Fintech News

FEBRUARY 27, 2024

The Reserve Bank of Australia (RBA) also played a crucial role by exploring the concept of retail and wholesale Central Bank Digital Currencies (CBDC) through its eAUD pilot programme , which focused on a wide array of use cases and essential legal aspects. This development followed the 2022 collapse of Terra.

APACS 127

APACS Regulations Stablecoins Cryptocurrency 127

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. Those failing to comply will be deemed unlicensed or illegal.

Consumer Protection 109

Consumer Protection Risk Management Regulations Legal 109

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. The company had earmarked US$4.5 An additional US$1.15

Law Enforcement 115

Law Enforcement Audit Authorization Consumer Protection 115

Synapse Payment Systems

NOVEMBER 9, 2022

They may cause legal trouble. 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. For example, the minimum amount can’t be different for Visa and Discover.)

Credit Cards 130

Credit Cards Processors Legal Laws 130

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

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. Issuing a digital asset does not in itself require licensure, unless such asset is redeemable for legal tender, bank credit, or another digital asset.

Laws 52

Laws Stablecoins Issuers Legal 52

Stax

FEBRUARY 5, 2024

Healthcare providers, for instance, may factor in compliance costs spent on cybersecurity measures, staff training, regular audits, and legal consultations to ensure adherence to health information privacy regulations. Be aware of restrictions and guidelines in your business jurisdictions to avoid legal repercussions.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

Stax

JANUARY 15, 2024

Failure to comply with its policy frameworks can have severe consequences— legally and financially. 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.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

Fintech Finance

MAY 24, 2024

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.

Disputes 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

PYMNTS

SEPTEMBER 9, 2016

consumers file a £14 billion legal claim against the company over anticompetitive card fees. “We deliver real value through the benefits of security, convenience and consumer protection, and we are committed to investing in our payment services in order to continue to meet the rapidly evolving needs of all our customers.”

Legal 40

Legal Visa Rules Consumer Protection 40

Clearly Payments

OCTOBER 30, 2024

PSD2 (Payment Services Directive 2) : Also in the European Union, PSD2 aims to strengthen consumer protection and requires two-factor authentication for payments. Local tax laws : Some countries impose a VAT or other taxes on foreign merchants. Canadian merchants selling in the U.S.

International Payments 80

International Payments Process Multi-Currency Cross-Border 80

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 106

Crime Ransomware Scams Stablecoins 106

Stax

DECEMBER 13, 2023

However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. Fortunately, in states where surcharging is legal, you can recoup these processing costs by transferring them to the cardholder. Surcharging rules Surcharge laws and guidelines can vary from state to state.

Credit Cards 88

Credit Cards Debit Card Laws Rules 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

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

PYMNTS

SEPTEMBER 24, 2019

Hoffman added that the commission has held its own hearings on competition and consumer protection topics over the last year. Hoffman explained that the agency used this legal framework in its 2017 case against Questcor, alleging that the company illegally maintained its U.S.

FTC 43

FTC Federal Trade Commission Laws Legal Framework 43

PYMNTS

JANUARY 29, 2019

For payments and commerce , there’s another uncertainty that hangs in the air: Will legal online sports betting keep going forward, despite a recent decision by the U.S. In May 2018, the Supreme Court struck down a 1992 law passed by Congress that made it illegal for most states to legalize sports betting within their borders.

Wires 67

Wires Wire Fraud Prevention Legal 67

PYMNTS

JULY 21, 2020

The Federal Trade Commission (FTC) testified before the Senate Commerce Subcommittee on Manufacturing, Trade and Consumer Protection on Tuesday (July 21), detailing its efforts to combat coronavirus-related fraud, including sending warning letters and trying to educate customers on how to spot a scam, according to a press release.

FTC 56

FTC Federal Trade Commission Scams Law Enforcement 56

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.

FTC 56

FTC Federal Trade Commission Law Enforcement Small Business 56

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

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

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.

Privacy 77

Privacy Compliance CCPA Authentication 77

PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. France is a precursor.

Regulations 57

Regulations Cryptocurrency Digital Currency Rules 57

PYMNTS

APRIL 11, 2016

By outsourcing the claims process to refund.me, companies avoid the costs of internal legal and administrative teams necessary to analyze and process complex flight data and compensation claims,” said refund.me The tool was designed after an increase in use of the site by business travelers , the firm said. “By

B2B 52

B2B Consumer Protection Legal Laws 52

PYMNTS

MAY 8, 2019

calling out the small business lending industry’s issue of abusive loan terms that “have led to a flood of questionable legal actions” against borrowers. We will need to determine whether certain contract terms and business practices constitute a violation of the law.”

FTC 60

FTC Federal Trade Commission Small Business Regulations 60

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 59

Community Banks Consumer Protection Regulatory Compliance FinTech 59

PYMNTS

APRIL 16, 2019

The lawsuit contends the consumers suffered due to fees Mastercard charged them. It is nearly 12 years since Mastercard was clearly told that they had broken the law by imposing excessive card transaction charges, damaging consumers over a prolonged period.”. Mastercard plans to appeal to the Supreme Court.

Visa 59

Visa Cross-Border Payments Cross-Border Rules 59

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.

Small Business 51

Small Business Consumer Financial Protection Bureau (CFPB) Laws CFPB 51

PYMNTS

JUNE 7, 2019

We believe it is equally important to rid the market of bad actors that engage in fraudulent transactions or violate federal laws and fashion rules that deter such conduct,” the CBA said. “As As a policy matter, we support the Bureau’s goal of ending abusive payday lending practices by nonbank lenders.

CFPB 53

CFPB Underwriting Rules Credit Union 53

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 56

Laws Economy On-Demand Legal 56

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

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

NOVEMBER 18, 2019

At an American Bar Association antitrust forum, Rosen said, “We do not view antitrust law as a panacea for every problem in the digital world. We will not ignore any harms caused by online platforms that partially or completely fall outside the antitrust laws.”.

Laws 40

Laws Advisors Consumer Protection Privacy 40

Segpay

OCTOBER 4, 2023

Affiliate marketing is often considered high-risk from a compliance perspective due to several factors that can increase the likelihood of regulatory and legal issues. Such practices can lead to legal and regulatory challenges, particularly if consumers are harmed or misled. Non-compliance can result in fines and legal action.

Security 52

Security Due Diligence Compliance Payments 52

Segpay

MAY 1, 2024

DORA entered into force on January 16th, 2023, and its legal implementation deadline is January 17 th , 2025. Its legal framework is designed to enhance the operational resilience of all digital service providers, including payment service providers (PSPs), that operate in the European Union (EU).

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

PYMNTS

AUGUST 11, 2019

It argues that the company knew about the vulnerability exploited by Thompson and “did nothing to fix it,” and also violated Washington state’s Consumer Protection Act and Data Breach Disclosure Law. The newest lawsuit, which was filed this week in federal court in Seattle, also includes Amazon as a defendant.

Caps 53

Caps Posting Breach Data Breach 53

PYMNTS

MAY 20, 2016

Lending Club, for its part, said that it plans to cooperate with the DFS investigation, which also looks for information on underwriting and other business procedures and how these myriad practices square with consumer protection laws and laws governing fair business practices. Justice Department.

Regulations 40

Regulations Laws Underwriting Caps 40