The Fintech Times

NOVEMBER 27, 2024

Despite the fact that investing in crypto remains unregulated and high-risk, consumers appear to increasingly consider cryptoassets as part of ‘a wider investment portfolio’, leading to 26 per cent dipping into their long-term savings to purchase them. Can the FCA move fast enough?

Regulations 112

Regulations Stablecoins Risk Consulting 112

Fintech News

APRIL 10, 2024

These efforts cover a comprehensive range of regulatory concerns, including but not limited to licensing requirements, reserve asset management, redemption rights, capital adequacy, consumer protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) guidelines.

Stablecoins 125

Stablecoins Regulations Risk Mitigation Digital Currency 125

Neopay

NOVEMBER 25, 2024

The UK’s financial ecosystem is evolving rapidly, and with it comes the need for robust safeguarding measures to protect consumer funds. These changes aim to address persistent issues in safeguarding practices and enhance consumer protection. Firms will need to ensure they are audit-ready throughout the year. What’s next?

Consumer Protection 52

Consumer Protection Consumer Audit Compliance 52

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.

APACS 112

APACS Regulations Cross-Border Cross-Border Payments 112

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.”

Zelle 131

Zelle CFPB Funds Transfer Consumer Protection 131

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. A2A payments The new Apple-open banking combo gives consumers the option to make account-to-account (A2A) payments and also cuts out cards altogether.

Consumer Protection 69

Consumer Protection Stablecoins Payments Trends Consumer 69

The Fintech Times

SEPTEMBER 27, 2024

The Financial Conduct Authority (FCA) is consulting on proposals that it hopes will better protect consumers when payments and e-money firms go out of business. Currently, the Financial Services Compensation Scheme (FSCS) does not directly protect funds held by payments and e-money firms. .

Consumer Protection 59

Consumer Protection Consumer Consulting Payments 59

Fintech Finance

DECEMBER 18, 2023

The project seeks to establish a new community of stakeholders, including digital financial service providers, regulatory bodies, consumer advocates, and technology companies, to address the increasing complexity of the digital finance ecosystem. They no longer work to inform, protect, and empower consumers effectively.

Consumer Protection 52

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

Regulations 88

Regulations Consumer Protection Security FinTech 88

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.

Consumer Protection 52

Consumer Protection AI Automation Consumer 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. This employment distribution signals a stabilisation of the sector, poised for sustained growth and innovation.

FinTech 139

FinTech Consumer Financial Inclusion On-Demand 139

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. 2023 saw the introduction of a new Consumer Duty, setting higher and clearer standards of consumer protection across financial services, and requiring firms to put customers’ needs first.

Consumer 111

Consumer Financial Literacy Regulations AI 111

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

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

Scams 100

Scams Consumer Protection Regulations Consumer 100

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

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. And taking advantage of the help, the agency said, should not affect credit ratings for consumers.

Regulations 84

Regulations Credit Cards Consumer Protection Authorization 84

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

The Fintech Times

DECEMBER 11, 2024

Many payment industry leaders are struggling with the complexities of the Markets in Crypto-Assets Regulation (MiCA), with 37 per cent citing uncertainty over which regulatory requirements apply to their businesses.

Regulations 69

Regulations Cross-Border Payments Cross-Border Stablecoins 69

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.

Visa 90

Visa Regulations Payments Acquirers 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.

CFPB 97

CFPB Credit Cards BNPL Consumer Protection 97

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. Those failing to comply will be deemed unlicensed or illegal.

Consumer Protection 113

Consumer Protection Risk Management Regulations Legal 113

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.

P2P 108

P2P Caps Consumer Protection Risk Management 108

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.

Cryptocurrency 101

Cryptocurrency Consumer Protection Regulations Participant 101

Fintech News

NOVEMBER 20, 2024

The Monetary Authority of Singapore (MAS) is streamlining the product approval process for life insurers while maintaining robust consumer protection. This allows MAS to thoroughly assess these novel products for adequate pricing, capitalisation, and consumer disclosures before they are launched.

Product 96

Product Process Consumer Protection Compliance 96

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.”

Regulations 96

Regulations Consumer Protection Authorization PayPal 96

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?

BNPL 64

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

Payments 116

Payments Consumer Protection Authorization On-Demand 116

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.”.

Regulations 56

Regulations Federal Reserve Consumer Protection Authorization 56

The Payments Association

NOVEMBER 28, 2024

In the UK, consumers and businesses make around 1,500 transactions every second. PSD3 builds on PSD2 by clarifying regulations, expanding bank liability, and introducing stricter IT and risk standards. The PSR (Payment Service Regulation) complements the Payment Service Directive, leading to directly applicable law in all EU states.

Authentication 88

Authentication Regulations IBAN Rules 88

The Payments Association

DECEMBER 11, 2024

It highlights the need for a strategic, proportionate approach to safeguarding that aligns with broader regulatory and consumer protection goals. In January 2023, HM Treasury issued the Payment Services Regulations: Review and Call for Evidence. Why is it important? What’s next? years to a central estimate of 1.3

Treasury 88

Treasury Payments Consulting Consumer Protection 88

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

Fintech News

SEPTEMBER 29, 2024

Tackling BNPL risks BNPL is a payment option that allows consumers to purchase items and pay for them in installments over a period of time, rather than paying the full amount upfront. million active BNPL users, according to the Consumer Credit Oversight Board (CCOB). In Indonesia, consumer debt related to BNPL schemes reached IDR 6.13

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

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

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.

Assessments 54

Assessments Regulations Federal Reserve Consumer Protection 54

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.

Regulations 52

Regulations Financial Inclusion Consumer Protection Origination 52

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. So the announcement is confusing.

BNPL 52

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

The Paypers

DECEMBER 20, 2023

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

Consumer Protection 41

Consumer Protection Consumer Regulations Payments 41