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

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

Finovate

JANUARY 24, 2025

On the other hand, tighter regulations come with higher compliance costs and can limit the flexibility thats often critical for driving rapid innovation. One early issue will be compliance with the Instant Payments Regulation (IPR). In terms of new open banking regulations, what are your expectations? What is this policy about?

Regulations 72

Regulations FinTech BNPL Cross-Border 72

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

The Payments Association

JANUARY 13, 2025

It addresses how evolving regulations shape the digital asset landscape, influencing innovation, compliance, and global competitiveness. As is the nature of the regulation, the regulatory landscape for digital assets in the UK is proving to mark a pivotal moment for the payments sector. What’s next?

Legal 88

Legal Stablecoins Cross-Border Due Diligence 88

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 95

Consumer Protection Risk Management Regulations Legal 95

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

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 84

P2P Caps Consumer Protection Risk Management 84

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 Federal Reserve 68

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

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 Payments Association

JANUARY 13, 2025

The FCA’s proposed safeguarding reforms for payments and e-money firms, aiming to enhance consumer protection and operational compliance. The reforms ensure robust safeguarding practices, bolster consumer trust, and address risks like fund shortfalls during insolvency. Why is it important? What’s next?

Compliance 88

Compliance Audit Legal Reconciliation 88

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

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. In January 2023, HM Treasury issued the Payment Services Regulations: Review and Call for Evidence. Why is it important? What’s next?

Treasury 88

Treasury Payments Consulting Consumer Protection 88

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

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

SEPTEMBER 4, 2024

The UK’s Payment Systems Regulator (PSR) has announced a significant reduction in the maximum fraud reimbursement limit for authorised push payment (APP) scams, lowering it from £415,000 to £85,000 just weeks before new rules take effect in October. Rocio Concha, director of policy and advocacy at UK consumer body Which?,

Regulations 59

Regulations Scams Payments Caps 59

The Payments Association

NOVEMBER 28, 2024

PSD3 builds on PSD2 by clarifying regulations, expanding bank liability, and introducing stricter IT and risk standards. The PSR (Payment Service Regulation) complements the Payment Service Directive, leading to directly applicable law in all EU states. What are PSD3 and PSR?

Authentication 88

Authentication Regulations IBAN Rules 88

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

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

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 92

Law Enforcement Audit Authorization Consumer Protection 92

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

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 Payments Association

OCTOBER 21, 2024

The UK’s increasing fraud and scam problem, focusing on new regulations mandating automatic reimbursement for APP fraud victims. The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. Why is it important? What’s next? Read More »

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

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. 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

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. In case of ambiguities, don’t hesitate to consult with state regulators.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

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

Clearly Payments

OCTOBER 30, 2024

Overview of International Payment Processing At its core, international payment processing involves handling transactions across borders , where factors like currency conversion, payment method preferences, and local regulations come into play. As global online shopping grows rapidly, consumers expect seamless payment experiences.

International Payments 81

International Payments Process Multi-Currency Cross-Border 81

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

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

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

Segpay

DECEMBER 13, 2024

The rise of data privacy concerns has led to a surge in global regulations, such as the EU General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), which are drafted to protect peoples individual data protection rights.

Privacy 77

Privacy Compliance CCPA Authentication 77

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

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 Small Business Money Laundering 40

PYMNTS

MAY 1, 2020

Financial institutions (FIs) and regulators in Singapore, the E.U. have passed laws or implemented programs over the past two years to put more focus on digital banking and data security, fundamentally changing how online transactions work. and the U.S. these programs appear to have remained the same in most markets.

Privacy 98

Privacy API Innovation Payment APIs and Integration 98