States race ahead of US lawmakers in payments
Payments Dive
JANUARY 12, 2024
State lawmakers and regulators are out-running their national peers in giving direction to the fast-evolving payments industry.
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Payments Dive
JANUARY 12, 2024
State lawmakers and regulators are out-running their national peers in giving direction to the fast-evolving payments industry.
Payments Dive
OCTOBER 11, 2023
“Instead of state-by-state regulation, federal government guidance must be updated and clarified,” authors of a recent working paper on earned wage access write.
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Perficient
MAY 27, 2022
For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. SEC Regulation. Central Bank Digital Currency (CBDC) ).
PYMNTS
SEPTEMBER 13, 2020
Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported. In a joint statement Friday (Sept. In a joint statement Friday (Sept.
PYMNTS
NOVEMBER 13, 2020
As government regulators in China increase tech industry oversight, Tencent said it will comply with new laws intended to curb antitrust activities and tighten FinTech acceleration, according to a Bloomberg report on Friday (Nov. The regulators are looking more closely at transaction-based platforms, Lau said, per Bloomberg.
PYMNTS
AUGUST 20, 2020
The Wall Street Journal reported that the disagreement was disclosed by Ireland’s Data Protection Commission, one of the EU’s privacy regulators. The Irish regulator did not say which entities objected to its proposed decision, or on what grounds. At issue is a security flaw that Twitter claimed to have corrected in 2019.
South State Correspondent
MAY 13, 2024
Last week, Nacha held its Smarter Faster Payments Conference in Miami, a significant event for over 1,800 bankers and vendors. With 142 presentations and panels, the content was tailored to the needs of every bank interested in payments. Nacha saw three strong presentations covering various legal aspects of payments.
PYMNTS
JANUARY 1, 2021
If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.
PYMNTS
NOVEMBER 23, 2020
While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Enter Figure Pay – And The Barbell Effect .
PYMNTS
JANUARY 18, 2022
18) that it plans to regulate cryptocurrency advertising like other financial products and ensure that promotions are “fair, clear and not misleading,” according to a Bloomberg report. 17), Spain’s market regulator enhanced controls on crypto-related ads, saying they must include a warning that investors risk losing all their money.
Payments Dive
OCTOBER 16, 2023
In a recent web post, the National Consumer Law Center issued a number of policy recommendations for states seeking to regulate earned wage access companies.
CFPB Monitor
JUNE 25, 2020
The OCC has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments in connection with a comprehensive review of its regulations on electronic activities of national banks ( 12 CFR part 7, subpart E ) and federal savings associations ( 12 CFR part 155 ). Comments on the ANPR must be received by August 3, 2020.
PYMNTS
NOVEMBER 9, 2020
Regulation. EU Gears Up To Propose New Big Tech Regulations. Australian Regulator Looks Into Merger Law Changes. The regulation enables authorities in Turkey to take content off of platforms instead of restricting access as they had done previously. Facebook’s WhatsApp To Grow Payments Service Following NPCI Go-Ahead.
PYMNTS
MAY 22, 2020
If you want to know how consumers feel about faster payments, talk to the millions of Americans who still have not received stimulus money as of mid- to late-May. Congressional Research Service projects that the pandemic could reduce global trade by anywhere from 13 percent to 32 percent,” according to the May Faster Payments Tracker.
Perficient
APRIL 2, 2021
The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Office of the Comptroller of the Currency (OCC). Cybersecurity.
PYMNTS
AUGUST 14, 2019
The National Payments Corp. India’s digital payments market is expected to hit $1 trillion by 2023, according to a report by Credit Suisse Group AG. WhatsApp Pay, which is facilitated by the Indian government’s UPI payments system, began testing its service in the country earlier this year with around 1 million users.
PYMNTS
OCTOBER 7, 2019
Merchants in the European Union (EU) are still wondering exactly what changes the regulation will bring when it comes to their relationships with customers. Meanwhile, payment service providers (PSPs) are scrambling to find ways to authenticate these customers without adding friction to online transactions. About the Tracker.
PYMNTS
MAY 6, 2019
The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. The national licenses would let FinTechs lend money and paychecks to consumers. lakh (roughly $1.6
PYMNTS
NOVEMBER 16, 2018
The shift could possibly cause payments to move underground and particularly impact nations that are dependent on remittances, Reuters reported. percent in 2017 per the flow of SWIFT interbank payment messages. 16) that the practice still fell in popularity in 2017. 16) that the practice still fell in popularity in 2017.
PYMNTS
MARCH 3, 2020
In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns. Two Chinese Nationals Charged With Laundering $100M In Crypto.
PYMNTS
NOVEMBER 19, 2020
Securities and Exchange Commission (SEC) Chairman Jay Clayton thinks inefficiencies in traditional payments are boosting favorability for bitcoin, a report from Coindesk says. Clayton, speaking on CNBC, said bitcoin's popularity came from that disappointment in mainstream payments.
PYMNTS
JANUARY 7, 2019
In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction. The site noted that the new rules still await passage by the country’s legislative body.
PYMNTS
JANUARY 14, 2021
Bitcoin is about to get even more scrutiny by regulators, on a global stage. As reported by Reuters this week, Lagarde said at a conference sponsored by the newswire that bitcoin should be regulated — worldwide. She went on to say that “there has to be regulation. She pointed to the crypto’s use in criminal activity.
CFPB Monitor
JULY 9, 2020
As envisioned, the payments charter would replace the state-by-state money transmitter licensing approach currently used by many non-bank payment processors and FinTechs. More detailed information about the new OCC payments charter will be forthcoming in the near future, possibly by this fall, according to Acting Comptroller Brooks.
PYMNTS
DECEMBER 3, 2019
If banks have additional questions regarding the Agriculture Improvement Act of 2018 (2018 Farm Bill) and its regulations, they can contact the USDA, state departments of agriculture and tribal governments. Businesses offering CBD , which is derived from hemp, continue to have trouble processing payments and maintaining bank accounts.
PYMNTS
JULY 16, 2019
Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”.
PYMNTS
SEPTEMBER 4, 2019
B2B payments and international money transfer company B2B Pay has announced plans to become a regulated financial institution, and is looking to investors to fuel its growth. At the time, B2BPay supported payments to and from 34 nations. Visa recently announced a partnership with Chain, Inc.
PYMNTS
OCTOBER 10, 2019
The Chief of Russia’s Central Bank Elvira Nabiullina said she doesn’t see any pertinent or obvious reason to create a national digital currency, according to a report by Russian News Agency TASS. The regulator made the remarks at the Finopolis forum of innovative financial technologies.
PYMNTS
JUNE 17, 2019
regulators are saying cyberattacks pose the greatest risk to U.S. banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times. Right now, different regulators look at different pieces of the same bank.
PYMNTS
FEBRUARY 17, 2020
increased regulation over content delivered online through platforms may be on the horizon. This past week, Britain’s federal government said its media regulator, known as Ofcom, would be given new oversight to monitor and regulate material posted on the web by companies such as Facebook, Google and Twitter. In the U.K.,
PYMNTS
SEPTEMBER 30, 2020
Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. The pandemic is dramatically altering how merchants can transact, which data they can store and where they can store it, however.
PYMNTS
OCTOBER 9, 2018
However, Dave Gilbert, founder and chief executive officer of SMB alternative lending firm National Funding , said he’s seen a trend of growing traction within the small business community. In its report, S&P found nearly 50 percent of SMB borrowers are too unfamiliar with digital lenders to use alternative finance. In the U.S.,
PYMNTS
FEBRUARY 25, 2019
The Conference of State Bank Supervisors (CSBS) said earlier this month that it had put in place a set of action items to standardize the national experience of FinTechs and non-bank entities. We have formed a working group of state regulators to develop the model.
PYMNTS
DECEMBER 9, 2020
BitPay , a cryptocurrency payments firm, has filed to become a national bank in the U.S., BitPay has filed with the Office of the Comptroller of the Currency (OCC) to set up a federally regulated bank called the BitPay National Trust Bank, which will be headquartered in Georgia.
Bank Innovation
JULY 25, 2017
Want a national bank that’s mobile-only? So does Varo Money. Varo applied for a banking charter from the Federal Deposit Insurance Corporation (FDIC), as well as for a charter from the Office of the Comptroller of the Currenc, in the hopes of forming “Varo Bank,” the mobile banking startup announced today.
PYMNTS
DECEMBER 2, 2020
In addition, every player will have to make use of the country's open payments platform to guarantee interoperability, allowing money be transferred between the country's over 100 traditional banks and new digital services, including Google Pay , without fees.
PYMNTS
DECEMBER 26, 2018
There will also be a significant increase in nation-state attacks, infecting routers and networks connected to storage devices worldwide, while terrorist-related groups will work to carry out cyberattacks on cities through Crimeware-as-a-Service (CaaS). . “According to the FBI, total ransomware payments in the U.S. ”
PYMNTS
SEPTEMBER 30, 2020
The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. The industry claims that means payments banks wouldn’t be subject to the same capital liquidity requirements that regular banks are.
PYMNTS
JUNE 26, 2020
The Wirecard scandal surrounding the German payment processor missing $1.2 Dombrovskis told the Times he will ask the 27-nation bloc’s markets supervisor to evaluate BaFin’s handling of the one-time rising star German financial technology company. “We billion has spilled over the border to Belgium.
PYMNTS
JANUARY 22, 2020
Separately, IBM CEO Ginni Rometty told CNBC from Davos that artificial intelligence should be subject to “precision regulation … you want to have innovation flourish and you’ve got to balance that with security.” 22), French Finance Minister Bruno Le Maire said there had been a postponement to the end of the year on payment of the taxes.
American Banker
SEPTEMBER 27, 2023
Citi's hiring a global instant payments exec, Australian regulator hits National Australia Bank over fees, and more.
PYMNTS
AUGUST 5, 2020
WhatsApp , the Facebook -owned messenger program, is expected to enter India’s payments market after becoming compliant with the country’s data-localization standards, according to a report from YourStory.com. According to Abhijit Bose , head of WhatsApp India, WhatsApp Pay offers a simplified way to handle digital payments.
PYMNTS
FEBRUARY 16, 2017
According to Bloomberg , the Monetary Authority of Singapore published a new consultation paper that revealed new and existing venture capitalists will no longer be subject to the same rules that apply to fund managers overall, including capital requirements and business conduct regulations.
PYMNTS
JANUARY 29, 2020
The National Institute for Smart Governance (NISG) in India has published a report recommending that laws around blockchain should be based on what the technology does, and not the technology itself, according to a report Tuesday (Jan. said that national policy might not be enough in terms of crypto regulation. . “We
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