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?

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Neopay

JULY 30, 2024

The Financial Conduct Authority (FCA) has launched a comprehensive review aimed at streamlining regulations to reduce burdens on businesses and foster economic growth. The FCA is calling on the financial industry to identify and highlight rules that could be simplified or eliminated if they overlap with the Consumer Duty.

Rules 52

Rules Regulations Consumer Protection Consumer 52

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

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.

Rules 36

Rules Consumer Protection Authorization Regulations 36

PYMNTS

JANUARY 23, 2020

Parliament’s Internal Market and Consumer Protection Committee issued a resolution Thursday (Jan. 23) that will put rules into place to address the challenges of fast-developing artificial intelligence and automated decision-making technology. There will be a presentation about a European approach to AI in February.

Consumer Protection 52

Consumer Protection AI Automation Consumer 52

PYMNTS

MARCH 20, 2020

The policy being drafted by India’s trade ministry also calls for a new regulator to provide oversight and enforce compliance. The regulator will have the authority to request information from tech firms and also enforce other Indian laws aimed at consumer protection and fair competition, the sources said.

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Rules Law Enforcement Laws Regulations 73

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. What is Regulation F?

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

The Fintech Times

JULY 15, 2024

The new proposed interpretive rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. In a letter , it applauded the CFPB for its 2022 report on BNPL and its continued engagement with industry leaders.

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BNPL Consumer Financial Protection Bureau (CFPB) CFPB Request for Comment 64

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.

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

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.

Treasury 69

Treasury AI Innovation FinTech 69

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.

Regulations 57

Regulations Cryptocurrency Digital Currency Rules 57

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

Finovate

JULY 24, 2024

Regulation As expected, the regulatory landscape has tightened significantly so far this year. Regulators have intensified their scrutiny not only of financial institutions, but also of specific issues. the Basel III framework brought forth new regulations focusing on capital adequacy, liquidity, and operational risk.

Checks 59

Checks FinTech Embedded Finance CFPB 59

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

Chargebee

JANUARY 21, 2024

In an age where consumer protection is paramount, the Federal Trade Commission’s (FTC)proposed “click to cancel” provision marks a significant shift in the subscription business landscape. The provision mandates that the cancellation process must be as simple […]

FTC 52

FTC Consumer Protection Rules Compliance 52

Chargebee

JANUARY 21, 2024

In an age where consumer protection is paramount, the Federal Trade Commission’s (FTC)proposed “click to cancel” provision marks a significant shift in the subscription business landscape. The provision mandates that the cancellation process must be as simple […]

FTC 52

FTC Consumer Protection Rules Compliance 52

PYMNTS

APRIL 25, 2019

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. The rules excluded a provider that does less than 100 transfers.

CFPB 59

CFPB Rules Consumer Financial Protection Bureau (CFPB) Request for Information 59

Neopay

MARCH 22, 2024

Nikhil Rathi, Chief Executive of the FCA, expressed confidence in the progress made thus far, highlighting milestones such as the introduction of the Consumer Duty and proposed reforms to wholesale market regulation and the listing regime. The FCA emphasises that its proactive stance as a regulator has yielded tangible results.

Consumer Protection 52

Consumer Protection Regulatory Compliance Compliance Regulations 52

PYMNTS

OCTOBER 6, 2016

As the specifics of the CFPB’s pre-paid card rule are making their way through the ecosystem, the players are starting to come out with their takes on the newest set of financial regulations. Among the opinionators was Green Dot CEO and founder Steve Streit.

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Rules CFPB Debit Card Consumer Protection 49

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

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

PYMNTS

MARCH 9, 2018

While the European Banking Authority has created a “roadmap” on how to regulate emerging FinTech services, the body is not keen on creating a unified approach to cryptocurrency regulation — at least not yet, Reuters reported.

Authorization 53

Authorization Regulations FinTech Cryptocurrency 53

PYMNTS

JUNE 20, 2018

Peer-to-peer car-sharing services might soon face the same regulation as traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax.

P2P 40

P2P Regulations Void Rules 40

PYMNTS

FEBRUARY 7, 2019

The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. The Path To Revision. The Tumultuous Response.

CFPB 40

CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

Neopay

MAY 7, 2024

Here are the main updates proposed by the FCA and their implications for regulated firms: Sanctions: enhancing control and compliance In response to geopolitical events such as Russia’s invasion of Ukraine, the FCA is proposing more rigorous controls and checks concerning sanctions.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Open Bank Project Blog

SEPTEMBER 7, 2023

For financial services regulators, this means devising rules that strike a balance between fostering innovation and ensuring consumer protection. Open Finance, to be effectively implemented, requires a robust and clear regulatory framework.

Finance 40

Finance Consumer Protection Regulations API 40

The Fintech Times

DECEMBER 9, 2023

Consumer Duty, a set of rules aimed at enhancing consumer protection in the financial services sector, came into force in July 2023. The Financial Conduct Authority’ s (FCA’s) new rules mean that firms selling financial products now have to meet much higher standards.

Consumer 111

Consumer Financial Literacy Regulations AI 111

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 96

Disputes Fraud Prevention Payments Credit Cards 96

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 98

Financial Crimes Crime Rules Payments 98

PYMNTS

NOVEMBER 18, 2016

When it comes to issues of competition and regulation , the sharing economy may still have a long way to go. There are also unanswered questions regarding regulation in the sharing economy — think the U.K.’s ’s recent Uber ruling. And not just in the sense that it’s disruptive to the status quo.

Economy 57

Economy Regulations Consumer Protection Continuity 57

The Fintech Times

AUGUST 30, 2024

Cumulatively since 2021, the FCA has spent the equivalent of 25 years assessing crypto applications Since the financial promotions rules came into effect in October 2023, the FCA identified 1,010 breaches in the first seven months after May 2023.

Breach 59

Breach Assessments Rules Risk 59

PYMNTS

OCTOBER 5, 2016

As one might expect of a financial product that has so rapidly become so widely popular, the prepaid card industry managed to catch the attention of the Consumer Finance Protection Bureau, which has been considering new regulations for some time that would create “strong federal consumer protections for prepaid account users.”

CFPB 75

CFPB Rules PayPal Debit Card 75

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 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Neopay

NOVEMBER 27, 2023

However, for open banking to take off for retail and P2P payments, the report says that consumer protections need to be improved with a minimum form of dispute resolution. On protecting consumers, the review suggests the PSR conduct a review of the new APP fraud rules after 12 months and more ambitious government targets beyond 2024.

P2P 52

P2P Push-to-Card Consumer Protection Visa 52

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.

Office of the Comptroller of the Currency 139

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

PYMNTS

DECEMBER 14, 2018

s Financial Conduct Authority (FCA) unveiled new rules on Friday (Dec. FCA Executive Director of Strategy and Competition Chris Woolard said, according to FT : “The FCA takes APP fraud and the harm it causes to consumers very seriously. s Payment Systems Regulator (PSR) found that 100 scams hit businesses or consumers every day.

Authorization 66

Authorization Regulations Scams Online and Mobile Banking 66

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