Consumer group pushes for stricter EWA protections
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.
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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.
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.
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PYMNTS
JUNE 10, 2020
TikTok , the popular Chinese short-form mobile video app, is facing more scrutiny over its privacy policies, Bloomberg reported. EU authorities can fine companies for violations under the General Data Protection Regulation (GDPR). EU authorities can fine companies for violations under the General Data Protection Regulation (GDPR).
American Banker
NOVEMBER 6, 2023
economy and local economies throughout our nation are being "hung out to dry" by regulators' push for increased capital requirements, according to the head of the Small Business & Entrepreneurship Council. The small businesses that drive the U.S.
PYMNTS
AUGUST 28, 2019
And the United Kingdom’s National Liberal Party (NLP) has posted what it believes is the only coherent policy regarding cryptocurrencies. The current policy is a non-policy. The sheer volume of transactions makes this a national security threat,” the party wrote in a post on its website.
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
APRIL 1, 2020
This legislation represents a significant breakthrough – the first time a state or nation has passed a new law devoted exclusively to putting guardrails in place for the use of facial recognition technology,” Smith said in the post. Many states don’t have any laws regulating the use of facial recognition technology.
PYMNTS
DECEMBER 23, 2019
Policy advisers at a leading think tank said that China should introduce a regulatory framework for artificial intelligence in the finance sector, according to a report from Reuters on Sunday (Dec 22). The risk and safety lines with AI in China in the finance sector appear to be blurring.
PYMNTS
SEPTEMBER 17, 2020
In notes on its most recent (August) meeting of the bank’s Payments System Board, the members said that “at present there is not a strong public-policy case for issuance in Australia, given that the electronic payments system in Australia compares very favorably with those in many other countries and access to cash remains good.”.
BankInovation
JULY 1, 2021
Financial institutions that leverage artificial intelligence (AI) and machine learning (ML) are not in favor of new regulations determining how the techniques can be used.
Abrigo
FEBRUARY 6, 2024
Takeaway 3 The specific policy areas outlined below should be carefully considered by credit unions engaged in member business lending. In this blog post, we will delve into the strategies and policies credit unions can adopt to ensure the success and profitability of their MBL programs. Takeaway 2 Start slow.
BankUnderground
OCTOBER 26, 2021
The Bank of England co-organised a ‘ History and Policy Making Conference ‘ in late 2020. History offers policymakers and academics useful case studies that can serve as distant mirrors beyond the study of crises and policy responses to them. Monetary theory and policy in Medieval France. Nathan Sussman.
PYMNTS
SEPTEMBER 12, 2019
There are many forms of nationalism. Ethnic nationalism. Cultural nationalism. Now comes cryptocurrency nationalism? Coindesk reported this week that, in the Netherlands, cryptocurrency firms based outside of Europe may “get the boot” amid new regulations. It’s a really nice step.
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. Tanvi Ratna, CEO of Policy 4.0, 28) by The Economic Times.
Accenture
SEPTEMBER 3, 2020
These include: regulation and monetary policy, consumer protection, fraud and Anti-Money Laundering (AML), the national economic outlook, the financial sector’s outlook (for international agencies and global regulators), emerging technologies and innovation (for….
PYMNTS
MAY 20, 2020
European Union (EU) regulators want feedback from users and digital service providers before they craft new rules that could manage giant tech firms Google, Facebook, Amazon and Uber, Reuters reported. Facebook Founder and CEO Mark Zuckerberg published “Charting the Way Forward: Online Content Regulation.”
PYMNTS
DECEMBER 18, 2019
The United Kingdom will create a technology regulator next year after Brexit is completed, according to a report by the Financial Times. It’s quite rare that one makes a set of quite radical policy proposals and within 12 months the government is actually implementing them,” said Diane Coyle, an economist.
CFPB Monitor
JANUARY 24, 2022
SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country.
PYMNTS
AUGUST 30, 2018
China is struggling to bridge its small businesses to financing for growth, with broader fiscal policy at odds with the initiative, according to reports. The publication pointed to the government’s conflicting policy of stricter lending rules as one reason why efforts to boost small business loan volumes hasn’t taken off.
Perficient
JUNE 30, 2022
Members of Perficient’s Digital Asset Team have advised followers in multiple online articles about the digital asset revolution and relevant regulations affecting the same in the United States. Highlights From Federal Bank Regulators’ Joint Statement on Cryptocurrency Assets – Perficient Blogs.
PYMNTS
JUNE 26, 2020
Valdis Dombrovskis , the European Union’s (EU) executive vice-president in charge of financial services policy, said Wirecard’s collapse threatens investor trust in the EU, the newspaper reported. We need to clarify what went wrong.”. A mid-July deadline for a reply from ESMA has been set, he added.
PYMNTS
MAY 7, 2018
China introduced new tax initiatives aimed at bolstering the nation’s entrepreneurs, according to local news reports on Friday (May 4). Vice finance minister Cheng Lihua introduced seven new tax policies during a press conference Friday, with the goal of saving small businesses $9.45 billion a year, reports from Xinhua said.
PYMNTS
SEPTEMBER 24, 2019
Bank of Japan Head Haruhiko Kuroda spoke to business leaders in Osaka about the importance of having a coordinated global plan to regulate Libra and other cryptocurrencies, Reuters reported on Tuesday (Sept. He urged policymakers to ensure that the highest level of regulation is applied to such assets.
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
JANUARY 22, 2020
“I think it’s very hard for central banks to forever make up for bad policy elsewhere. 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.”
Abrigo
JANUARY 17, 2024
The United Nations estimates there are currently 40 million people enslaved around the world, and that one-quarter of them are children. Policies that promote the employment of former trafficking victims can help end cycles of trafficking, as well.
CFPB Monitor
APRIL 12, 2021
The CFPB issued a Rescission of Statement of Policy for the previously-issued Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020). Rescission of Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.
PYMNTS
NOVEMBER 28, 2018
Facebook could face coordinated regulation by nine countries after chief executive Mark Zuckerberg refused to be questioned by an international committee on fake news. I would like to see us look at a set of rules through the OECD or [a United Nations] international convention,” she said, according to the FT.
PYMNTS
JULY 5, 2019
The Bank of Japan ( BOJ ), Japan’s central bank, has joined in with other regulators and officials around the world in its worry over Facebook’s proposed cryptocurrency Libra , according to reports. . The bank is worried that the currency will be difficult to regulate and that it could potentially harm the existing financial system. “It
CFPB Monitor
JULY 8, 2022
Department of Education recently announced proposed regulations designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. But that is precisely what the Department’s proposed regulations would do. The Department’s proposed regulation constitutes administrative overreach.
PYMNTS
SEPTEMBER 12, 2018
that are more modern, but urged lawmakers to approach the issue nationally. According to a report in Reuters , citing The Internet Association, the trade group wants the rules to preempt a new regulation on the books in California that comes into effect in 2020. 11) that it supports data privacy rules in the U.S.
American Banker
MARCH 13, 2024
The Supreme Court should preserve the preemption of state banking laws by federal laws, a key element of the dual banking system that has served the country well for generations.
PYMNTS
AUGUST 1, 2018
A new report by the Bipartisan Policy Center recommended several reforms that would help the U.S. The report called on Congress to establish a national commission to conduct a comprehensive review of existing financial laws and regulations, and establish a pilot program to test the efficacy of coordinated bank examination teams.
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
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. They argue that the OCC would oversee the new charter holders — but not as rigorously as state regulators would.
American Banker
MARCH 20, 2024
Policy experts say the mix of proposals put forth by the White House could ease the nation's housing shortage, but success will be neither quick nor assured.
PYMNTS
MARCH 9, 2018
when it comes to financial regulation. As reported by Caixin Global , the People’s Bank of China will “take the lead” in coordinating regulation, a strategy that was telegraphed in remarks on Friday (March 9) from bank governor Zhou Xiaochuan. The central bank, of course, has had oversight of monetary policy.
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. ” Depending on the outcome of the appeal, reports said, the payroll card regulations may come into effect.
PYMNTS
JULY 7, 2020
Regulators are taking in an interest in stablecoins, with the Financial Action Task Force (FATF) noting in a report the digital currencies need to adhere to norms to offer protection from the terrorism financing and money laundering, Bloomberg reported. Swipe, for its part, is available in 31 nations in the European Economic Area.
PYMNTS
OCTOBER 30, 2017
National Highway Traffic Safety Administration (NHTSA) wants input from the industry in finding ways to remove regulatory issues that prevent the rollout of autonomous vehicles. The agency is also seeking feedback on what research it should conduct before choosing which regulations to eliminate and which ones to rewrite.
Abrigo
JULY 16, 2021
Takeaway 1 FinCEN published its first list of priorities for AML/CFT policy, as required by the Anti-Money Laundering Act of 2020 (AMLA). Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. financial system. Would you like others articles like this in your inbox?
American Banker
MARCH 14, 2024
The Federal Reserve and the Office of the Comptroller of the Currency both cited the nation's largest bank for having "inadequate" policies around firm and client trading activities.
PYMNTS
DECEMBER 12, 2016
9), Michigan became the first state in the union to pass statewide, comprehensive self-driving vehicle regulations that allow autonomous vehicles to drive … well, autonomously. Additionally, these companies can also have vehicle prototypes approved by the National Highway Traffic Safety Administration (NHTSA).
American Banker
FEBRUARY 2, 2024
The FHFA's Home Loan bank report is that rare thing you never see in the nation's capital anymore — a balanced plan on a complex issue that could have lasting impact on a difficult problem.
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