announced plans to regulate the BNPL industry, emphasizing the importance of protecting consumers and creating certainty for the industry.

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

Global Fintech & Digital Assets

FEBRUARY 13, 2024

By Simon Hawkins and Adrian Fong On 8 February 2024, the Financial Services and the Treasury Bureau (FSTB) released a consultation paper on its legislative proposal to introduce a regulatory regime governing over-the-counter (OTC) trading of virtual assets (VA) in Hong Kong (Consultation Paper). Certain regulated entities exempted.

Regulations 59

Regulations Money Laundering Stablecoins Consulting 59

PYMNTS

MARCH 20, 2020

The policy being drafted by India’s trade ministry also calls for a new regulator to provide oversight and enforce compliance. The regulator will have the authority to request information from tech firms and also enforce other Indian laws aimed at consumer protection and fair competition, the sources said.

Rules 73

Rules Law Enforcement Laws Regulations 73

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. The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. Why is it important? What’s next? Read More »

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

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.

Regulations 40

Regulations Laws Underwriting Caps 40

The Payments Association

NOVEMBER 13, 2024

Chief among these is the current patchwork of regulations governing blockchain and digital assets worldwide. It will also help cement critical consumer protections necessary to give users the confidence to engage in new products and services.

Blockchain 88

Blockchain Use Case Financial Inclusion Stablecoins 88

PYMNTS

JUNE 20, 2018

Peer-to-peer car-sharing services might soon face the same regulation as traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax.

P2P 40

P2P Regulations Void Rules 40

The Fintech Times

DECEMBER 9, 2023

Consumer Duty, a set of rules aimed at enhancing consumer protection in the financial services sector, came into force in July 2023. 2023 saw the introduction of a new Consumer Duty, setting higher and clearer standards of consumer protection across financial services, and requiring firms to put customers’ needs first.

Consumer 111

Consumer Financial Literacy Regulations AI 111

Fintech News

DECEMBER 13, 2024

One of the key drivers of this movement is the desire to maintain monetary sovereignty as stablecoins that are pegged to local currencies allow governments to align digital financial systems with their national economic objectives. It serves as a stablecoin for international trade involving Chinese businesses.

Stablecoins 70

Stablecoins Cross-Border Cross-Border Payments Caps 70

Fintech News

APRIL 8, 2024

They will also explore how technology is addressing pressing environmental, social, and governance (ESG) challenges, and discover how partnerships between fintech companies, traditional financial institutions and cross-industry collaborations are driving innovation and shaping the fintech landscape in Asia.

FinTech 117

FinTech Cross-Border APACS Participant 117

Fintech Review

JULY 24, 2024

In many countries, existing regulations do not fully accommodate fintech innovations. Governments need to create supportive regulatory frameworks that balance innovation with consumer protection. Regulatory environments are often complex and underdeveloped. This can hinder growth and deter investment.

FinTech 105

FinTech Financial Literacy Online and Mobile Banking Financial Inclusion 105

The Fintech Times

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections.

BNPL 64

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

PYMNTS

DECEMBER 26, 2019

The press release states the government will benefit from the reduced costs and higher speed of digital transactions, so they’d likely be strong promoters of the service. While the project takes off in Exuma, the bank will be working to strengthen consumer protection and enact regulations.

Digital Currency 83

Digital Currency Central Bank CBDC Stablecoins 83

The Fintech Times

JULY 15, 2024

We welcome the opportunity to provide feedback to ensure the interpretive guidance increases consumer protection without limiting competition or innovations that provide greater choice and transparency for consumers.” “We are encouraged by the work the CFPB has done to better understand the BNPL industry.

BNPL 64

BNPL Consumer Financial Protection Bureau (CFPB) CFPB Request for Comment 64

PYMNTS

NOVEMBER 4, 2020

regulators have taken a more hands-off approach by issuing non-binding guidelines, thus allowing industry stakeholders to pave the way forward. regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”.

Laws 68

Laws API Regulations Non-Bank 68

PYMNTS

OCTOBER 24, 2019

There is need for consumer protection. The law would mean that the central bank would license and regulate the lenders, and also force them to have requirements for capital. These mobile loan apps have commercialized poverty.”.

Regulations 40

Regulations Central Bank Money Laundering Small Business 40

PYMNTS

JULY 11, 2019

Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said. Carney explained that if Libra is immediately popular with users “it would instantly become systemic and will have to be subject to the highest standards of regulation.”. percent, to $11,164.

Bitcoin 69

Bitcoin Money Laundering Fed Federal Reserve 69

PYMNTS

SEPTEMBER 30, 2016

“A more calibrated regulatory regime, applied on an activity basis to payment service providers, rather than specific payment systems, would allow the Monetary Authority of Singapore (MAS) to better address specific issues, such as consumer protection, access and corporate governance,” the agency stated. “It

FinTech 76

FinTech Money Laundering Interoperability Authorization 76

The Fintech Times

APRIL 16, 2024

Lord Iain McNicol of West Kilbride and Rt Hon the Lord Phillip Hammond of Runnymede debated the role politics plays within fintech and how the government can promote growth in the sector. For example, India has done a fantastic job of implementing digital IDs, and is being adopted by other governments across the globe as well.

Regulations 64

Regulations BNPL FinTech Governance 64

Clearly Payments

FEBRUARY 12, 2024

This article aims to explore the impact that Visa and Mastercard has on the payment industry, examining their influence on innovation, regulation, consumer behavior, and the broader economy. Authorities implement regulations to ensure fair pricing practices and protect merchants and consumers from excessive fees.

Visa 88

Visa Payments Payment Networks Online and Mobile Banking 88

Neopay

NOVEMBER 27, 2023

The UK should use open banking to provide retailers with an alternative to card payments and to improve “clunky” P2P bank transfers, says a new government-commissioned review. Without sustainable financials, it is hard to see that open banking can thrive over the long term.”

P2P 52

P2P Push-to-Card Consumer Protection Visa 52