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

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 104

Cryptocurrency Financial Inclusion Consumer Protection Payments 104

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

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

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

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 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

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

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

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

Neopay

APRIL 25, 2024

This follows consultation with industry through the Future Entity Working Group, which presented its findings to JROC in December 2023. The Future Entity will create a structure that promotes further innovation and functionality along with consumer protection. Stakeholders are invited to feed back by 20 May 2024.

Consumer Protection 52

Consumer Protection Consulting Governance Government 52

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

Finovate

JULY 24, 2024

Regulation As expected, the regulatory landscape has tightened significantly so far this year. Regulators have intensified their scrutiny not only of financial institutions, but also of specific issues. the Basel III framework brought forth new regulations focusing on capital adequacy, liquidity, and operational risk.

Checks 59

Checks FinTech Embedded Finance CFPB 59

The Fintech Times

SEPTEMBER 2, 2024

This initiative, w hich first came to light in June , is focused on developing advanced digital verification systems to safeguard businesses and consumers from the rising threat of fraud. Among the companies now participating are Amazon Web Services (AWS), Barclays, HSBC, Mastercard and Revolut.

Crime 59

Crime Verification Interoperability Participant 59

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. However, the regulators note in FS2/23 that respondents to DP5/22 were not in favour of creating a regulatory definition of AI.

AI 52

AI Regulations Financial Crimes Governance 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. Open Finance, to be effectively implemented, requires a robust and clear regulatory framework.

Finance 40

Finance Consumer Protection Regulations API 40

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

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

MAY 30, 2024

Its allure as a fintech innovation hub stems from its strategic Mediterranean location, robust regulatory framework, and government policies that foster innovation. MiCA aims to establish a unified regulatory framework for cryptocurrencies and digital assets across the EU, enhancing legal clarity and consumer protection.

Distributed Ledger Technology (DLT) 59

Distributed Ledger Technology (DLT) FinTech Governance Government 59

Segpay

MAY 1, 2024

The Act will help regulators to identify and investigate financial crime more effectively. This may involve sharing threat intelligence, best practices, and lessons learned, participating in industry working groups and forums, and engaging in dialogue with regulators and policymakers to shape the development and implementation of DORA.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

Neopay

APRIL 8, 2024

On March 12, 2024, HM Treasury announced its proposal for the Payment Services (Amendment) Regulations 2024. These new regulations aim to empower PSPs with more time to investigate transactions suspected of fraud or dishonesty, thereby enhancing the industry’s ability to combat fraud effectively. What are the proposed changes?

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

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

The Fintech Times

FEBRUARY 3, 2024

This gives some clarity to the industry, suggesting that should a Labour government come to power, many of the initiatives already in motion, to unlock capital and to bring about consolidation, would continue. A Labour government will work with regulators and industry to develop the roadmap for open finance.

Finance 59

Finance FinTech Regulations Financial Inclusion 59

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

Neopay

JULY 2, 2024

The FCA recommends that firms adopt a holistic approach, combining quantitative and qualitative data to get a comprehensive view of consumer outcomes. Governance and accountability : Effective governance structures are critical in ensuring that consumer duty principles are embedded within firms.

Consumer 52

Consumer Compliance Regulatory Compliance Assessments 52

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

Neopay

APRIL 25, 2024

The Payment Systems Regulator (PSR) has published its Annual Plan and Budget , setting out its key aims, activities and costs for 2024/25. 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.

Push-to-Card 52

Push-to-Card Payee Regulations Blocks 52

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. To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

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

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

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 105

Visa Payments Payment Networks Online and Mobile Banking 105

PYMNTS

OCTOBER 6, 2020

FCA Interim Executive Director of Strategy & Competition Sheldon Mills said in the release, “This ban reflects how seriously we view the potential harm to retail consumers in these products. Consumer protection is paramount here.”.

Digital Currency 46

Digital Currency Bitcoin Regulations Scams 46

PYMNTS

JULY 31, 2018

Peer-to-Peer Finance Association (P2PFA), a self-regulating P2P industry group that includes most of the biggest names in U.K. “The changes we’re proposing are about ensuring sustainable development of the market and appropriate consumer protections.”. “We The P2P lending market is big business in the U.K.

P2P 40

P2P Regulations Risk Agreements 40

Stax

FEBRUARY 5, 2024

TL;DR Surcharges are additional fees consumers pay on top of the base price of goods or services. They can be variable or fixed, depending on company policy, industry standards, and local regulations. Surcharges are additional fees consumers pay on top of the base price of goods or services. Consumer protection laws.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

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.

FinTech 69

FinTech Government Governance Regulations 69

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

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 107

FinTech Cross-Border APACS Participant 107