Fintech News

APRIL 10, 2024

These efforts cover a comprehensive range of regulatory concerns, including but not limited to licensing requirements, reserve asset management, redemption rights, capital adequacy, consumer protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) guidelines.

Stablecoins 125

Stablecoins Regulations Risk Mitigation Digital Currency 125

The Fintech Times

NOVEMBER 27, 2024

While the FCA still warns that consumers who invest in cryptoassets ‘should be prepared’ to lose all of their money, due to the continuing volatility and lack of regulation surrounding the industry, consumers appear undeterred. Can the FCA move fast enough?

Regulations 112

Regulations Stablecoins Risk Consulting 112

Fintech News

APRIL 14, 2024

Money20/20 Asia, set for 23-25 April at the Queen Sirikit National Convention Center in Bangkok, will prominently feature regulators from Asia’s financial sector among its speakers. The post Money20/20 Asia Set to Spotlight APAC Regulators for Fintech Growth appeared first on Fintech Singapore. Register at this link.

APACS 112

APACS Regulations Cross-Border Cross-Border Payments 112

Neopay

NOVEMBER 25, 2024

These changes aim to address persistent issues in safeguarding practices and enhance consumer protection. Why safeguarding matters Safeguarding ensures that funds received by payment and e-money firms are protected. The FCA’s consultation provides a roadmap to better safeguarding practices and consumer protection.

Consumer Protection 52

Consumer Protection Consumer Audit Compliance 52

Payments Dive

OCTOBER 31, 2022

Elizabeth Warren told the Consumer Financial Protection Bureau that it should amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection.”

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Zelle CFPB Funds Transfer Consumer Protection 131

The Payments Association

JUNE 20, 2024

million lost in early 2023, prompting calls for stronger consumer protections. APP fraud is surging, with UK Finance reporting £42.6 Read more

Regulations 88

Regulations Consumer Protection Security FinTech 88

The Fintech Times

DECEMBER 11, 2024

Many payment industry leaders are struggling with the complexities of the Markets in Crypto-Assets Regulation (MiCA), with 37 per cent citing uncertainty over which regulatory requirements apply to their businesses.

Regulations 69

Regulations Cross-Border Payments Cross-Border Stablecoins 69

The Fintech Times

SEPTEMBER 27, 2024

Recognising a need to reduce the risk for consumers, the FCA proposes that it replace the existing e-money safeguarding regime with a client assets (CASS) style regime designed to work with payment firms’ business models. The FCA has asked for all responses to the consultation by 17 December 2024.

Consumer Protection 59

Consumer Protection Consumer Consulting Payments 59

The Fintech Times

FEBRUARY 27, 2024

Despite global financial institutions spending upwards of $206billion annually on compliance with financial crime prevention regulations – the desired effect is not being realised. Additionally, this can be easily updated in line with new regulations and new customer use cases.

Consumer Protection 69

Consumer Protection Stablecoins Payments Trends Consumer 69

PYMNTS

JUNE 19, 2020

A top British financial services regulator Friday proposed new regulations that could help borrowers bracing for the end of consumer protections implemented as COVID-19 bore down on the country.

Regulations 84

Regulations Credit Cards Consumer Protection Authorization 84

The Payments Association

AUGUST 7, 2024

The PSR's July 2024 report on APP scams highlights growing fraud sophistication and the challenges for financial institutions, stressing the need for improved regulations and consumer protection. Read more

Scams 100

Scams Consumer Protection Regulations Consumer 100

The Fintech Times

MAY 21, 2024

Mastercard and Visa dominate the UK card payment market, lacking effective competition and leading to substantial fee hikes, according to a recent interim report by the Payment Systems Regulator (PSR). The post Visa and Mastercard Reaction as UK Payments Regulator Plans Crackdown on Fees appeared first on The Fintech Times.

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Visa Regulations Payments Acquirers 90

PYMNTS

JANUARY 23, 2020

Parliament’s Internal Market and Consumer Protection Committee issued a resolution Thursday (Jan. The committee also warned that AI and ADM technology would evolve over time and so the regulations may have to be updated. There will be a presentation about a European approach to AI in February.

Consumer Protection 52

Consumer Protection AI Automation Consumer 52

Payments Dive

MAY 21, 2024

“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards BNPL Consumer Protection 97

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.

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

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 108

P2P Caps Consumer Protection Risk Management 108

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 113

Consumer Protection Risk Management Regulations Legal 113

Fintech Finance

DECEMBER 18, 2023

A grant from the Mastercard Center, through the Mastercard Impact Fund, will accelerate the research and development of a global framework for consumer protection and empowerment in new and emerging digital infrastructure to ensure the potential of these platforms is realized.

Consumer Protection 52

Consumer Protection Visa Consumer Economy 52

Fintech News

FEBRUARY 7, 2024

The VAT exemption now applies to transactions executed via Thailand’s SEC-regulated licensed digital asset exchanges, as well as trades conducted by authorised brokers and dealers. This regulatory measure enforces strict operational standards to bolster consumer protection and maintain the integrity of the financial system.

Cryptocurrency 101

Cryptocurrency Consumer Protection Regulations Participant 101

PYMNTS

JUNE 26, 2019

Two more financial regulators have warned that they won’t allow Facebook ’s planned cryptocurrency, Libra , to launch without looking at it closely. A wider use of new types of crypto assets for retail payment purposes would warrant close scrutiny by authorities to ensure that they are subject to high standards of regulation.”.

Regulations 56

Regulations Federal Reserve Consumer Protection Authorization 56

Fintech News

JULY 23, 2024

This license will allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and OTC trading of DPTs. Alessio Quaglini “The Monetary Authority of Singapore upholds rigorous regulatory standards that balance fostering innovation with ensuring consumer protection.

Payments 116

Payments Consumer Protection Authorization On-Demand 116

PYMNTS

MARCH 31, 2019

Facebook CEO Mark Zuckerberg wrote an opinion piece in The Washington Post calling on regulators to take a “more active role” in making rules for how to police the internet, according to reports. “By At Google, he pointed to its role in online ads as an antitrust and consumer protection concern. Landry said.

Regulations 60

Regulations Federal Trade Commission FTC Rules 60

Open Bank Project Blog

NOVEMBER 20, 2023

Regulating Open Banking, April 2023 Open Banking promises a wide range of benefits, from financial inclusion to financial education in the community. But establishing frameworks that ensure steady innovation, increased competition, equilibrium and consumer protection is nothing short of a Herculean task.

Regulations 52

Regulations Financial Inclusion Consumer Protection Origination 52

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

Fintech News

NOVEMBER 20, 2024

The Monetary Authority of Singapore (MAS) is streamlining the product approval process for life insurers while maintaining robust consumer protection. This allows MAS to thoroughly assess these novel products for adequate pricing, capitalisation, and consumer disclosures before they are launched.

Product 96

Product Process Consumer Protection Compliance 96

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

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

PYMNTS

OCTOBER 8, 2018

According to The Wall Street Journal , the federal derivatives-market regulator also handed out around $900 million in penalties, higher than the amount in five of the eight years of the Obama administration. Total fines ordered through SEC enforcement activity fell 7.2 percent in 2017 to about $3.8

Regulations 63

Regulations Cryptocurrency Best Practices Settlement 63

Fintech Finance

JULY 15, 2024

The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) are seeking views on the benefits and risks digital wallets bring to people and businesses. We want to make sure we can maximise the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present.”

Regulations 96

Regulations Consumer Protection Authorization PayPal 96

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? Read More

Treasury 88

Treasury Payments Consulting Consumer Protection 88

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. PSD3 and PSR are the latest initiatives driving these goals. What are PSD3 and PSR?

Authentication 88

Authentication Regulations IBAN Rules 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

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). These types of partnerships have been targeted by state regulators and consumer advocates.

Regulations 58

Regulations Caps Laws Underwriting 58

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

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. What is the FDCPA?

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

The Fintech Times

MAY 11, 2024

A refreshing sentiment that stands in stark contrast to the usual grumblings elsewhere that regulations hinder innovation. In Dubai, stakeholders view regulations as a catalyst for growth and success, providing a sturdy foundation that drives the thriving developments in the fintech sector.

Regulations 59

Regulations FinTech Innovation Authorization 59

Fintech Finance

JULY 23, 2024

To build on that heritage, we are now putting a renewed focus on helping our clients accelerate innovation in payments, banking and lending, cost transformation, regulation and risk management and operating model development.”

Consulting 98

Consulting Alternative Payment Methods Payments BNPL 98