Fintech News

JUNE 5, 2024

Australia will introduce new legislation to amend the Credit Act, requiring Buy Now, Pay Later (BNPL) providers to hold an Australian credit license and comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC). The new laws aim to balance consumer protection with innovation and competition.

Regulations 105

Regulations BNPL Product Consumer Protection 105

PYMNTS

JANUARY 10, 2019

The court said the Dash buttons, which are small, Wi-Fi-connected devices that reorder items like laundry detergent and coffee, breaks consumer protection legislation because it doesn’t give consumers enough information about the product or its price. There should be unambiguous wording, such as ‘order and pay.’”.

Laws 57

Laws Consumer Consumer Protection Rules 57

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

The Payments Association

OCTOBER 21, 2024

The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Fintech News

JULY 21, 2024

OJK acknowledges the valuable input from these stakeholders and is refining the LPBBTI industry regulations as part of its mandate under Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

P2P 102

P2P Caps Consumer Protection Risk Management 102

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 109

Consumer Protection Risk Management Regulations Legal 109

PYMNTS

NOVEMBER 4, 2020

regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. Don’t let the lack of hard law in the U.S. , the Federal Reserve Bank of Boston said, “To date, U.S. One need only look to the U.K. for a foretaste.

Laws 68

Laws API Regulations Federal Reserve 68

Stax

DECEMBER 20, 2023

This article explores the legal landscape surrounding surcharges, shedding light on the intricacies of state and federal laws and strategies for small businesses to manage processing costs. TL;DR Card brands such as Visa and MasterCard along with state and federal laws prohibit debit card surcharging.

Debit Card 88

Debit Card Legal Credit Cards Processing Costs 88

The Fintech Times

OCTOBER 7, 2024

The post Fintech Australia Backs Scams Prevention Framework Proposal but Pushes for Accompanying Reforms appeared first on The Fintech Times.

Scams 52

Scams FinTech Laws AML 52

Payments Source

JUNE 28, 2020

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

Privacy 67

Privacy Consumer Protection Laws Consumer 67

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 110

Law Enforcement Audit Authorization Consumer Protection 110

The Fintech Times

AUGUST 14, 2024

” AFC also explained that it recognises the ‘essential’ role of existing consumer protections and governance structures in safeguarding consumer privacy and managing third-party risk.

Treasury 68

Treasury AI Innovation FinTech 68

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks, such as cybersecurity, interoperability, technology and money laundering and terrorism financing. .

Laws 47

Laws FinTech Money Laundering Interoperability 47

Fintech News

FEBRUARY 27, 2024

South Korea In June 2023, South Korea enacted the Virtual Asset User Protection Act, marking its inaugural comprehensive digital asset law. The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. This development followed the 2022 collapse of Terra.

APACS 112

APACS Regulations Stablecoins Cryptocurrency 112

The Fintech Times

MAY 22, 2024

Rohit Chopra, director at CFPB, Rohit Chopra, director at CFPB, commented: “When consumers check out and choose BNPL, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised. Will BNPL increase the consumer debt burden? Are consumers protected?

BNPL 63

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 63

PYMNTS

AUGUST 4, 2016

A spokeswoman from the European Commission told Reuters that national authorities are responsible for enforcing the EU’s rules pertaining to data and consumer protection. The lack of transparency cannot be the rule,” Tarabella said.

Laws 41

Laws Law Enforcement Rules Authorization 41

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks such as cyber security, interoperability, technology, and money laundering and terrorism financing. .

Laws 40

Laws FinTech Money Laundering Interoperability 40

NFCW

NOVEMBER 27, 2023

“While the CFPB has enforcement authority over these companies, the CFPB has not previously had, inside many of these firms, examiners carefully scrutinizing their activities to ensure they are following the law and monitoring their executives.”

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Rules CFPB Consumer 52

The Fintech Times

DECEMBER 14, 2023

Regulations, which vary by region, encompass standards like Payment Card Industry Data Security Standard (PCI DSS), anti-money laundering (AML) laws, know your customer (KYC) requirements, and consumer protection laws.

Acquirers 58

Acquirers PCI DSS Fraud Detection Cross-Border 58

PYMNTS

SEPTEMBER 24, 2019

Hoffman added that the commission has held its own hearings on competition and consumer protection topics over the last year. If a firm buys a nascent rival rather than trying to kill it through other means, that purchase is just as worthy of antitrust scrutiny.”.

FTC 43

FTC Federal Trade Commission Laws Legal Framework 43

Neopay

MAY 7, 2024

Cryptoassets: adapting to digital innovations With the rising prominence of cryptoassets, the FCA proposes clearer guidelines for cryptoasset businesses to ensure compliance with anti-money laundering and counter-terrorist financing laws. This includes references to the travel rule and updates to sections on risk assessment and fraud.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

PYMNTS

SEPTEMBER 30, 2020

It would instead offer payment companies a national servicing platform to replace the regime of state regulations such firms would be subject to under existing laws. However, the banking industry doesn’t like that one bit. “We 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

Global Fintech & Digital Assets

DECEMBER 21, 2023

Compliance Risk Compliance with various consumer protection-related laws and regulations [1] is critical for banks furnishing BNPL loans to ensure that obligations are understood and met on both sides of the transaction.

OCC 59

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

PYMNTS

APRIL 15, 2019

“We have alleged that Avant gave the run-around to consumers trying to repay their loans, because of systemic issues with the company’s loan servicing platform,” said Andrew Smith, director of the FTC’s Bureau of Consumer Protection.

FTC 46

FTC Federal Trade Commission Laws Settlement 46

Neopay

MAY 28, 2024

“When consumers check out and choose Buy Now, Pay Later, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised,” said CFPB Director Rohit Chopra in a statement.

BNPL 52

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) Regulations 52

Fintech Finance

MAY 24, 2024

“When consumers check out and choose Buy Now, Pay Later, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised,” said CFPB Director Rohit Chopra. The Buy Now, Pay Later market has expanded rapidly over the past few years.

Disputes 93

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 93

Stax

JANUARY 15, 2024

Surcharging involves understanding federal laws, state-specific restrictions, and international regulations. Be sure to understand federal laws, state regulations, and international standards to sidestep potential legal issues. Surcharging restrictions for multi-location businesses can get confusing. ​​In Enter the PCI DSS compliance.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

The Fintech Times

MARCH 16, 2024

Phil Goldfeder, CEO, AFC “Under the guise of consumer protection, these bills in Rhode Island and DC will harm consumers who need access to safe and affordable financial services and will put local state-chartered banks at a disadvantage,” said Phil Goldfeder , chief executive officer of AFC.

Community Banks 58

Community Banks Consumer Protection Regulatory Compliance FinTech 58

Stax

DECEMBER 13, 2023

However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. Surcharging rules Surcharge laws and guidelines can vary from state to state. Plus, there are federal laws governing surcharges. Visa, Mastercard, American Express, Discover, etc.) before you can start surcharging.

Credit Cards 88

Credit Cards Debit Card Laws Rules 88

Synapse Payment Systems

NOVEMBER 9, 2022

While credit card surcharge laws vary by state , they are legal in most places. Only Massachusetts and Connecticut don’t allow them, but many other states have attempted laws that were later found unenforceable. They may cause legal trouble. You can require customers to spend a certain amount of money to use a credit card (up to $10).

Credit Cards 130

Credit Cards Processors Legal Laws 130

PYMNTS

MARCH 20, 2020

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. The move aligns with laws passed in 2019 that tech firms like Amazon and Walmart’s Flipkart are having trouble complying with.

Rules 73

Rules Law Enforcement Laws Regulations 73

PYMNTS

DECEMBER 14, 2020

The FTC is working with 19 other federal, state and local law enforcement partners in the effort. Scammers are preying on the unemployment and anxiety arising from the pandemic by making false promises of big income working from home,” said Andrew Smith , director of the FTC’s Bureau of Consumer Protection , in the release. “If

FTC 76

FTC Scams Federal Trade Commission Law Enforcement 76

PYMNTS

AUGUST 31, 2020

The lawmaker behind a proposed California consumer protection law indicated that it will not proceed in its current iteration, CNBC reported. Silverman contended that the eCommerce retailer was “taking bold steps to wipe out its competitors” by supporting the law.

Laws 56

Laws Consumer Protection Legal Participant 56

The Fintech Times

MAY 20, 2024

Despite this, it says that regulatory clarity is ‘indisputably more responsible’ and is much safer for consumers.

Financial Inclusion 77

Financial Inclusion Consumer Protection Economy Mitigation 77

PYMNTS

MARCH 6, 2018

Uber Technologies was handed a lawsuit from Pennsylvania Attorney General (AG) Josh Shapiro on Monday (March 5) over charges it violated the state’s data breach notification law. Uber violated Pennsylvania law by failing to put our residents on timely notice of this massive data breach,” Attorney General Shapiro said in the press release.

Data Breach 41

Data Breach Breach Consumer Protection Laws 41

PYMNTS

MAY 19, 2020

The FTC alleged that First Data ignored repeated warnings from employees, lenders and others that Chi “Vincent” Ko, who ran an independent sales organization affiliated with the company, was laundering payments for clients that were breaking the law.

FTC 66

FTC Federal Trade Commission ISOs Credit Cards 66

Fintech News

FEBRUARY 21, 2024

These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations. 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.

Crime 104

Crime Ransomware Scams Stablecoins 104