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. That’s not to say there hasn’t been pushback. So the announcement is confusing.

BNPL 52

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

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. By Jenny Cieplak , Nima Mohebbi , Parag Patel , Stephen P. The DFPI may also impose fines of up to $20,000 for each day of violation.

Laws 52

Laws Stablecoins Issuers Legal 52

Fintech News

JULY 21, 2024

This move is part of a new regulation for Information Technology-Based Joint Funding Services (RPOJK LPBBTI), which is currently in development and incorporates feedback from various stakeholders.

P2P 104

P2P Caps Consumer Protection Risk Management 104

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 110

Consumer Protection Risk Management Regulations Legal 110

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.

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

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

PYMNTS

MARCH 11, 2020

Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). South Dakota passed a law in 2016, followed by Colorado in 2018. Monique Limón (D-37) told the WSJ.

Regulations 58

Regulations Caps Laws Underwriting 58

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

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

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

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

The Fintech Times

JULY 31, 2024

While many organisations are successfully solving genuine issues , regulators are as keenly focused on these firms as those out to maximise profits. Collaborative efforts between industry leaders and regulators are essential to streamline compliance processes without stifling innovation.”

Compliance 64

Compliance AML Regulations Due Diligence 64

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. Because digital currency is so new, regulations vary around the world.

Regulations 57

Regulations Cryptocurrency Digital Currency Rules 57

Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. BNPL in US, UK, and EU Regulators’ Sights The Consumer Financial Protection Bureau (CFPB) has been actively monitoring BNPL activity in the consumer finance marketplace for some time now.

OCC 59

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

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

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 112

Law Enforcement Audit Authorization Consumer Protection 112

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. Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote.

Office of the Comptroller of the Currency 139

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

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 59

Acquirers PCI DSS Fraud Detection Cross-Border 59

Neopay

MAY 7, 2024

Here are the main updates proposed by the FCA and their implications for regulated firms: Sanctions: enhancing control and compliance In response to geopolitical events such as Russia’s invasion of Ukraine, the FCA is proposing more rigorous controls and checks concerning sanctions.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

PYMNTS

OCTOBER 24, 2019

The Kenyan National Assembly is considering a law that would make mobile lenders in the country subject to central bank oversight, which would force them to reveal transactions fees and interest rates before they dole out loans. There is need for consumer protection. These mobile loan apps have commercialized poverty.”.

Regulations 40

Regulations Central Bank Money Laundering Small Business 40

The Fintech Times

SEPTEMBER 7, 2024

Ticketmaster, the platform facilitating the sale, has come under fire for how it managed this system, and the UK Competition and Markets Authority (CMA) has since launched an investigation to determine if consumer protection laws were breached. The post Live Forever?

On-Demand 59

On-Demand Laws AI Consumer 59

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. It is envisioned that activity-based regulation of payment service providers would build public confidence and encourage the use of electronic payments.” Singapore is preparing for a FinTech revolution.

Laws 47

Laws FinTech Money Laundering Interoperability 47

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

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

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. It is envisioned that activity-based regulation of payment service providers would build public confidence and encourage the use of electronic payments.” Singapore is preparing for a FinTech revolution.

Laws 40

Laws FinTech Money Laundering Interoperability 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. State and federal laws.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

The Fintech Times

AUGUST 30, 2024

The data comes after global law firm Reed Smith made a freedom of information (FOI) request, as it looked to assess the UK’s ambition to become a crypto hub. Balancing consumer protections with the promotion of innovation is always tricky – some might say you should not balance them at all. .

Breach 59

Breach Assessments Rules Risk 59

The Fintech Times

MAY 20, 2024

The act would clarify which agency will regulate which digital assets. In the letter signed by 59 organisations, they explain how the legislation could help accelerate the growth of blockchain technology and digital assets, foster financial inclusion and help better protect national security.

Financial Inclusion 78

Financial Inclusion Consumer Protection Economy Mitigation 78

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

PYMNTS

NOVEMBER 1, 2020

In Apple 's annual report , the tech giant discussed the impact that various legal proceedings and new regulations around the world could have on its operations and financial conditions. Apple said that, regardless of the merit of those claims, the lawsuits can prove expensive, costing time and disrupting day-to-day management.

Legal 94

Legal Regulations Consumer Protection Privacy 94

Stax

DECEMBER 13, 2023

However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. Understanding Credit Card Surcharges Card networks not only help businesses process credit card payments but they also regulate the industry by establishing surcharging rules and maintaining compliance.

Credit Cards 88

Credit Cards Debit Card Laws Rules 88

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

The Fintech Times

FEBRUARY 3, 2024

It’s also encouraging to note Labour’s support of streamlining regulation in line with the FCA’s Consumer Duty and its focus on outcomes.” A Labour government will work with regulators and industry to develop the roadmap for open finance. .

Finance 59

Finance FinTech Regulations Financial Inclusion 59

PYMNTS

OCTOBER 16, 2020

Facebook’s Ireland and United Kingdom unit has agreed to change the way Instagram works to “make it much harder for people to post an (advertisement) on Instagram without labelling it as such,” Britain’s top antitrust regulator announced Friday (Oct.

Posting 85

Posting Laws Regulations Consumer Protection 85

Segpay

OCTOBER 4, 2023

Such practices can lead to legal and regulatory challenges, particularly if consumers are harmed or misled. Compliance with Consumer Protection Laws: Affiliate marketers must adhere to various consumer protection laws and regulations, such as the Federal Trade Commission (FTC) guidelines in the United States.

Security 52

Security Due Diligence Compliance Payments 52

The Fintech Times

MARCH 16, 2024

Recently in the US, there has been talk of regulation to limit the power of community banks. AFC’s diverse members represent a cross section of responsible Fintech companies that embrace transparency and are rooted in regulatory compliance and consumer protection.

Community Banks 59

Community Banks Consumer Protection Regulatory Compliance FinTech 59

PYMNTS

FEBRUARY 6, 2020

5) hearing before the House Financial Services Committee , representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. The hearing was titled “Rent-a-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”.

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Caps Laws Non-Bank Regulations 52