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

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.

CFPB 53

CFPB Underwriting Rules Credit Union 53

The Payments Association

NOVEMBER 13, 2024

Fortunately, forward-thinking regulatory bodies have recognized the power of Web3 and the need for more established rules of engagement. Legal certainty around the globe and between jurisdictions will embolden innovators, reassure traditional stakeholders, and exponentially grow the already underway revolution.

Blockchain 88

Blockchain Use Case Financial Inclusion Stablecoins 88

The Payments Association

OCTOBER 11, 2024

The Financial Conduct Authority (FCA) is consulting on new rules and guidance to strengthen the safeguarding of consumer funds in the payments and e-money sectors. These changes are driven by a rise in consumer complaints and insolvencies in the payments sector.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Clearly Payments

SEPTEMBER 18, 2024

It acts as a consumer protection tool, allowing customers to reclaim funds for unauthorized transactions, fraud, or dissatisfaction with goods or services. A well-organized chargeback team minimizes these risks and protects the merchant’s bottom line.

Disputes 92

Disputes Fraud Prevention Payments Credit Cards 92

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.

APACS 119

APACS Regulations Stablecoins Cryptocurrency 119

Neopay

SEPTEMBER 30, 2024

The Financial Conduct Authority (FCA) is taking significant steps to ensure that consumer funds in the payments and e-money sectors are better protected. Through their consultation on CP24/20, the FCA is proposing new rules designed to improve the safeguarding regime for payment services firms, e-money institutions, and credit unions.

Credit Union 52

Credit Union Consulting Payments Rules 52

Clearly Payments

NOVEMBER 18, 2024

Chargebacks, while essential for consumer protection, can pose significant challenges to businesses. Skills Required: Attention to detail, familiarity with card network rules, and proficiency in analyzing transaction data. Employee Training : Keep your team updated on card network rules and dispute resolution techniques.

PCI DSS 59

PCI DSS Address Verification System (AVS) Disputes Card Network Rules 59

Fintech Finance

SEPTEMBER 20, 2024

It is also, crucially for the first time, exploring the new rules through the eyes of the criminal and how easily they will exploit them for their own ill-gotten gains. ‘ This is not enough to ensure robust consumer protection.

Financial Crimes 82

Financial Crimes Crime Rules Payments 82

PYMNTS

MARCH 3, 2020

Once those dates have passed a consumer can pay their old debts — but it is almost impossible to legally compel them to. Unless the consumer unwittingly restarts the clock on the debt — by either paying it in part, entering into a payment plan or acknowledging in writing that they owe the debt. Tightening the Rules.

CFPB 56

CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

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

SEPTEMBER 9, 2016

consumers file a £14 billion legal claim against the company over anticompetitive card fees. According to the BBC , the lawsuit has to do with a 2014 ruling by the European Court of Justice, which found regulators were correct to condemn the cost of interchange fees — the fees retailers pay banks to process credit card transactions.

Legal 40

Legal Visa Rules Consumer Protection 40

Stax

DECEMBER 13, 2023

Fortunately, in states where surcharging is legal, you can recoup these processing costs by transferring them to the cardholder. 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

PYMNTS

MARCH 9, 2018

The Consumer Financial Protection Bureau (CFPB) introduced a final rule on Thursday (March 8) that it said will help mortgage servicers communicate with borrowers who are facing bankruptcy. As a result of that rule, the CFPB has created sample forms for the services to use.

CFPB 40

CFPB Consumer Financial Protection Bureau (CFPB) Rules Legal 40

Stax

JANUARY 15, 2024

Failure to comply with its policy frameworks can have severe consequences— legally and financially. In the following sections, we’ll delve into the legal framework, compliance standards, and best practices to navigate the complexities of surcharging. Swipe fees have doubled in a decade and increased by 20% since 2022.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

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

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 78

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 78

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

JANUARY 10, 2019

A court in Germany handed down a harsh ruling about Amazon’s Dash buttons on Thursday (Jan. “A valid consumer contract is only concluded when the consumer explicitly confirms that he or she undertakes to make a payment. Today’s ruling is not only hostile to innovation. 10), according to a report from Reuters.

Laws 57

Laws Consumer Consumer Protection Rules 57

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

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). While the revised legislation currently offers greater consumer protections, it is also likely to result in new consumer abuses. Legal Consequences. Harassment.

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

PYMNTS

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. In addition, the CFPB will inquire whether issues of regulatory uncertainty stemming from Dodd-Frank, such as the Fair Credit Reporting Act, may be hurting consumers — and if so, seek ways to fix it.

Consumer Financial Protection Bureau (CFPB) 69

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69

PYMNTS

DECEMBER 5, 2019

“No global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed,” the ministers said in a joint statement. The finance ministers also emphasized the need for legal clarity regarding any cryptocurrency arrangements.

Digital Currency 52

Digital Currency Stablecoins Finance Central Bank 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. credit card interchange rates for at least a five-year period as part of a legal settlement with merchants. VISA STATEMENT: SAN FRANCISCO–(BUSINESS WIRE)–Mar.

Agreements 52

Agreements Payment Networks Settlement Credit Cards 52

PYMNTS

MAY 22, 2020

The agency also contends that the defendants did not make the loan disclosures they were mandated to provide, conducted recurring withdrawals from the bank accounts of consumers without correct permission, and “illegally” utilized checks created remotely. The defendants named in the matter include Camel Coins, Inc.; Lead Express, Inc.;

FTC 79

FTC Federal Trade Commission Consumer Protection Funds Transfer 79

The Payments Association

OCTOBER 14, 2024

If anything, complex rules in support of expansive AML/KYC regulations benefited card platforms and other payment service providers by raising a barrier against new entrants. It does not matter whether there is some legal process whereby several different authorities must turn their keys at the same time. But the damage was done.

Privacy 88

Privacy Addressing CBDC Payer 88

PYMNTS

DECEMBER 27, 2019

“No global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed,” the ministers said.

Digital Currency 52

Digital Currency Stablecoins Agreements Regulations 52

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

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

Seon

MAY 16, 2024

Operators may even face legal complications if found negligent in identifying and addressing fraudulent activities. Regulatory & Legal Implications As a highly regulated industry, operators must adhere to strict standards to maintain their licenses. However, balancing these rules is crucial to avoid deterring genuine users.

Fraud Prevention 52

Fraud Prevention Accounts Verification Legal 52

PYMNTS

JUNE 6, 2018

s appeal of a $109 million penalty caused a legal battle over the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) structure, agency officials are recommending that Director Mick Mulvaney dismiss the company’s case, American Banker reported. After PHH Corp. ’s In January, the U.S.

CFPB 43

CFPB Legal Rules Procedures 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.

Rules 43

Rules Consumer Protection Automation Breach 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.

Wire 67

Wire Wires Fraud Prevention Legal 67

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

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. Chopra spoke at an agency forum in Washington, D.C., “The FTC is the sole federal regulator and enforcer in the non-bank small business financing marketplace.

FTC 60

FTC Federal Trade Commission Small Business Regulations 60

PYMNTS

DECEMBER 16, 2020

Changes in the rules and regulations surrounding eviction moratoriums, as well as the need for customized partial and installment payment plans, created headaches for property managers that were struggling to support their own revenue streams without finding themselves out of compliance or acting inhumanely with their residents.

Small Business 72

Small Business Payment Issues Rules On-Demand 72

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.

Compliance 52

Compliance Privacy Regulatory Compliance Data Security 52