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

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 4, 2016

According to a statement from Tarabella, Tinder breaches the EU’s rules when it comes to data protection because it encourages its users to agree to unclear clauses concerning how their personal data will be used, even once their accounts with the dating app are closed. It can show them, distribute them to whomever or even modify them.

Laws 41

Laws Law Enforcement Rules Authorization 41

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

Laws 68

Laws API Regulations Non-Bank 68

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.

APACS 98

APACS Regulations Stablecoins Cryptocurrency 98

NFCW

NOVEMBER 27, 2023

The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Rules CFPB Consumer 52

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

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

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

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

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections.

BNPL 64

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

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

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.

Visa 59

Visa Cross-Border Payments Cross-Border Rules 59

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 84

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 84

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.

Credit Cards 88

Credit Cards Debit Card Laws Rules 88

The Fintech Times

NOVEMBER 27, 2024

Striking a balance Although the FCA’s goals are clear, and many industry participants’ views are aligned on crypto regulation, scepticism remains among others, some of whom believe the rules could stifle market growth, innovation and competition in the crypto industry. This encourages experimentation while ensuring consumer protection.

Regulations 112

Regulations Stablecoins Risk Consulting 112

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

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

Treasury 69

Treasury AI Innovation FinTech 69

The Payments Association

OCTOBER 28, 2024

One of the key shifts in APP fraud this year involves the introduction of new reimbursement rules , which came into effect in October 2024. Collaboration with law enforcement and the Government The report stresses the importance of ongoing collaboration between financial institutions, regulators, and law enforcement.

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

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

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.

CFPB 40

CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

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.

Laws 51

Laws Consumer Protection Rules Regulations 51

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.

Settlement 62

Settlement Consumer Protection Regulations Privacy 62

The Fintech Times

SEPTEMBER 21, 2024

FDIC’s response: tightening recordkeeping for fintech deposits The proposed rule focuses on ensuring banks have clearer visibility of the actual owners of deposits held by third-party fintech companies. Further, the proposed rule will strengthen compliance with anti-money laundering and countering the financing of terrorism law.”

FDIC 59

FDIC FinTech Rules Regulations 59

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

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

The Fintech Times

OCTOBER 7, 2024

The post Fintech Australia Backs Scams Prevention Framework Proposal but Pushes for Accompanying Reforms appeared first on The Fintech Times.

Scams 52

Scams FinTech Laws AML 52

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.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Clearly Payments

OCTOBER 30, 2024

Payment processing and data handling rules vary by country, and non-compliance can result in fines or a loss of customer trust. Key regulations include: GDPR (General Data Protection Regulation) : For merchants targeting Europe, GDPR compliance is mandatory, emphasizing data privacy and protection.

International Payments 81

International Payments Process Multi-Currency Cross-Border 81

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.

FTC 52

FTC Scams Processors Federal Trade Commission 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.

FTC 60

FTC Federal Trade Commission Small Business Regulations 60

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.

CashApp 52

CashApp FinTech Rules Non-Bank 52

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.

AML 52

AML Authentication Finance OCC 52

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.

Fed 51

Fed Federal Reserve Regs Rules 51

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

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

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.

Privacy 49

Privacy Laws CCPA Data Breach 49