PYMNTS

JANUARY 23, 2020

Parliament’s Internal Market and Consumer Protection Committee issued a resolution Thursday (Jan. Because of that, the group said proposals to safety rules on products like toys or machinery should be tabled so that people are protected from harm and clear on how to use the products.

Consumer Protection 52

Consumer Protection AI Automation Consumer 52

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. Are consumers protected?

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

Fintech Finance

JULY 15, 2024

Regulatory clarity and consistent standards are critical for providers offering safe, transparent and responsible financial services and even more important for consumers who expect protections when utilizing financial services including Buy Now Pay Later,” said Phil Goldfeder, Chief Executive Officer of AFC.

Consumer Financial Protection Bureau (CFPB) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

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.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

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

The Fintech Times

DECEMBER 15, 2023

the consumer advisor. s monthly Consumer Insight Tracker found that trust in the insurance industry has dropped to a confidence score of -24. Since it started being tracked in August 2020, the industry has never seen 44 per cent of consumers say they do not trust insurance companies. Rocio Concha , Which?

Consumer 59

Consumer Void SWIFT Advisors 59

Neopay

JULY 2, 2024

The Financial Conduct Authority (FCA) recently published the results of a multi-firm review focusing on outcomes monitoring under the Consumer Duty. Overview of the review The FCA’s review aims to ensure that firms are effectively monitoring and achieving good consumer outcomes as required by the Consumer Duty.

Consumer 52

Consumer Compliance Regulatory Compliance Assessments 52

The Fintech Times

DECEMBER 19, 2023

Buy now, pay later (BNPL) services have become significant in the realm of short-term unsecured consumer finance, often tied to specific products and offering instalment repayments, without accruing interest. The BNPL transaction involves three key players: the consumer, the merchant, and the BNPL service provider.

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BNPL Regulations Finance Consumer Protection 113

Fintech News

FEBRUARY 26, 2024

This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments. Source: The Future of Global Fintech: Towards Resilient and Inclusive Growth.

FinTech 141

FinTech Consumer Financial Inclusion On-Demand 141

Fintech News

MARCH 20, 2024

Buy Now, Pay Later (BNPL) firm Atome has teamed up with Chubb to co-create insurance products for its customer base across Singapore, Malaysia, the Philippines, and Indonesia. A second product, named “Shopping Secure,” is slated for release in the second quarter of the year, aiming to further extend consumer protection measures.

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BNPL Embedded Finance Consumer Protection Financial Inclusion 107

Fintech News

JULY 21, 2024

Indonesia’s Financial Services Authority (OJK) plans to raise the maximum limit for peer-to-peer (P2P) funding above the current IDR 2 billion cap, specifically for productive funding used for business and economic activities, rather than consumptive funding for personal use.

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P2P Caps Consumer Protection Risk Management 109

The Fintech Times

JULY 15, 2024

The American Fintech Council welcomed the recommendations by the CFPB but requested additional time and clarity to ensure that all BNPL providers, if necessary, can adjust their programmes to ensure they comply with new rules – to ensure consistent consumer product experiences.

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

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?

Regulatory Compliance 64

Regulatory Compliance Consumer Protection Compliance Regulations 64

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

Clearly Payments

MARCH 11, 2024

With near-instantaneous settlement times and lower transaction fees, businesses and consumers in Canada are increasingly turning to cryptocurrency for their payment needs. Focus on Consumer Protection: The government seems more focused on consumer protection and staying informed about the evolving crypto landscape.

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Cryptocurrency Financial Inclusion Consumer Protection Payments 104

Fintech News

MARCH 31, 2024

The Indonesian Financial Services Authority (OJK) has issued a new mandate requiring all financial institutions introducing new products and services, including those related to crypto assets, to participate in a regulatory sandbox. Those failing to comply will be deemed unlicensed or illegal.

Consumer Protection 111

Consumer Protection Risk Management Regulations Legal 111

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

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Treasury AI Innovation FinTech 69

Finextra

MARCH 20, 2024

Chubb, a world leader in insurance, and Atome, one of Southeast Asia’s leading digital financial services platforms, today announced a regional partnership to help drive consumer protection across Southeast Asia.

Consumer Protection 52

Consumer Protection Product Consumer 52

PYMNTS

JANUARY 10, 2019

The court said the Dash buttons, which are small, Wi-Fi-connected devices that reorder items like laundry detergent and coffee, breaks consumer protection legislation because it doesn’t give consumers enough information about the product or its price. There should be unambiguous wording, such as ‘order and pay.’”.

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Laws Consumer Consumer Protection Rules 57

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.

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

Neopay

MARCH 22, 2024

The Financial Conduct Authority (FCA) has unveiled its Business Plan for 2024-25, setting forth an ambitious agenda for the final year of its 3-year strategy aimed at achieving better outcomes for consumers and markets. 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

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. Its purpose was to review the agency’s handling of authorized third-party access to consumer’s financial data. Congress created the legislation in 2010 that created the CFPB.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69

Open Banking Excellence

OCTOBER 6, 2023

Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.

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Consumer Financial Protection Bureau (CFPB) Rules CFPB Finance 130

Neopay

JUNE 24, 2024

The main areas of cross-sectoral focus included joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. DORA mandated the ESAs to develop several policy products before its application date of January 17, 2025, to supplement the legal framework.

Legal Framework 40

Legal Framework Financial Literacy Consumer Protection Risk Assessment 40

PYMNTS

JANUARY 7, 2020

This combination can make insurance coverage a natural extension of certain buyer-seller relationships – and some verticals like appliances and other big-ticket consumer goods have turned point-of-sale (POS) product insurance into a lucrative sideline. The effect amplifies after a consumer purchases POS insurance just once.

Product 52

Product Point-of-Sale (POS) Consumer Research 52

Neopay

JULY 30, 2024

This initiative follows the recent introduction of the Consumer Duty , designed to ensure that businesses deliver positive outcomes for consumers purchasing financial products and services. billion in the UK. Such changes could lower regulatory costs and enhance the competitiveness of the commercial insurance market.

Rules 52

Rules Regulations Consumer Protection Consumer 52

The Fintech Times

SEPTEMBER 5, 2024

Digital payments giant Visa is set to debut ‘Visa A2A’ in the UK early next year, offering consumers an enhanced digital user experience, advanced security features, and an easy-to-use dispute resolution service that represents a significant upgrade to the existing pay-by-bank experience.

Disputes 59

Disputes Payments Faster Payments Near Real-Time 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

OCTOBER 26, 2017

A new report reveals that the market for AI technologies could potentially generate more than $60 billion worth of productivity improvements per year. These innovations create new products and services that did not exist before. We also promote voluntary information-sharing on cyberattacks or hacks to better enable consumer protection.”

Product 40

Product AI Interoperability Encryption 40

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.

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

PYMNTS

SEPTEMBER 6, 2016

consumer protection officials worried. Consumer Product Safety Commission (CPSC) in the process. A federal official told the outlet that working with the CPSC can ensure that consumers are aware of the risks with continued use of a recalled product and that they understand their rights.

Consumer 40

Consumer Consumer Protection Procedures Product 40

Fintech Review

APRIL 2, 2024

Appeal to the Digital-Savvy Customer The allure of neobanks is deeply rooted in their adeptness at aligning with the needs and expectations of the modern consumer. Differentiation is critical in a market flooded with choices, posing a challenge for neobanks in capturing and retaining consumer attention.

Consumer Protection 79

Consumer Protection Innovation On-Demand Regulatory Compliance 79

PYMNTS

AUGUST 22, 2016

The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. The new appointees to the Consumer Advisory Board and the Academic Research Council will serve three-year terms, while the new members of the Community Bank and Credit Union Advisory Councils will have two-year terms. “The

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CFPB Consumer Financial Protection Bureau (CFPB) Credit Union Consumer 40

The Fintech Times

JANUARY 3, 2024

The American Fintech Council (AFC) has submitted its response to the Consumer Financial Protection Bureau (CFPB) on its open banking proposal. AFC, and its members strongly support consumers’ rights to make their own choices regarding their data and to grant access to data providers that they deem beneficial.” wrote Ian P.

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CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved 69

The Fintech Times

MAY 21, 2024

. “The payments industry has never been more competitive, which is reflected in the wide choice of payment options available to British consumers and businesses. Building and investing in the latest technologies, we power a first-class payments network which consumers, merchants and financial institutions can rely on.

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Visa Regulations Payments Consulting 90

PYMNTS

NOVEMBER 27, 2017

The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. The lawsuit is focused on Santander’s guaranteed auto protection financial product that protects car buyers from a portion of the cost if there is a serious crash.

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CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Product 40

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.

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On-Demand Laws AI Consumer 59