PYMNTS

JUNE 7, 2019

The Bureau of Consumer Financial Protection (CFPB) has delayed the Aug. 19, 2019 compliance date for the mandatory underwriting provisions for its short-term, small-dollar (payday) rule, according to various reports. The CFPB is also correcting several errors in the rule. Compliance is being delayed 15 months, to Nov.

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CFPB Underwriting Rules Credit Union 53

The Fintech Times

AUGUST 14, 2024

Phil Goldfeder , CEO of the American Fintech Council “AI has the potential to drive a profound shift in the financial services landscape towards personalised services that better meet consumers’ unique needs – particularly those of underserved communities,” explained Phil Goldfeder , CEO of AFC. “A

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Treasury AI Innovation FinTech 69

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

Fintech News

FEBRUARY 27, 2024

Japan Japan, as a forerunner in the adoption of customised cryptocurrency regulations, rolled out both the Travel Rule and stablecoin regulations in June 2023. South Korea In June 2023, South Korea enacted the Virtual Asset User Protection Act, marking its inaugural comprehensive digital asset law.

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APACS Regulations Stablecoins Cryptocurrency 114

Stax

DECEMBER 13, 2023

However, you must keep in mind several federal and state laws as well as credit card network guidelines (e.g. So make sure to follow all rules related to the placement, content, design, and compliance of your signage. Surcharging rules Surcharge laws and guidelines can vary from state to state.

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Credit Cards Debit Card Laws Rules 88

Neopay

MAY 7, 2024

Cryptoassets: adapting to digital innovations With the rising prominence of cryptoassets, the FCA proposes clearer guidelines for cryptoasset businesses to ensure compliance with anti-money laundering and counter-terrorist financing laws. This includes references to the travel rule and updates to sections on risk assessment and fraud.

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Financial Crimes Crime Risk Assessment Money Laundering 52

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. “A

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Laws API Regulations Non-Bank 68

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.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

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.

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Breach Assessments Rules Risk 59

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. Consumer protection is at the centre of our proposal.

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Regulations Scams Payments Caps 59

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.

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Acquirers PCI DSS Fraud Detection Cross-Border 59

Neopay

NOVEMBER 27, 2023

In the US, the Consumer Financial Protection Bureau published a proposed rule that would see non-bank financial companies that handle more than five million transactions per year face the same rules as large banks and credit unions.

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FinTech CashApp Rules Non-Bank 52

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

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. A lack of safety and soundness rules will expose the financial system to significant vulnerabilities.”. However, the banking industry doesn’t like that one bit. “We

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

PYMNTS

FEBRUARY 7, 2019

While there were many provisions to the payday lending rules as originally passed, the one that caused the greatest controversy was the “ability to repay” provision that would have required short-term lenders to establish a borrower’s ability to repay before offering them a small-dollar, short-term lending product. The Path To Revision.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

PYMNTS

APRIL 16, 2019

A consumer lawsuit against Mastercard in the U.K. got approval to move forward after a court reversed a ruling by the Competition Appeal Tribunal. Court of Appeal rejected the tribunal’s ruling from 2017, which had blocked the claimants from pursuing the case led by Walter Merricks, the former financial ombudsman.

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Visa Cross-Border Payments Cross-Border Rules 59

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. The issue, according to the U.S.

Legal 94

Legal Regulations Consumer Protection Privacy 94

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.

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Regulations Cryptocurrency Digital Currency Rules 57

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. In that case, you must comply with this comprehensive new rule. Legal Consequences.

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

PYMNTS

JUNE 9, 2020

Woods and Patricia Woods, along with executive Victor Rodriguez, allegedly helped perpetuate a number of scams targeted by the FTC and other consumer protection agencies, the release states. In her ruling , U.S. The FTC and Ohio officials filed their complaint against the trio in U.S. million fine.

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FTC Scams Processors Federal Trade Commission 52

Electronic Payments Coalition

MARCH 26, 2024

The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments. Simplified surcharging and discounting rules – As part of the settlement agreement, the networks will activate a simplified approach to credit card transaction surcharging, providing merchants more optionality.

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Agreements Payment Networks Settlement Credit Cards 52

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.

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FTC Federal Trade Commission Law Enforcement Small Business 56

FICO

JANUARY 13, 2020

The CFPB will issue its final debt collection rule in the fall of 2020. Forty-two years after the enactment of the Fair Debt Collections Practices Act, the CFPB proposed the first set of rules governing third-party debt collection activities. I predict we will see the final rule during the early portion of the 2020 NFL season.

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AML Authentication Finance OCC 52

PYMNTS

MARCH 19, 2019

We attorneys general have authority under consumer protection acts to do both,” said Mississippi Attorney General Jim Hood, according to CNBC , on Monday (March 18). “So It’ll either be in Congress or in a court of law,” he said. “If At some point in the future, there will be a reckoning.

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Settlement Consumer Protection Regulations Privacy 62

Segpay

MAY 1, 2024

This involves establishing incident response teams, implementing incident detection and monitoring mechanisms, and coordinating with relevant stakeholders, including regulatory authorities and law enforcement agencies. Contracts: DORA sets rules for contractual standards when outsourcing to critical ICT third-party providers (CTTPs).

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Compliance Cybersecurity Procedures Risk Management 52

PYMNTS

DECEMBER 2, 2016

But after a two-year investigation, Washington State Insurance Commissioner Mike Kreidler ordered Zenefits to cease the free distribution of its employee benefits software , arguing that the tactic violates Washington state insurance law against inducements. The inducement law in Washington is clear,” Kreidler said.

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Laws Consumer Protection Rules Regulations 51

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.

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Security Due Diligence Compliance Payments 52

PYMNTS

JULY 12, 2018

DFS supports the promise that new technologies are able to reach more consumers, but innovation must also be responsible, and all associated risks must be appropriately managed, including by strong underwriting standards, compliance with usury laws, and capital requirements.

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Consumer Protection Regulations Laws Underwriting 40

PYMNTS

FEBRUARY 3, 2020

The creation of a “single European data space, a genuine single market for data” would include new rules governing cross-border use and data interoperability, among other tenets. According to the newswire, the new rules would also prevent larger tech firms from “unilaterally imposing conditions for access” and data use. “On

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Digital Currency Central Bank 52

PYMNTS

AUGUST 21, 2019

Buttarelli’s role in his organization was instrumental, as he was tasked with monitoring how EU privacy rules were put in place. Buttarelli oversaw the organization’s implementation of one of the strongest pieces of data privacy initiatives in the world, the General Data Protection Regulation (GDPR), which started last year.

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Privacy Regulations Rules Consumer Protection 43

PYMNTS

JULY 10, 2019

The world’s biggest online retailer doesn’t have to answer your calls, Europe’s top court ruled on July 10. The ruling could help other eCommerce merchants who also don’t provide a telephone helpline, Reuters reported. In fact, Amazon doesn’t even have to provide a phone or fax number.

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Rules Consumer Protection Automation Breach 43

PYMNTS

JULY 5, 2018

The European Union’s (EU) new data privacy law isn’t being followed by some of the globe’s biggest technology companies, according to research from the EU Institute. Companies that don’t follow the new rule could face fines, which Bloomberg said could be as high as 4 percent of their global sales.

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Privacy Laws Rules AI 44

PYMNTS

NOVEMBER 5, 2018

Roughly a decade on, is it time to remove some of the rules governing the financial sector that took shape in the aftermath of the Financial Crisis of 2008? To that end, the Federal Reserve proposed last week that some rules be relaxed for 16 financial institutions — though the largest banks in the country are not among them.

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Fed Federal Reserve Regs Rules 51

Segpay

DECEMBER 7, 2023

Key Takeaways The DSA is a new set of rules that regulates online services in the EU, such as e-commerce platforms, marketplaces, social media networks, and online advertising providers. Offering effective complaint mechanisms Ensuring traceability of business users Applying codes of conduct Adhering to specific rules on online advertising.

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Compliance Privacy Regulatory Compliance Data Security 52

PYMNTS

MAY 8, 2019

We will need to determine whether certain contract terms and business practices constitute a violation of the law.” The FTC prohibits the use of confessions of judgment under the 1984 Credit Practices Rule, but the regulation applies only to consumers, and not to small business borrowers.

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FTC Federal Trade Commission Small Business Regulations 60

PYMNTS

OCTOBER 24, 2018

The legislation is slated to go into effect on January 1 of 2020, and among other mandates requires (with some similarities to GDPR) that companies gather consent from their consumer base when it comes to collecting and using data — and there are also provisions that mandate consumers be compensated when their data is in fact used.

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Privacy Laws CCPA Data Breach 49

Neopay

APRIL 25, 2024

Indeed, the corridors of the European Parliament have been buzzing with both political and technical negotiations on amendments to the Commission’s proposals, whether by adding more stringent transparency requirements on elements such as currency exchange rates or adding new robust consumer protection safeguards.

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Fraud Prevention Payments Authentication Payments Institute 52