Fintech News

DECEMBER 18, 2024

Hasan Fawzi, OJK’s Chief Executive for Financial Sector Technology Innovation and Crypto Assets, emphasised the sandbox’s importance in preventing fraudulent schemes and enhancing consumer protection. Products or business models failing to pass sandbox approval will be deemed illegal.

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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.

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Regulations BNPL Product Consumer Protection 111

Fintech Finance

FEBRUARY 5, 2025

Curve , the ultimate digital wallet, has become the first to offer section 75 protection on purchases made through its Wallet. This is a step change in consumer protection, allowing users to make payments without worrying about losing money if a product is faulty or if theres a problem with the purchase.

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Debit Card Consumer Protection Credit Cards Consumer 59

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.

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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.

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Agreements FDIC Consumer Protection Laws 103

Clearly Payments

OCTOBER 30, 2024

Key regulations include: GDPR (General Data Protection Regulation) : For merchants targeting Europe, GDPR compliance is mandatory, emphasizing data privacy and protection. PSD2 (Payment Services Directive 2) : Also in the European Union, PSD2 aims to strengthen consumer protection and requires two-factor authentication for payments.

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International Payments Process Multi-Currency Cross-Border 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.’”.

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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.

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Consumer BNPL Consumer Protection Laws 97

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).

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P2P Caps Consumer Protection Risk Management 114

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.”.

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

The Fintech Times

JANUARY 21, 2025

The Consumer Financial Protection Bureau (CFPB), the consumer protection agency in the US, has hit Equifax with a $15million fine, after it found that the nationwide consumer reporting agency failed to conduct proper investigations of consumer disputes.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 59

The Fintech Times

FEBRUARY 6, 2025

Section 75 is a law that applies exclusively to credit cards, ensuring providers share responsibility with merchants for purchases ranging from 100 to 30,000. Debit card users have historically not had this level of protection, leaving them vulnerable in cases of faulty goods.

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Fintech News

APRIL 3, 2025

Regulators are stepping in to impose stricter consumer protection measures, aiming to curb overspending and prevent debt traps. However, as scrutiny intensifies, questions remain on whether stricter lending laws will be introduced. Banks offering BNPL services need to follow key consumer protection measures.

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BNPL Regulations Accreditation Consumer Protection 110

The Payments Association

OCTOBER 28, 2024

Collaboration with law enforcement and the Government The report stresses the importance of ongoing collaboration between financial institutions, regulators, and law enforcement. New APP reimbursement rules The introduction of new APP fraud reimbursement rules on 7 October 2024 marks a significant step in enhancing consumer protection.

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Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

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.

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AI CFPB Consumer Protection Laws 75

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.

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APACS Regulations Stablecoins Cryptocurrency 131

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.

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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.”. 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.

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Laws API Regulations Federal Reserve 68

Global Fintech & Digital Assets

OCTOBER 31, 2023

Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. Market participants should therefore evaluate their path to compliance with the law as enacted, but should also expect further refinements from the DFPI in the coming 18 months.

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Laws Stablecoins Issuers Legal 52

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.

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Law Enforcement Audit Authorization Consumer Protection 117

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. .

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Laws FinTech Money Laundering Interoperability 47

The Payments Association

DECEMBER 9, 2024

Laws such as the General Data Protection Regulation (GDPR) and Payment Services Directive 2 (PSD2) were designed to safeguard user data and ensure secure transactions. So, while AI offers huge potential in payments, it’s crucial to ensure that it’s being used responsibly and in line with privacy laws.

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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.

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Privacy Consumer Protection Laws Consumer 67

Electronic Transactions Association

JANUARY 16, 2025

Over the past decade, the payments industry has developed and deployed AI tools that have made payments faster, more secure, and has unlocked numerous benefits for the payment industry and consumers alike. ETA supports policies that promote an efficient IP system that appropriately protects that innovation.

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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.

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Laws Law Enforcement Rules Authorization 41

EBizCharge

MARCH 14, 2025

Legal advice: Legal experts can help clarify terms, avoid vague language that may lead to misunderstandings, and ensure that the policy aligns with applicable refund and return laws. Some laws may require refunds for defective or misrepresented products, so businesses should ensure compliance with local consumer protection regulations.

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Segpay

MARCH 24, 2025

This article will help you gain a better understanding of gaming and gambling laws in Down Under. USA: Stricter data-sharing laws, including the Gramm-Leach-Bliley Act (GLBA) and inter-agency reporting for suspicious activity over $3,000 USD. What are the Implications for Payment Companies (PSPs, PayFacs, etc)?

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

Fintech News

JANUARY 21, 2025

The regulation outlines the framework for PKA operations, including institutional requirements, governance, data security, and consumer protection. This is expected to benefit individuals and small businesses with limited traditional credit histories.

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Regulations Consumer Protection Compliance Governance 88

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. .

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Laws FinTech Money Laundering Interoperability 40

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).

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Credit Cards Processors Legal Laws 130

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.

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Scams Law Enforcement Crime Fraud Prevention 88

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.

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Rules Law Enforcement Laws Regulations 73

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.

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Debit Card Legal Credit Cards Processing Costs 88

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

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FTC Scams Federal Trade Commission Law Enforcement 76

PYMNTS

NOVEMBER 1, 2020

The regulations are wide in scope, including things like antitrust, privacy, data security and localization, consumer protection, advertising sales, billing and eCommerce, product liability, intellectual property and more, the report stated.

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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.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Segpay

DECEMBER 13, 2024

These pioneering laws represent the first significant initiatives by governments to establish regulations that protect individuals’ data, aiming to give people more control over how their information is collected, processed, and stored. These privacy laws set standards for how organizations should handle and protect user data.

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