Payments Source

SEPTEMBER 24, 2020

But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation. The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard.

Regulations 144

Regulations OCC Consumer Protection FinTech 144

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon. This transition is currently in progress.

APACS 112

APACS Regulations Stablecoins Cryptocurrency 112

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

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 120

Stablecoins Regulations Risk Mitigation Digital Currency 120

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 107

APACS Regulations Cross-Border Cross-Border Payments 107

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 57

Regulations Scams Payments Caps 57

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

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

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

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

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

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 62

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 62

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) 92

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 92

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

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 Consulting 90

The Fintech Times

NOVEMBER 9, 2024

Online cash advance app, Dave is feeling the heat from the Federal Trade Commission (FTC) as the regulator has taken action against it for misleading marketing. Whether the products are called cash advances, payday loans, or something else, the FTC will take action to protect consumers from unauthorised charges and deceptive claims.”

FTC 62

FTC Consumer Federal Trade Commission Accounts 62

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 109

Consumer Financial Literacy Regulations AI 109

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

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 61

Product Process Consumer Protection Compliance 61

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

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 89

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 89

Finextra

OCTOBER 23, 2024

In an interview with FinextraTV in the lead-up to Sibos 2024, Pilar Fragalà, Chief Commercial Officer of CBI, explores the impact of digital technologies and regulations on payment services.

IBAN 64

IBAN Technology Embedded Finance Instant Payments 64

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 57

Consumer Rules Duplicate Regulations 57

The Paypers

NOVEMBER 25, 2022

The International Monetary Fund (IMF) has proposed an increase in regulation and better consumer protection in Africa’s cryptocurrency market.

Regulations 45

Regulations Consumer Protection Cryptocurrency Consumer 45

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. Regulation F affects everything from debtor communication to multi-state compliance. What is the FDCPA?

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

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

MAY 11, 2024

A refreshing sentiment that stands in stark contrast to the usual grumblings elsewhere that regulations hinder innovation. In Dubai, stakeholders view regulations as a catalyst for growth and success, providing a sturdy foundation that drives the thriving developments in the fintech sector.

Regulations 57

Regulations FinTech Innovation Authorization 57

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

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 102

P2P Caps Consumer Protection Risk Management 102

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 87

Regulations Consumer Protection Authorization PayPal 87

The Payments Association

AUGUST 14, 2024

Regulatory changes in BNPL, cVRPs, and digital wallets aim to boost e-commerce innovation and competition while safeguarding consumer protection and market stability. Read more

BNPL 88

BNPL Consumer Protection Payments Innovation 88

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 138

FinTech Consumer Financial Inclusion On-Demand 138

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 62

Regulatory Compliance Consumer Protection Compliance Regulations 62

The Payments Association

JUNE 7, 2024

The Consumer Rights Act 2015 aimed to unify UK consumer protections, but rapid digital advances in banking have necessitated a stronger focus on fraud protection. Read more

Consumer Protection 88

Consumer Protection Consumer Compliance Regulations 88

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 109

Consumer Protection Risk Management Regulations Legal 109

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 67

Treasury AI Innovation FinTech 67

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