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.

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Consumer Protection Visa Consumer Economy 52

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

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Regulations Consumer Protection Security FinTech 88

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.

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APACS Regulations Cross-Border Cross-Border Payments 109

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?,

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Regulations Scams Payments Caps 59

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.

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Regulations Financial Inclusion Consumer Protection Origination 52

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

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.

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BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) Regulations 52

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

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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 Consulting 90

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.

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CFPB Credit Cards BNPL Consumer Protection 97

The Paypers

DECEMBER 20, 2023

The Payment Systems Regulator (PSR) has confirmed new reimbursement requirements in a final publication ahead of 2024.

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Consumer Protection Consumer Regulations Payments 41

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.

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Consumer Protection AI Automation Consumer 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.

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Regulations FinTech Innovation Authorization 59

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.

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AI CFPB Consumer Protection Laws 75

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 Paypers

NOVEMBER 25, 2022

The International Monetary Fund (IMF) has proposed an increase in regulation and better consumer protection in Africa’s cryptocurrency market.

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Regulations Consumer Protection Cryptocurrency Consumer 45

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 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 »

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Scams Law Enforcement Crime Fraud Prevention 88

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.

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P2P Caps Consumer Protection Risk Management 110

PYMNTS

OCTOBER 12, 2020

Facebook's proposed global digital currency Libra is expected to get pushback from G7 leaders who are anticipated to publicly oppose the project due to a lack of regulations, according to a Reuters report on Monday (Oct. The draft will be presented on Tuesday (Oct. 13) during a meeting of finance ministers and central bankers from the U.S.,

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Regulations Digital Currency Stablecoins Money Laundering 80

Global Fintech & Digital Assets

FEBRUARY 13, 2024

In June 2023, Hong Kong introduced a comprehensive regime to regulate VA service providers operating a virtual asset trading platform (VATP) (see this Latham blog post ) through an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Certain regulated entities exempted.

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Regulations Money Laundering Stablecoins Consulting 59

The Paypers

SEPTEMBER 27, 2024

The Virtual Assets Regulatory Authority (VARA) has updated its marketing regulations for VASPs in Dubai to enhance transparency and consumer protection.

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Rules Consumer Protection Authorization Regulations 36

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.”.

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Regulations Federal Reserve Consumer Protection Authorization 56

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.

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Assessments Regulations Federal Reserve Consumer Protection 54

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.

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Regulations Credit Cards Consumer Protection Authorization 84

The Fintech Times

JANUARY 14, 2024

The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, offered testimony before the Washington State House Committee on Consumer Protection and Business recommending key amendments to legislation recently introduced. Earned wage access or loan?

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Regulatory Compliance Consumer Protection Compliance Regulations 64

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.

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Payments Consumer Protection Authorization On-Demand 112

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.

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Consumer Protection Risk Management Regulations Legal 109

The Fintech Times

SEPTEMBER 19, 2024

“Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem, which has involved putting in place clear regulation that balances consumer protection with commercialisation.”

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Payment Service Provider (PSP) Security Regulatory Compliance Payments 100

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.

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Treasury AI Innovation FinTech 69

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.

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Cryptocurrency Consumer Protection Regulations Participant 107

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.”

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Regulations Consumer Protection Authorization Risk 96

The Payments Association

AUGUST 14, 2024

Regulatory changes in BNPL, cVRPs, and digital wallets aim to boost e-commerce innovation and competition while safeguarding consumer protection and market stability. Read more

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BNPL Consumer Protection Payments Innovation 88

Neopay

AUGUST 15, 2024

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have jointly issued a Call for Information to gather insights on the impact of digital wallets, a key component of big tech’s growing influence in the payments landscape. Interested parties are invited to submit their views by 5pm on Friday 13 September 2024.

Consumer Protection 52

Consumer Protection Regulations Authorization Assessments 52

Neopay

SEPTEMBER 11, 2024

The Payment Systems Regulator (PSR) has set a crucial date of 7 October 2024 for implementing new protections against Authorised Push Payment (APP) scams, reaffirming its commitment to tackling this growing threat.

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Caps Scams Consulting Fraud Prevention 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.

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Regulations Cryptocurrency Digital Currency Rules 57

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.

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