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

Payments Dive

OCTOBER 2, 2023

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

Agreements 103

Agreements FDIC Consumer Protection Laws 103

Fintech News

JUNE 5, 2024

Australia will introduce new legislation to amend the Credit Act, requiring Buy Now, Pay Later (BNPL) providers to hold an Australian credit license and comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC). The new laws aim to balance consumer protection with innovation and competition.

Regulations 93

Regulations BNPL Product Consumer Protection 93

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 80

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 80

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

OCTOBER 21, 2024

The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

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

Fintech News

JULY 21, 2024

OJK acknowledges the valuable input from these stakeholders and is refining the LPBBTI industry regulations as part of its mandate under Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

P2P 88

P2P Caps Consumer Protection Risk Management 88

The Fintech Times

OCTOBER 7, 2024

FinTech Australia explained that it is backing the SPF’s policy aims of introducing a whole-of-ecosystem approach to protect consumers, prevent harm and restore trust in digital services. 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

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 99

Consumer Protection Risk Management Regulations Legal 99

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

PYMNTS

NOVEMBER 4, 2020

regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. Merchants are central to this plan, as are banks, for their deep knowledge of consumers. Don’t let the lack of hard law in the U.S. One need only look to the U.K.

Laws 68

Laws API Regulations Non-Bank 68

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. What is a debit card?

Debit Card 88

Debit Card Legal Credit Cards Processing Costs 88

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

Fintech News

FEBRUARY 27, 2024

South Korea In June 2023, South Korea enacted the Virtual Asset User Protection Act, marking its inaugural comprehensive digital asset law. The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. This development followed the 2022 collapse of Terra.

APACS 101

APACS Regulations Stablecoins Cryptocurrency 101

Fintech News

FEBRUARY 21, 2024

The Indonesian Financial Services Authority (OJK) is closely monitoring Investree , a fintech peer-to-peer lending platform, following public reports of potential operational and consumer protection violations.

Law Enforcement 97

Law Enforcement Audit Authorization Consumer Protection 97

Neopay

MAY 7, 2024

The FCA is also looking to incorporate references to cryptoassets and the Consumer Duty, alongside consequential adjustments throughout the guide. Firms are encouraged to evaluate whether their financial crime systems align with their responsibilities under the Consumer Duty. However, the proposed changes don’t stop there.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Global Fintech & Digital Assets

DECEMBER 21, 2023

These consumer lending arrangements (also known as “point-of-sale installment loans” or “pay-in-4”) involve short-term installment loans repayable in four or fewer payments and carry no finance or interest charges. BNPL Loans As described in the Guidance, a BNPL arrangement generally involves a bank, a merchant, and a consumer.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

Neopay

MAY 28, 2024

Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. The BNPL market boomed as e-commerce orders exploded during the pandemic; fashion is one of the top categories for which consumers use these services.

BNPL 52

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

The Fintech Times

MAY 20, 2024

The letter follows years of calls for regulatory clarity and appropriate guardrails for consumers and investors, and it urges Members of the House to vote in favour of FIT 21. In fact, the CCI says that American investors and consumers may turn to unregulated offshore markets, which poses risks to national security and the economy.

Financial Inclusion 78

Financial Inclusion Consumer Protection Economy Mitigation 78

PYMNTS

AUGUST 4, 2016

A spokeswoman from the European Commission told Reuters that national authorities are responsible for enforcing the EU’s rules pertaining to data and consumer protection. “The problem is always the lack of transparency and the notion of consent,” Tarabella explained.

Laws 41

Laws Law Enforcement Rules Authorization 41

The Fintech Times

DECEMBER 14, 2023

According to the company, while consumer and merchant attention are often focused on acceptance, acquiring is the vital link in the payment chain. Payment industry regulations, data protection laws, network rules, licensing and cross-border transaction regulations add further layers of complexity.

Acquirers 59

Acquirers PCI DSS Fraud Detection Cross-Border 59

The Fintech Times

MARCH 16, 2024

Phil Goldfeder, CEO, AFC “Under the guise of consumer protection, these bills in Rhode Island and DC will harm consumers who need access to safe and affordable financial services and will put local state-chartered banks at a disadvantage,” said Phil Goldfeder , chief executive officer of AFC.

Community Banks 59

Community Banks Consumer Protection Regulatory Compliance FinTech 59

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

APRIL 15, 2019

The FTC clarified in a further post : “The company also claimed that people could pay their loans off early without penalty, but some consumers reported receiving the run-around. Avant dinged consumers for extra fees and interest and even reported to credit bureaus that loans were delinquent after consumers paid the quoted payoff amount.”.

FTC 46

FTC Federal Trade Commission Laws Settlement 46

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks, such as cybersecurity, interoperability, technology and money laundering and terrorism financing. .

Laws 47

Laws FinTech Money Laundering Interoperability 47

The Fintech Times

SEPTEMBER 7, 2024

Ticketmaster, the platform facilitating the sale, has come under fire for how it managed this system, and the UK Competition and Markets Authority (CMA) has since launched an investigation to determine if consumer protection laws were breached. Trust is the most important element of a merchant-consumer relationship.

On-Demand 59

On-Demand Laws AI Consumer 59

PYMNTS

SEPTEMBER 24, 2019

Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights. Hoffman added that the commission has held its own hearings on competition and consumer protection topics over the last year. The Federal Trade Commission (FTC) revealed details about its recent testimony before the U.S.

FTC 43

FTC Federal Trade Commission Laws Legal Framework 43

PYMNTS

APRIL 20, 2020

PYMNTS’ Navigating the COVID-19 Pandemic: How the Paycheck-to-Paycheck Economy Is Beginning to Buckle reveals that the consumers who have already been hit hard by the epidemic, economically speaking, are bracing for an even harder future. Of the U.S. workers we spoke to, 48.8 percent reported being “very” or “extremely” concerned.

Consumer 56

Consumer Underwriting Economy Laws 56

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. Singapore is preparing for a FinTech revolution. “It would also give MAS the flexibility to address emerging risks such as cyber security, interoperability, technology, and money laundering and terrorism financing. .

Laws 40

Laws FinTech Money Laundering Interoperability 40

The Payments Association

OCTOBER 28, 2024

In the world of digital payments, fraud is an ever-present threat that continues to evolve, creating serious risks for both businesses and consumers. This can be attributed to the increasing sophistication of fraud detection tools, improved authentication measures, and greater consumer awareness of phishing scams.

Scams 88

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

The Fintech Times

SEPTEMBER 4, 2024

The regulator defended the reduced threshold as maintaining strong consumer protections while addressing concerns from financial firms. Rocio Concha, director of policy and advocacy at UK consumer body Which?, Consumer protection is at the centre of our proposal.

Regulations 59

Regulations Scams Payments Caps 59

Stax

FEBRUARY 5, 2024

TL;DR Surcharges are additional fees consumers pay on top of the base price of goods or services. Cost recovery, industry standards, regulatory compliance, and consumer sensitivity are key factors to consider when calculating surcharges. Surcharges are additional fees consumers pay on top of the base price of goods or services.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

Stax

JANUARY 15, 2024

Surcharging involves understanding federal laws, state-specific restrictions, and international regulations. Consumers pay more for the convenience. Be sure to understand federal laws, state regulations, and international standards to sidestep potential legal issues. To put it simply, it’s a matter of compromise.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

PYMNTS

FEBRUARY 6, 2020

5) hearing before the House Financial Services Committee , representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. The hearing was titled “Rent-a-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”.

Caps 52

Caps Laws Non-Bank Regulations 52

PYMNTS

DECEMBER 14, 2020

The FTC is working with 19 other federal, state and local law enforcement partners in the effort. Scammers are preying on the unemployment and anxiety arising from the pandemic by making false promises of big income working from home,” said Andrew Smith , director of the FTC’s Bureau of Consumer Protection , in the release. “If

FTC 76

FTC Scams Federal Trade Commission Law Enforcement 76

PYMNTS

MAY 19, 2020

million to settle allegations that they laundered credit card transactions for scams targeting hundreds of thousands of consumers, the Federal Trade Commission (FTC) said on Tuesday (May 19). The FTC said it will use the money to provide refunds to consumers allegedly harmed in the case. In 2014, Visa required First Data to return $18.7

FTC 66

FTC Federal Trade Commission ISOs Credit Cards 66