TheGuardian

FEBRUARY 20, 2024

Senator says $35bn deal merging two of the largest US credit card firms would ‘threaten financial stability’ and reduce competition Senator Elizabeth Warren has urged regulators to block Capital One’s $35bn takeover of Discover Financial, arguing that combining two of the US’s largest credit card companies would harm consumers and challenge financial (..)

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Capital Regulation US Cards 104

PYMNTS

DECEMBER 16, 2020

According to Mexican regulators, the two companies in charge of the country's credit and debit settlements represent "a near monopoly," and big businesses need to sell shares in those companies, the Associated Press (AP) reported. In addition, Mexican payment systems often break down and make it more difficult to use cards.

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Regulation System Cards Fraud 209

CFPB Monitor

OCTOBER 30, 2023

As we previously blogged , the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap.

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Cards Meeting Regulation 117

CFPB Monitor

OCTOBER 5, 2022

On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. The final rule will be effective July 1. Given this continued uncertainty, I do not support the final rule.”.

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Payments Dive

FEBRUARY 21, 2024

While the $35 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

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Capital Lending Regulation Cards 221

Bank Innovation

JANUARY 31, 2020

This week, the Consumer Financial Protection Bureau filed suit against Citizens Bank, alleging violations of the Truth in Lending Act (TILA), including implementing Regulation Z and the Credit Card Accountability Responsibility and Disclosure Act.

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Cards Lending Regulation Management 259

PYMNTS

MAY 18, 2017

In the latest development in New York state’s debate over payroll card regulation, Department of Labor has reportedly appealed an earlier decision that invalidated and revoked earlier regulations on payroll cards issued by the Department. The regulations, it continued, overlapped bank regulations on payroll card fees.

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New York Regulation Cards Report 100

Abrigo

AUGUST 27, 2020

Regulators have determined there are five top hot topics that institutions should expect during their next exam. Early communication with your regulator is key to understanding the struggles and successes of managing a BSA/AML program during a global pandemic. 5 Things Regulators Will Look For In Your Next Exam. Card Fraud.

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Regulation Fraud Compliance Trends 195

PYMNTS

JULY 24, 2018

New York’s years-long payroll card regulation saga took an unexpected turn recently when the New York State Supreme Court annulled a previous appellate court ruling, reviving efforts to introduce stricter payroll card rules. Employers would also have to receive consent from their workers to receive wages via payroll card.

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Regulation Cards New York Alabama 101

PYMNTS

FEBRUARY 23, 2017

A board of appeals in New York state has revoked earlier regulations surrounding payroll cards developed by the New York State Labor Department after determining that the NYSDOL exceeded its rulemaking authority under the New York State Commissioner. Reports in the National Law Review Tuesday (Feb. ”

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Regulation Cards New York ATM 108

PYMNTS

DECEMBER 14, 2020

In today’s top payments news around the world, Chase Bank and Mastercard have joined forces with Air Canada to debut the airline’s Aeroplan credit card in the U.S., while Mexico antitrust regulator Cofece has reportedly given the go-ahead to the acquisition of Cornershop by Uber.

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Regulation Cards Payments United States 141

PYMNTS

JULY 25, 2018

The Payments Systems Regulator (PSR), Britain’s official payment watchdog group, has announced it will be reviewing banks that process card transactions on merchants’ behalf to evaluate whether customers are getting the best deal. “Card payments are critical to the smooth running of the U.K.

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CFPB Monitor

JANUARY 29, 2024

In October 2023, the Federal Reserve Board issued a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The due date for comments on this proposal, originally February 12, 2024, has been extended to May 12, 2024.

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Cards Regulation 78

PYMNTS

DECEMBER 31, 2020

Synchrony Bank will be able to offer a combination secured/unsecured credit card under a Consumer Financial Protection Bureau order posted Wednesday (Dec. Like other secured card offerings, the DFCC offers such consumers the opportunity to improve or establish their credit profile.".

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Security Cards Trends Regulation 246

Payments Dive

MARCH 26, 2024

Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.

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Capital Regulation Cards Marketing 195

PYMNTS

FEBRUARY 7, 2020

The European Union has issued new rules for contactless payments, which has caused confusion and forced one digital bank to issue new cards, according to a report in the Telegraph. The Strong Customer Authentication (SCA) regulations say a bank has to verify a person’s identity whenever they make a payment that totals 100 euros ($109.45).

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Cards Regulation Digital Banking Maine 204

PYMNTS

NOVEMBER 25, 2020

The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov.

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Regulation Bitcoin Cleveland Study 231

PYMNTS

SEPTEMBER 5, 2016

Changes to commercial card regulations could be tripping up small businesses in Australia, according to reports on Friday (Sept. Paying with a commercial card means up to 55 days interest-free (an offer from the cards’ issuing banks). An interchange fee cap means less profits for the banks. would impact the market.

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Regulation Cards Report Lending 100

PYMNTS

JANUARY 7, 2021

(AmEx) harnessed strong and deceptive sales practices for card sales to business owners and if clients experienced negative effects, The Wall Street Journal reported Thursday (Jan. 7), citing unnamed sources. Representatives of the Fed, FDIC and Treasury inspectors general offices would not comment on the matter, the paper reported.

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Cards FDIC Policies Risk Management 242

Abrigo

AUGUST 27, 2020

Regulators have determined there are five top hot topics that institutions should expect during their next exam. Early communication with your regulator is key to understanding the struggles and successes of managing a BSA/AML program during a global pandemic. 5 Things Regulators Will Look For In Your Next Exam. Card Fraud.

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Regulation Fraud Compliance Lending 195

CFPB Monitor

SEPTEMBER 18, 2023

The CFPB recently posted on its website a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank.

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Cards Regulation 78

CFPB Monitor

JANUARY 24, 2024

The Board of Governors of the Federal Reserve (the “Board”) has announced that it is extending the comment period for its proposed changes to its debit card interchange fee rule until May 12, 2024. On October 25, 2023, the Board issued a Notice of Proposed Rulemaking for Regulation II. Comments were originally due on February 12, 2024.

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Cards Regulation 78

Bank Innovation

NOVEMBER 11, 2019

A Wall Street regulator is opening a probe into Goldman Sachs Group Inc.’s s credit card practices after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card’s algorithms when determining credit limits.

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Apple Cards Regulation Groups 186

CFPB Monitor

JANUARY 12, 2023

in which it argues that a prepaid card loaded with pandemic-related unemployment benefits is a “prepaid account” subject to Regulation E, including its error resolution requirements. The CFPB has filed an amicus brief in Mohamed v. Bank of America, N.A.

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Regulation America Cards 148

PYMNTS

FEBRUARY 27, 2019

card company interchange fees reached new levels earlier this year when the European Commission (EC) issued a $648.3 million fine against Mastercard for its swipe fees, which regulators said drove up prices for retailers and consumers, and hampered competition. ” The Commercial Card Debate.

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Cards Retail Regulation Payments 176

PYMNTS

JUNE 22, 2020

A cyberattack from Maze ransomware against global business and tech firm Cognizant mostly hit the company’s corporate cards that had been issued to employees, the company told authorities, according to The Times of India. Also, the FBI has been called to assist with finding out the perpetrator.

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Cards Fraud Course Report 257

PYMNTS

DECEMBER 23, 2020

That arm of the financial technology (FinTech) giant offers a virtual credit card. Chinese regulators are looking to strengthen the rules for FinTechs. The Chinese government’s action took place after a falling out between regulators and Alibaba billionaire Jack Ma. The company did not elaborate.

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Groups Cards Regulation Fintech 242

PYMNTS

FEBRUARY 6, 2019

Fleet payments company FLEETCOR is facing criticism over fees associated with its fleet cards, according to reports in Bloomberg last week, which small businesses (SMBs) say are too high. The issue mirrors the debate over payroll card fees, and raises new concerns over fees linked to card products for businesses, including interchange fees.

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PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct.

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Regulation Cards Digital Banking social media 100

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.

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Regulation Guidelines Maine Cards 210

PYMNTS

JULY 1, 2020

Keeping up with customers’ shifting behaviors and preferences amid changing regulations is a familiar challenge for today’s small- to medium-sized businesses (SMBs), but the pandemic’s impact on the scale of digital payments has steepened the learning curve for these merchants. One study found that card-not-present (CNP) transactions rose 29.7

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Regulation Payments Study Online 160

Payments Dive

MARCH 10, 2022

Some consumers are charging buy now-pay later installment payments to their credit cards, and that should serve as a "warning flag" to regulators, said three economists who authored the research paper.

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Study Regulation Cards Payments 476

PYMNTS

DECEMBER 12, 2018

The number of merchants accepting card payments around the world grew by 13 percent in 2017, to 69.2 RBR, a research and consulting firm for banking and retail, released a forecast of payment card data through 2023, and found that card payment acceptance is growing at a fast rate. million, according to a report.

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Cards Payments Regulation Regional 178

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.

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Regulation social media Study Data 136

PYMNTS

JULY 2, 2020

With the pandemic nudging businesses further into the digital payments realm, commercial card innovation is heating up to capitalize on the opportunity for adoption. Boost Bolsters BMO Harris Bank’s Biz Cards. Global Cash Card’s Legal Saga Ends. ADP Eyes Payroll Card Adoption Jump.

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Cards New York Capital Compliance 208

PYMNTS

JUNE 25, 2020

In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. Samsung To Roll Out Pay Card For Digital Wallet With Mastercard, Curve. plans to offer a Samsung Pay Card that will operate like a digital wall for customers.

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New York cryptocurrency Regulation Samsung 248

PYMNTS

NOVEMBER 26, 2019

In recent years, the market has gone from one struggling with high financial illiteracy and limited card acceptance, to a bright spot in Europe for FinTech innovation. Regulation is perhaps the strongest driver of Lithuania’s FinTech-friendly environment. Lithuania wants to become a global FinTech powerhouse. Resuming Operations.

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Compliance Regulation Fintech Resources 182