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

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

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 108

P2P Caps Consumer Protection Risk Management 108

Fintech Finance

DECEMBER 9, 2024

With the ongoing surge in digital payments, its critical these transactions are subject to the same oversight and consumer protection laws as the rest of the payments system. Now were seeing over half a billion payments being made with mobile wallets in just one month.

Digital Payments 96

Digital Payments Payments Consumer Protection Laws 96

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 113

Consumer Protection Risk Management Regulations Legal 113

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 116

Law Enforcement Audit Authorization Consumer Protection 116

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.

AI 75

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.

APACS 115

APACS Regulations Stablecoins Cryptocurrency 115

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 Non-Bank 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.

Laws 52

Laws Stablecoins Issuers Legal 52

Stax

DECEMBER 2, 2024

In parallel with growing market adoption of surcharging, more states have considered and enacted surcharging legislation, often with the stated goal of standardizing surcharging and ensuring consumer protection. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.

Junk Fees 68

Junk Fees Credit Cards Push-to-Card Laws 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

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

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

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. Nonetheless, in practice, the interaction of segregation requirements and insolvency law is often a key focus of insolvencies. Why is it important? What’s next?

Treasury 88

Treasury Payments Consulting Consumer Protection 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. .

Laws 40

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).

Credit Cards 130

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.

Scams 88

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.

Rules 73

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.

Debit Card 88

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

FTC 76

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.

Legal 94

Legal Regulations Consumer Protection Privacy 94

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 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

The Fintech Times

NOVEMBER 27, 2024

Anthony Yeung , global head of strategic development at CoinCover “The final proposals must strike the right balance between consumer protection and giving firms enough breathing room to innovate,” says Anthony Yeung , global head of strategic development at digital asset protection provider CoinCover. They need to work.”

Regulations 112

Regulations Stablecoins Risk Consulting 112

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 108

Crime Ransomware Scams Stablecoins 108

PYMNTS

OCTOBER 16, 2020

As a result, businesses should do their part to comply with consumer protection law and take action where appropriate, including asking the platform to remove posts if necessary.”. Instagram will report its progress against all commitments to the CMA regularly, the regulator said. “For

Posting 85

Posting Laws Regulations Consumer Protection 85

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

PYMNTS

OCTOBER 18, 2016

The bureau said that, under federal law, consumer protections should make it almost impossible for even the most vulnerable consumers to default, despite this report showing that it is indeed easier for defaults like these to happen to people.

CFPB 73

CFPB Consumer Protection Treasury Consumer 73

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 ISOs Federal Trade Commission Credit Cards 66

The Payments Association

NOVEMBER 28, 2024

The PSR (Payment Service Regulation) complements the Payment Service Directive, leading to directly applicable law in all EU states. The objectives of PSD3 and PSR: Strengthening consumer protection Improved competition in payment Harmonisation of EU-legislation Where do PSD3 and PSR stand now?

Authentication 88

Authentication Regulations IBAN Rules 88

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

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 64

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

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

PYMNTS

OCTOBER 5, 2020

California Assembly Bill 5 ( AB5 ) — and its now famed (and feared) three-part test as to whether a worker could be classified as an independent contractor or must by law be classified as an employee — has been a magnet for controversy almost since day one. As Turner said, labor laws are still rooted in a time when the U.S.

Laws 76

Laws Economy On-Demand Legal 76

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 69

Treasury AI Innovation FinTech 69

PYMNTS

MARCH 10, 2020

The consumer agency further alleges that, despite knowing since at least 2008 that employees were opening unauthorized consumer-financial accounts, Fifth Third took insufficient steps to detect and stop the conduct and to identify and remediate harmed consumers.

CFPB 67

CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Accounts 67

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