Fintech News

JUNE 5, 2024

Currently, most BNPL products are not covered by the National Consumer Credit Act, leaving consumers without the same protections such as affordability checks that apply to credit cards and loans. BNPL providers will need to assess whether their products are suitable and affordable for consumers.

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Regulations BNPL Product Consumer Protection 109

PYMNTS

JULY 23, 2020

Axios reported the investigation is examining Apple’s possible use of deceptive trade practices that may have broken consumer protection laws. It is important that Apple’s measures do not deny consumers the benefits of new payment technologies, including better choice, quality, innovation and competitive prices.”.

Consumer Protection 63

Consumer Protection Consumer Laws Legal 63

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 Payments Association

DECEMBER 2, 2024

2024 reshaped payments with instant payment mandates, crypto regulations, and enhanced consumer protection driving innovation and security. In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

Neopay

OCTOBER 11, 2024

The Financial Conduct Authority (FCA) recently published the findings from its review of how payment firms have implemented the Consumer Duty (the Duty), which came into force on July 31, 2023, for open products and services.

Consumer 52

Consumer Assessments Payments Compliance 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 63

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

NOVEMBER 9, 2024

According to Samuel Levine , director of the FTC’s Bureau of Consumer Protection: “Dave lured in consumers living paycheck-to-paycheck with false claims of big-dollar advances, then reached into their pockets to give itself a so-called ‘tip’. Only a tiny amount of consumers received the payout. Not very helpful.”

FTC 63

FTC Consumer Federal Trade Commission Accounts 63

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 110

Consumer Financial Literacy Regulations AI 110

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 58

Consumer Void Advisors SWIFT 58

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

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 142

FinTech Consumer Financial Inclusion On-Demand 142

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.

BNPL 112

BNPL Regulations Finance Consumer Protection 112

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 106

The Fintech Times

AUGUST 3, 2024

The Financial Conduct Authority (FCA) introduced Consumer Duty, aiming to improve consumer protection standards across the financial industry. In 2023, the FCA described Consumer Duty as a ‘cornerstone’ to of three-year plan to improve standards across the UK.

Consumer 58

Consumer Rules Duplicate Regulations 58

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.

P2P 111

P2P Caps Consumer Protection Risk Management 111

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

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 63

Regulatory Compliance Consumer Protection Compliance Regulations 63

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 109

Consumer Protection Risk Management Regulations Legal 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 63

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.’”.

Laws 57

Laws Consumer Consumer Protection Rules 57

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

Neopay

SEPTEMBER 6, 2024

Protecting consumers and tackling financial crime According to its annual report, the FCA’s impact on consumer protection continues to grow. In 2023, it doubled the number of firm authorisation cancellations to 1,261, an indication of its efforts to clamp down on firms and individuals posing risks to consumers.

Financial Crimes 52

Financial Crimes Crime Consumer Protection 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.

Consumer Financial Protection Bureau (CFPB) 69

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69

The Payments Association

NOVEMBER 13, 2024

Their offerings have laid the groundwork for an expanding portfolio of enterprise products and services that merge traditional finance with crypto innovations. It will also help cement critical consumer protections necessary to give users the confidence to engage in new products and services.

Blockchain 88

Blockchain Use Case Financial Inclusion Stablecoins 88

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

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

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

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

The Fintech Times

APRIL 27, 2024

Open finance provides a platform that gives UAE customers the power and capability to securely and efficiently share the data of their financial products with third parties or other financial institutions. Perks of open finance Open finance enables product and service innovation.

Finance 58

Finance Financial Crimes Crime Consumer Protection 58

The Payments Association

DECEMBER 2, 2024

The future of payments is evolving at an unprecedented pace, driven by innovation, regulation, and shifting consumer behaviours and, most importantly, payments professionals. Find me a business that doesn’t value a secure, compliant product, and you’ve also found me a business that I don’t want to use or work with.

Cross-Border 88

Cross-Border Payments Compliance Regulations 88

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 68

Treasury AI Innovation FinTech 68

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.

Cryptocurrency 82

Cryptocurrency Financial Inclusion Consumer Protection Payments 82

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

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 Payments Association

NOVEMBER 29, 2024

Reinventing dispute management Jones advised banks to reinvent digital commerce through product strategies that combine proprietary development, best-of-breed fintech, third-party solutions and competition. One example of best-of-breed fintech solutions is Amiko, the virtual agent of Rivero’s dispute management solution.

Disputes 88

Disputes Issuers Card Issuer Payment APIs and Integration 88