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.

Consumer Financial Protection Bureau (CFPB) 130

Consumer Financial Protection Bureau (CFPB) Rules CFPB Finance 130

Finextra

MAY 22, 2024

The US Consumer Financial Protection Bureau has ruled that buy now, pay later lenders should be treated in the same way as credit cards.

Credit Cards 122

Credit Cards Rules CFPB BNPL 122

Payments Dive

NOVEMBER 21, 2024

In finalizing the new rule to oversee digital wallet providers Thursday, the Consumer Financial Protection Bureau said it made important changes to its initial proposal.

Rules 103

Rules CFPB Payments Consumer 103

Finextra

NOVEMBER 12, 2024

UK financial regulators have confirmed new rules to bolster the resilience of technology and other third parties providing key services to financial firms.

Rules 124

Rules Regulations Technology 124

Payments Dive

JULY 25, 2024

Nico Simko supports the Consumer Financial Protection Bureau’s recent rule proposal, and it may be a competitive advantage for him.

Rules 103

Rules CFPB Consumer 103

Payments Dive

DECEMBER 3, 2024

With the proposal, the federal agency aims to crack down on fraudsters and others seeking to use sensitive personal information for illicit activities.

CFPB 170

CFPB Rules Consumer 170

The Fintech Times

NOVEMBER 19, 2024

After being told of the new rules, that significantly ease the financial burden should they fall victim to a payment scam, 60 per cent of respondents consider them fair. Meanwhile, 67 per cent believe these rules will make banks do more to protect their customers from falling victim to fraud in the first place.

Scams 105

Scams Rules Payments Regulations 105

Finextra

FEBRUARY 26, 2024

The European Council has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

Instant Payments 136

Instant Payments Rules Payments Regulations 136

Payments Dive

JULY 29, 2024

In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.

BNPL 97

BNPL Rules Credit Cards Regulations 97

Fintech Finance

SEPTEMBER 25, 2024

Matthew Long, Director of Payments and Digital Assets, said: ‘We’re consulting on proposals to make safeguarding rules stronger and clearer for payment and e-money firms so customers get as much of their money back as quickly as possible if the firm goes out of business.’

Rules 98

Rules Payments Consulting Returns 98

Fintech News

MAY 15, 2024

This initiative follows an earlier public consultation on the proposed principles for amending capital rules for digital asset operators, which included capital requirements for those in securities and derivatives. The post Thai SEC Seeks Public Input on Revised Capital Rules for Digital Asset Operators appeared first on Fintech Singapore.

Rules 113

Rules Consulting Regulations Adjustments 113

Payments Dive

OCTOBER 22, 2024

In a change from last year’s proposal, payment apps are included under the rule. Financial institutions with less than $850 million in assets are exempt.

Rules 88

Rules CFPB Payments 88

The Payments Association

SEPTEMBER 27, 2024

A long time in the making, the Financial Conduct Authority has finally opened a consultation on new safeguarding rules for payments and e-money firms. Read more

Rules 88

Rules Consulting Payments Authorization 88

Fintech Finance

JULY 19, 2024

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. When the paycheck advance product is no-fee and truly free to the employee, many requirements would not apply.

CFPB 105

CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

Fintech Finance

NOVEMBER 18, 2024

A survey of 2,000 UK adults has found that less than three in ten (29%) UK adults are aware of the new regulations – rules that significantly ease the financial burden in the event they fall victim to a payment scam. Reimbursement is popular but doesn’t solve the bigger issue The rules do not, however, alleviate all concerns.

Scams 91

Scams Rules Regulations Consulting 91

Fintech Finance

JULY 15, 2024

The new proposed Interpretive Rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.

Consumer Financial Protection Bureau (CFPB) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

Fintech News

SEPTEMBER 4, 2024

Featured image credit: Edited from Freepik The post Thai SEC Updates Rules for Digital Asset Payments, Opens Door to BOT Sandbox appeared first on Fintech Singapore.

Bots 105

Bots Rules Participant Issuers 105

Fintech Finance

OCTOBER 7, 2024

The new rules from the Payment Systems Regulator (PSR) make it a mandatory requirement for banks to cover consumers’ losses from APP fraud up to £85,000, as long as they haven’t been “grossly negligent”. In 2023, fraudsters stole nearly £1.2 billion in the UK. Victims of APP fraud lost £459.7 million, and got back 62% of that amount.

Rules 94

Rules Research Finance Accounts 94

The Payments Association

OCTOBER 22, 2024

As of October 7, all UK payment firms making use of the faster payment system (FPS) are required to refund fraud victims up to £85,000 within five days under new rules set by the Payment Systems Regulator (PSR). Further, it is unclear whether the rules address the complexities and evolving fraud tactics.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

Fintech News

APRIL 2, 2024

The post MAS Bolsters Crypto Payment Rules, Here’s What You Need to Know appeared first on Fintech Singapore. The MAS has also released guidelines and documentation to assist entities in navigating the changes and ensuring compliance with the new regulatory framework.

Rules 116

Rules Accreditation Money Laundering Caps 116

The Payments Association

OCTOBER 23, 2024

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). See our previous Sidley Update on that review.

Rules 88

Rules Payments Institute Authorization Reconciliation 88

Payments Dive

SEPTEMBER 5, 2024

“The CFPB’s plan to reclassify EWA as a loan could accidentally backfire on the agency by driving people right back to the payday lending industry,” writes one tech trade group professional.

Rules 109

Rules CFPB 109

Payments Dive

AUGUST 21, 2024

Earned wage access providers that backed state laws friendly to the industry are preparing for a fight over the Consumer Financial Protection Bureau’s plan to treat such payments like loans.

CFPB 113

CFPB Rules Laws Consumer 113

Payments Dive

OCTOBER 28, 2024

Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d even read it.

Rules 78

Rules CFPB Consumer 78

Finextra

OCTOBER 23, 2024

The Bank Policy Institute and Kentucky Bankers Association have filed a lawsuit against the Consumer Financial Protection Bureau, alleging that the regulatory agency overstepped its authority on the release of new open banking rules

Rules 78

Rules CFPB Authorization Consumer 78

Payments Dive

OCTOBER 29, 2024

The Consumer Financial Protection Bureau released its final open banking rule this month, leading the payments and financial services industries to begin preparing for a new era in data-sharing.

Rules 190

Rules Payments Consumer 190

Payments Dive

JANUARY 8, 2024

The card network company is boosting efforts to enforce surcharge rules, with non-compliance potentially resulting in fines up to $1 million, according to one card processor.

Processors 179

Processors Rules Compliance 179

Payments Dive

DECEMBER 12, 2022

The payments company, which went public in June 2020, isn’t ruling out a return to being private, its CEO said.

Returns 183

Returns Rules Payments 183

Payments Dive

JUNE 24, 2024

The persistence of the networks’ ‘honor all cards’ rule may be a key reason Judge Margo Brodie is unlikely to approve a negotiated resolution of the two-decade-old case brought by merchants.

Settlement 167

Settlement Visa Rules 167

VISTA InfoSec

JULY 17, 2024

Overcoming language barriers and security vulnerabilities Talking to people in a language they understand makes it easier for them to follow security rules. Navigate legal and regulatory frameworks Dealing with laws and rules about cybersecurity in different countries is a must. People retain stories better than just facts or rules.

Cybersecurity 231

Cybersecurity Compliance Encryption Best Practices 231

Payments Dive

MAY 2, 2022

"We urge Director Rohit Chopra to update the CFPB’s outdated remittance rule and take on the high cost of international payments," the Financial Technology Association says in this op-ed piece.

CFPB 181

CFPB International Payments Rules Technology 181

Payments Dive

APRIL 17, 2024

Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

Caps 161

Caps Card Issuer CFPB Issuers 161

Payments Dive

MARCH 15, 2024

“We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.

CFPB 161

CFPB Rules Consumer 161

Payments Dive

FEBRUARY 1, 2023

The Consumer Financial Protection Bureau proposed a new rule that would effectively cap credit card late fees and potentially save Americans $9 billion.

Credit Cards 167

Credit Cards CFPB Caps Rules 167

Payments Dive

JULY 6, 2023

The Federal Trade Commission revved up its case against Walmart last week, alleging the retailer facilitated fraudulent transactions, despite a court ruling setback in March.

Federal Trade Commission 167

Federal Trade Commission FTC Facilitators Rules 167

Payments Dive

JUNE 14, 2023

with plans for a rule proposal and oversight of standard-setting in the evolving arena. The agency is eager to encourage open banking in the U.S.,

CFPB 166

CFPB Rules 166

Finextra

NOVEMBER 29, 2024

The European Commission has adopted rules for the core functionalities and certification of the European Digital Identity Wallets as 2026 deadline nears.

Rules 129

Rules 129