The Fintech Times

AUGUST 14, 2024

Phil Goldfeder , CEO of the American Fintech Council “AI has the potential to drive a profound shift in the financial services landscape towards personalised services that better meet consumers’ unique needs – particularly those of underserved communities,” explained Phil Goldfeder , CEO of AFC. “A

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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.

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

Finovate

JULY 24, 2024

On top of all of this, we’ve seen the CFPB take measures to further consumer protection, such as last week’s proposed interpretive ruling stating that some earned wage access tools should be considered loans. This has brought a pulse of new consent orders on a regular basis.

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Checks FinTech Embedded Finance CFPB 59

Fintech News

FEBRUARY 27, 2024

These negative developments likely influenced governments across the globe, because the following 12 months saw an extraordinary boom in crypto policy regulation in APAC countries. Japan Japan, as a forerunner in the adoption of customised cryptocurrency regulations, rolled out both the Travel Rule and stablecoin regulations in June 2023.

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APACS Regulations Stablecoins Cryptocurrency 126

Fintech Finance

SEPTEMBER 20, 2024

It is also, crucially for the first time, exploring the new rules through the eyes of the criminal and how easily they will exploit them for their own ill-gotten gains. ‘ This is not enough to ensure robust consumer protection.

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Financial Crimes Crime Rules Payments 98

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.”

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P2P Push-to-Card Consumer Protection Visa 52

Open Bank Project Blog

SEPTEMBER 7, 2023

For financial services regulators, this means devising rules that strike a balance between fostering innovation and ensuring consumer protection.

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Finance Consumer Protection Regulations API 40

PYMNTS

OCTOBER 5, 2016

As one might expect of a financial product that has so rapidly become so widely popular, the prepaid card industry managed to catch the attention of the Consumer Finance Protection Bureau, which has been considering new regulations for some time that would create “strong federal consumer protections for prepaid account users.”

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CFPB Rules PayPal Debit Card 75

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. Consumer protection is at the centre of our proposal.

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Regulations Scams Payments Caps 59

PYMNTS

MARCH 3, 2020

It’s a problem widely reported and most recently acknowledged by the Consumer Financial Protection Bureau ( CFPB ), which estimates that millions of U.S. consumers are contacted about time-barred debt each year — and that this behavior “can pose consumer protection concerns.” Tightening the Rules.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

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.

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Regulations Federal Trade Commission FTC Rules 60

Stax

DECEMBER 13, 2023

So make sure to follow all rules related to the placement, content, design, and compliance of your signage. 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.

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Credit Cards Debit Card Laws Rules 88

Global Fintech & Digital Assets

NOVEMBER 1, 2023

The FCA recently highlighted that we are reaching a tipping point whereby the UK government and sectoral regulators need to decide how to regulate and oversee the use of AI. What is the UK government’s approach to AI?

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AI Regulations Financial Crimes Governance 52

Segpay

MAY 1, 2024

Contracts: DORA sets rules for contractual standards when outsourcing to critical ICT third-party providers (CTTPs). Enhanced Consumer Protection: Compliance with DORA will contribute to enhanced consumer protection by safeguarding the continuity, security, and integrity of payment services provided by global PSPs to their clients in Europe.

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Compliance Cybersecurity Procedures Risk Management 52

The Fintech Times

DECEMBER 27, 2023

Kicking things off, Chancellor of the Exchequer Jeremy Hunt outlined plans to boost the UK government and make the country the “world’s next Silicon Valley” in a speech on 27 January. Is Consumer Duty taking the 2023 crown? Indeed, shortly after, HSBC acquired SVB UK for £1, following the US Bank’s closure by regulators.

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FinTech Governance Government Regulations 69

FICO

JANUARY 13, 2020

The CFPB will issue its final debt collection rule in the fall of 2020. Forty-two years after the enactment of the Fair Debt Collections Practices Act, the CFPB proposed the first set of rules governing third-party debt collection activities. I predict we will see the final rule during the early portion of the 2020 NFL season.

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PYMNTS

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. In addition, the CFPB will inquire whether issues of regulatory uncertainty stemming from Dodd-Frank, such as the Fair Credit Reporting Act, may be hurting consumers — and if so, seek ways to fix it.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69

Neopay

APRIL 25, 2024

The expansion of variable recurring payments (VRP) to regulated utility companies, more types of financial transfers, and payments to central and local government are an integral part of this work. As co-chair of the Joint Regulatory Oversight Committee, the PSR is committed to delivering the roadmap for the future of open banking in the UK.

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PYMNTS

OCTOBER 6, 2020

The watchdog said it released “final rules” prohibiting derivatives and exchange traded notes (ETNs) from being sold that reference particular versions of digital assets to retail investors, according to the release. Consumer protection is paramount here.”. 6) press release.

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Digital Currency Regulations Bitcoin Scams 46

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. The Financial Conduct Authority’ s (FCA’s) new rules mean that firms selling financial products now have to meet much higher standards.

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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). While the revised legislation currently offers greater consumer protections, it is also likely to result in new consumer abuses. Legal Consequences.

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

PYMNTS

FEBRUARY 3, 2020

The creation of a “single European data space, a genuine single market for data” would include new rules governing cross-border use and data interoperability, among other tenets. According to the newswire, the new rules would also prevent larger tech firms from “unilaterally imposing conditions for access” and data use. “On

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Consumer Financial Protection Bureau (CFPB) CFPB Digital Currency Central Bank 52

PYMNTS

NOVEMBER 5, 2018

Roughly a decade on, is it time to remove some of the rules governing the financial sector that took shape in the aftermath of the Financial Crisis of 2008? To that end, the Federal Reserve proposed last week that some rules be relaxed for 16 financial institutions — though the largest banks in the country are not among them.

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PYMNTS

DECEMBER 27, 2019

Libra is meant to be backed up by bank deposits and government debt, and held by a group of custodians, an agreement meant to keep the price steady and avoid some of the value swings that other currencies get subjected to on a regular basis. “No

Digital Currency 52

Digital Currency Stablecoins Agreements Regulations 52

Electronic Payments Coalition

MARCH 26, 2024

The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments. Simplified surcharging and discounting rules – As part of the settlement agreement, the networks will activate a simplified approach to credit card transaction surcharging, providing merchants more optionality.

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Agreements Payment Networks Settlement Credit Cards 52

PYMNTS

JULY 11, 2019

Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said. House of Representatives Financial Services Committee on Thursday (July 11), and his comments caused a slide in bitcoin value, which fell 7.7 percent, to $11,164. This loss in value follows a 3.8

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Bitcoin Money Laundering Fed Federal Reserve 69

PYMNTS

NOVEMBER 24, 2020

Pharmacies and other healthcare companies may be more used to guarding consumers’ data than other firms that are just now seeing rules like the California Consumer Privacy Act (CCPA) calling their security measures into question. These two rules could potentially converge, altering medical privacy requirements. .

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Privacy Regulations CCPA Rules 64

Segpay

DECEMBER 7, 2023

Key Takeaways The DSA is a new set of rules that regulates online services in the EU, such as e-commerce platforms, marketplaces, social media networks, and online advertising providers. Offering effective complaint mechanisms Ensuring traceability of business users Applying codes of conduct Adhering to specific rules on online advertising.

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Compliance Privacy Regulatory Compliance Data Security 52

PYMNTS

JUNE 20, 2018

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. He added that P2P car-sharing services should “play by the same set of rules.” Some cities and states are also getting involved.

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PYMNTS

NOVEMBER 4, 2020

regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. For example, the government-backed Unified Payments Interface is one of India’s most popular eCommerce payment methods. , the Federal Reserve Bank of Boston said, “To date, U.S.

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Laws API Regulations Non-Bank 68

PYMNTS

MAY 28, 2019

According to the news outlet, law enforcement’s initiatives are “an unprecedented level of government attention” for the sector, which has evaded regulators by classifying merchant cash advances as non-loans and, therefore, exempt from personal loan protections under state and federal law.

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FTC Federal Trade Commission Law Enforcement Small Business 56

Neopay

JUNE 27, 2024

Many in financial services have been concerned that some elements of the FCA’s more stringent approach may not always be justified by reductions in financial crime and money laundering or consumer protection. Consumer Duty: One crucial aspect to consider when preparing your application, is compliance with the Consumer Duty.

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Financial Crimes Money Laundering Compliance Crime 52

FICO

DECEMBER 20, 2021

with New Rules Promulgated by the CFPB. After more than a decade of waiting, the Consumer Financial Protection Bureau will issue long-awaited regulations, in accordance with section 1033 of the Dodd-Frank Act , that provide consumers with a right of access to their financial information.

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CFPB Financial Inclusion OCC Rules 52

PYMNTS

DECEMBER 20, 2017

Amid those growing concerns about consumer protection in bitcoin investments, the Monetary Authority of Singapore (MAS) offered a statement that “MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation. Japanese Finance Minister Rules Bitcoin Is Not a Credible Currency.

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Payment Savvy

JULY 21, 2020

On top of federal adherence, each state also has differing requirements and rules governing agencies within their jurisdiction. Telephone Consumer Protection Act (TCPA) – Regulates how a collection agency can reach out to a debtor via voice calls, SMS texts, and fax. Knowledge of Compliance and Regulations.

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Privacy Best Practices Accounts Regulations 52

Payment Savvy

OCTOBER 8, 2024

The short answer is yes—direct debit is a highly secure payment method, thanks to the regulations and protections safeguarding consumers and businesses. Consumer Protections For consumers, direct debit offers robust protection against fraud and errors. So, is direct debit safe? In the U.K., In the U.S.,

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ACH Credit Cards ACH Network Authorization 52

PYMNTS

NOVEMBER 18, 2016

’s recent Uber ruling. Is there a way regulators can advocate for workers’ health and safety or consumer protection without negatively affecting entry into the sharing economy and business innovation? There are also unanswered questions regarding regulation in the sharing economy — think the U.K.’s

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Economy Regulations Consumer Protection Continuity 57