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

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

Payments Dive

MAY 17, 2024

The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

Rules 88

Rules CFPB FinTech Consumer 88

Payments Dive

SEPTEMBER 16, 2022

The Consumer Financial Protection Bureau is weighing new rules and guidance for the fast-growing buy now-pay later industry after wrapping up a comprehensive report on it.

Rules 158

Rules CFPB BNPL Consumer 158

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 Deepfake Caps 88

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

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

OCTOBER 4, 2022

In a 6-1 vote, the Federal Reserve finalized a debit card processing rule that underscores a requirement that multiple card networks be available for routing transactions, including online.

Rules 183

Rules Federal Reserve Fed Debit Card 183

NACHA

MARCH 17, 2024

HERNDON, Virginia, March 18, 2024 – Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. The new rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers).

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Credit Push NACHA Nacha Rules Rules 120

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

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

OCTOBER 21, 2024

The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) new buy now, pay later rules.

CFPB 64

CFPB Rules BNPL FinTech 64

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 96

Rules Payments Consulting Returns 96

Payments Dive

AUGUST 14, 2024

The Consumer Financial Protection Bureau’s earned wage access rule “could outright deny EWA to the wage earners who need it the most,” writes a trade group CEO.

Rules 78

Rules Consumer 78

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 53

Scams Rules Regulations Consulting 53

Bank Automation

OCTOBER 23, 2024

Experts are assessing the effects of the Personal Data Right rule on consumers, competition and innovation following the Consumer Financial Protection Bureau’s announcement of the finalized rule.

CFPB 52

CFPB Rules Innovation Assessments 52

The Payments Association

MAY 30, 2024

With less than five months to go before new mandatory reimbursement rules come into force for APP fraud, we take a look at what PSPs can learn from Regulatory expectations and how these can help firms prepare for the new requirements. Read more

Rules 88

Rules Financial Crimes Crime 88

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

Finextra

JULY 25, 2024

HSBC, Lloyds, TSB, and AIB have been rebuked by the UK's competition watchdog for failing to meet rules on providing customers with clear and up-to-date information.

Rules 75

Rules 75

The Paypers

NOVEMBER 13, 2024

UK financial regulators have established new rules aimed at enhancing the resilience of technology and third-party providers supporting financial firms.

Rules 66

Rules Service Provider Regulations Technology 66

Finextra

JULY 24, 2024

Banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new rules from the Financial Conduct Authority (FCA).

Rules 72

Rules ATM Authorization 72

Finovate

OCTOBER 22, 2024

financial services community has been waiting for for at least a year– the Consumer Financial Protection Bureau (CFPB) issued its final 1033 rule making. The new rule, issued in the form of a 594-page document, aims to enhance consumers’ rights, privacy, and security over their own personal financial data.

Rules 52

Rules Consumer Financial Protection Bureau (CFPB) CFPB GLBA 52

Stax

AUGUST 1, 2024

However, card brand rules and state and federal laws have been established to prevent merchants from abusing this privilege. In this article, we’ll explore Visa’s rules around credit card surcharging and what merchants need to know about them. Per the latest reports, Visa wants to enforce its surcharging rules more seriously.

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Rules Credit Cards Caps Processors 88

Fintech News

MARCH 26, 2024

Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solutio n through the Global Travel Rule (GTR) Alliance.

Travel Rule 112

Travel Rule Rules Compliance Transactions 112

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

Finextra

MAY 23, 2024

The US Consumer Financial Protection Bureau's new rule on buy now, pay later lenders has received a mixed reception from industry players, with Affirm welcoming the outcome but rival Klarna calling it "baffling".

Rules 75

Rules CFPB BNPL Consumer 75

Finextra

FEBRUARY 8, 2024

The European Parliament has adopted new rules to ensure transferred funds arrive within ten seconds into the bank accounts of retail customers and businesses across the EU.

Rules 108

Rules Accounts 108

Finextra

JULY 4, 2024

The European Banking Authority (EBA) issued today new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

Travel Rule 52

Travel Rule Rules Money Laundering Authorization 52

Bank Automation

JUNE 4, 2024

The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]

BNPL 80

BNPL Rules Card Issuer Credit Cards 80

Finextra

SEPTEMBER 25, 2024

The UK's Financial Conduct Authority has proposed rules designed to better protect customers when payments and e-money firms go out of business.

Rules 72

Rules Authorization Payments 72

The Payments Association

MARCH 28, 2024

The incoming PSR mandatory reimbursement rules for victims of authorised push payment (APP) fraud will require banks and other payment service providers (PSPs) to share the cost of reimbursing victims 50:50 between sending and receiving payment firms; a ~£500M bill that gets generated each year from APP fraud.

Rules 88

Rules Service Provider Technology Payments 88

The Nilson Report

OCTOBER 28, 2024

The post CFPB Finalizes Personal Financial Data Rights Rule appeared first on Nilson Report.

CFPB 52

CFPB Rules Posting Privacy 52

Payments Dive

JULY 18, 2023

The CEO of the private label card issuer expects a final rule on the CFPB’s proposed credit card late fee cap later this year, and litigation could follow, he said.

Rules 78

Rules Card Issuer CFPB Caps 78

Finextra

OCTOBER 17, 2024

The UK Government is pressing ahead with new rules designed to protect online shoppers using buy now, pay later products.

Rules 69

Rules Governance Government Product 69

Neopay

SEPTEMBER 26, 2024

Matthew Long, Director of Payments and Digital Assets at the FCA, emphasised the importance of these new measures: “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 52

Rules Payments Consulting Addressing 52

Payments Dive

DECEMBER 5, 2023

The Federal Trade Commission is scheduled to hear from six industry organizations concerned about a proposed rule that would crack down on automatically renewing subscriptions.

Federal Trade Commission 88

Federal Trade Commission Rules FTC 88

Finextra

AUGUST 14, 2024

The European Central Bank (ECB) has today published harmonised rules and arrangements for the mobilisation and management of collateral in Eurosystem credit operations marking a step towards further financial integration in the euro area and the capital markets union.

Rules 52

Rules Central Bank 52