CFPB seeks to end open banking case
Payments Dive
JUNE 2, 2025
The Consumer Financial Protection Bureau and its former court foes are now in agreement: an open banking rule shouldn't be considered lawful.
Retailers Using Chapter 11 To Break Lease Agreements
PYMNTS
AUGUST 7, 2020
Companies that have filed for Chapter 11 bankruptcy are using the court protection to end long-term lease agreements early and close thousands of stores, reported Bloomberg. This is now black-letter law — a debtor can cram down a landlord,” Melanie Cyganowski, a partner at law firm Otterbourg PC, told Bloomberg. “If Penney Co.,
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Discover, FDIC reach consent agreement
Payments Dive
OCTOBER 2, 2023
The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.
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Swiss-UK Agreement Sends Strong Signal for Open Financial Markets
Fintech News
OCTOBER 6, 2024
Switzerland and the United Kingdom signed an agreement to create more efficient and globally competitive conditions for cross-border trade in financial services with the new “Berne Financial Services Agreement” (BFSA). The agreement requires approval by the parliaments of both countries before it can enter into force.
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Cannabis Law Reform Gains Momentum In Congress
PYMNTS
JULY 11, 2019
In a first-ever congressional hearing on marijuana law reform, the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security convened July 10 to debate altering federal law around cannabis, CNBC reports. The spread of legal cannabis has major payments problems because federal law considers the drug illegal.
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Report: Facebook To Move UK Users To California Privacy Agreement
PYMNTS
DECEMBER 16, 2020
users into new agreements with its corporate headquarters in California, effectively circumventing the European Union’s strict privacy laws, according to an exclusive report by the Reuters news service. Facebook will transfer its U.K. Google announced a similar move in February. Facebook’s U.K. Even with the change, Facebook’s U.K.
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Data protection enables responsible information sharing to combat scams and fraud
Neopay
DECEMBER 4, 2024
Addressing these issues effectively requires organisations to share personal information responsibly, ensuring compliance with data protection laws while prioritising public safety. Misconceptions about data protection laws can lead to reluctance among organisations, potentially allowing criminals to exploit these gaps.
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AI can help manage payments law
Payments Source
FEBRUARY 26, 2020
The technology can quickly sift through and analyze contracts, nondisclosure agreements and other legal documents, says InCloudCounsel's Troy Pospisil.
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Could Income Share Agreements Displace Payday Loans?
PYMNTS
MAY 29, 2019
The basic structure of the program in a student income share agreement is that an investor essentially fronts a student’s college tuition under the condition that, when the student graduates and begins working, they will surrender a portion of their future income for a given period of time. to offer an income share agreement to its students.
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Indonesia’s Bank Commonwealth to Face Mass Layoffs Following OCBC Takeover
Fintech News
JULY 28, 2024
The union also criticised the severance pay formula for not including a fixed benefit component, which is typically required under local labor laws. Under Indonesian law, employees of an acquired company do not automatically transfer to the acquiring company without mutual agreement, and a lack of agreement can lead to termination.
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Singapore’s Competition Regulator Says No Merger Notification from Grab, GoTo
Fintech News
MARCH 19, 2025
The Competition and Consumer Commission of Singapore (CCCS) acknowledged media reports on the possible deal and advised the companies to seek legal counsel to ensure compliance with Singapore’s competition laws. The regulator remains open to discussions through its merger notification and pre-notification processes.
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Income Insurance and Allianz in Talks Over Potential Deal
Fintech News
JUNE 16, 2024
Income Insurance stressed that there is no certainty that a deal will be finalised or that any binding agreement will be reached. This seems to indicate that a change in share ownership or a significant investment might be on the horizon.
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Binance to Add 1,000 Roles, Prioritising Compliance Amid Regulatory Challenges
Fintech News
AUGUST 21, 2024
plea agreement. Binance has already handled 63,000 law enforcement requests in 2024, up from 58,000 in the previous year, underscoring the increasing regulatory scrutiny. Zhao, also known as CZ, was sentenced to four months in prison as part of this agreement, which addressed anti-money laundering violations.
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What The Streamlined Sales And Use Tax Agreement Means After Wayfair
PYMNTS
NOVEMBER 26, 2019
Even businesses eager to pay their share, however, may feel that complying with tax laws is complicated. . This resulted in the Streamlined Sales and Use Tax Agreement (SSUTA). . The Supreme Court offered no explicit outlines for a legally acceptable remote seller tax policy when it ruled to enable such laws in the Wayfair case.
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AEON Moves to Void PTF Acquisition Deal with SeABank Citing Financial Discrepancies
Fintech News
JUNE 9, 2025
AEON Financial Service has claimed its agreement to acquire Post and Telecommunication Finance Company Limited (PTF) is invalid after discovering “inappropriate accounting transactions” at the Vietnamese finance company. AEON Financial had initially entered into the agreement to purchase PTF in October 2023.
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European Parliament Pushes Tougher Laws Against Google, Amazon, Apple
PYMNTS
DECEMBER 6, 2018
A European Parliament committee voted in favor of making the law stronger. Lawmakers highlighted a few unfair practices, such as retroactive contractual clauses and clauses that hinder companies from ending agreements with online platforms. The draft legislation targets companies such as Amazon , Google and Apple.
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NJ Legislators Propose Tighter Data Privacy Regulations
PYMNTS
MARCH 2, 2020
New Jersey joins Washington, Illinois and other states and regions in introducing data privacy laws. Amol Sinha, executive director of the American Civil Liberties Union of New Jersey, said laws are necessary to safeguard consumers from being exploited. “We
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UAE and Indonesia Enhance Payment Systems Cooperation, Eyes QR Linkage
Fintech News
JULY 17, 2024
This agreement was part of a visit to the UAE by Indonesian President Joko Widodo. It will establish a joint risk management mechanism, regulatory cooperation, and protect user rights in compliance with each country’s laws. The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Perry Warjiyo, Governor of BI.
Innovate Finance Outlines New Collaborative Anti-Fraud Strategy to ‘Smash Fraud’ in the UK
The Fintech Times
APRIL 7, 2025
In the anti-fraud strategy, Innovate Finance advocates for a data-sharing approach across sectors, regulators and the law enforcement industry, to industrialise the UKs use of technology to spot and stop fraud and enable all financial firms to access and use these solutions.
Industry Statements on on Merchant, Payment Network Lawsuit Agreement
Electronic Payments Coalition
MARCH 26, 2024
EPC STATEMENT: WASHINGTON – Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued the following statement regarding the impact the interchange lawsuit agreement between U.S. Congress should put an end to the ill-advised Durbin-Marshall mandates and let the agreement merchants reached stand on its own.”
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Big Tech Compliance Tracker: Facebook Backs Data Portability Law, Amazon Considers Registering Services As Separate Entities In India
PYMNTS
AUGUST 24, 2020
Facebook Supports Data-Portability Law. Facebook has advocated for a law that would simplify the process of moving videos and pictures to a competing site. The social media company has indicated that the Access Act, a proposed data portability law, is a first move in the right direction. The support comes before a planned Sept.
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Epic Games Loses Bid For Immediate Access To Apple App Store
PYMNTS
OCTOBER 11, 2020
Epic sued Apple in August, accusing the technology giant of violating laws that restrict anti-competitive behavior. She also noted that Epic chose to breach its agreement with Apple with the result that Apple excluded Fortnite from the App Store. A federal judge Friday (Oct.9)
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104 FTC Officials Look Into Amazon’s Use Of Market Power
PYMNTS
SEPTEMBER 11, 2019
The interviews reportedly indicate that the organization is in the midst of the beginning stages of a probe to determine how the eCommerce retailer works, identify markets the company dominates and find practices that go against the law.
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Uber Will Let Employees Work From Home Until June 2021
PYMNTS
AUGUST 5, 2020
Uber’s work during the pandemic has included an agreement to provide health agencies with contact tracing data, meaning the ways of tracking those who have tested positive for the coronavirus and anyone they might have come into contact with.
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GDPR Compliance for US Companies
VISTA InfoSec
SEPTEMBER 14, 2023
We will examine the effects of GDPR in the US and how businesses can adhere to this European privacy law. It’s important to note that the law extends to any EU resident, irrespective of citizenship. EU citizens in the US are protected by US federal and state laws like CalOPPA, COPPA, CCPA, and CDPA. GDPR and U.S.
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Prosecutors Seek 3-Year Prison Term for Binance Founder; Zhao Pens Apology Letter
Fintech News
APRIL 24, 2024
prosecutors have proposed a three-year prison sentence for Changpeng Zhao, the founder and former CEO of crypto exchange Binance , following his guilty plea for violating anti-money laundering laws, according to Reuters. This plea was part of an agreement that included a hefty US$4.32 billion criminal penalty against Binance.
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Introducing Fraud Files: FloQademy’s First-Ever CPE Eligible True Crime Podcast
FloQast
MAY 2, 2024
The series, as well as Blood, Sweat & Balance Sheets and The FinTech Flo podcast and hours of other CPE content, are available for free on FloQademy. Be sure to sign up today!
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Trending: Close But No Cigar? What Local Sales Tax Laws Mean For Tobacco eSellers
PYMNTS
SEPTEMBER 27, 2019
Global consensus over how such tax policies should be enacted has yet to materialize, however, and disagreements among laws create confusion and greater compliance work for businesses. The September Next-Gen Sales Tax Tracker details the latest developments on digital sales tax policies, new eCommerce tax law announcements and more.
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Big Tech Compliance Tracker: EU Unveils Drafts Of New Big Tech Regs; Facebook To Move UK Users To California Privacy Agreement Amid Brexit
PYMNTS
DECEMBER 21, 2020
Facebook to Migrate UK Users to California Privacy Agreement Due to Brexit. users into new agreements with its California headquarters, effectively going around the EU’s stringent privacy regulations as Britain prepares to leave the EU. Big Tech Could Face Penalties Under Potential UK Law on Illicit Content. Facebook’s U.K.
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NRF On The Case For Revising eCommerce Sales Tax Laws
PYMNTS
OCTOBER 24, 2019
The state’s attorney general recently shot down the Department of Revenue’s tax law, arguing that the lack of a safe harbor provision exempting small businesses or those with little in-state economic activity made the law invalid. The Push To Refine eCommerce Sales Tax Laws For Marketplaces.
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California Supreme Court limits arbitration waivers
Payments Source
APRIL 7, 2017
The California Supreme Court ruled Thursday that a provision in an arbitration agreement is invalid if it tries to waive a consumer’s right to stop future violations of laws.
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Rent-To-Own Companies Settle Antitrust Case With FTC
PYMNTS
FEBRUARY 21, 2020
Rent-to-own (RTO) companies Rent-A-Center , Buddy’s and Aaron’s have all settled a case with the Federal Trade Commission (FTC) alleging they made reciprocal non-competition deals with each other that violated federal antitrust law and created an environment that limited choices for consumers, according to an FTC press release.
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DC Bar: Lawyers Allowed To Take Digital Currency As Payment
PYMNTS
JULY 1, 2020
Crypto payments will be valid so long as the fee agreement is “fair and reasonable” and the lawyer can safeguard the virtual property, the opinion states, so as to acknowledge the sometimes turbulent nature of cryptocurrencies. Washington D.C.
TCH Gives Banks An Open Banking Template
PYMNTS
NOVEMBER 15, 2019
Known officially as the Model Data Access Agreement, Fortney said this sets forth a common foundation of generally accepted contractual terms as a starting point for these bilateral data agreements. The use of the agreement is voluntary, and parties can negotiate elements independently as they deem appropriate.
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Fintech for Good: Scotland’s Push for Greater Financial Access
The Fintech Times
JANUARY 31, 2025
Earlier this year, the City of London Corporation signed a partnership agreement with the Scottish Government committing to prioritising actions that support those who find it difficult to access fair or affordable financial services, such as free banking and affordable credit. .
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Nuvei Agrees to Acquire Licensed Payment Institution in Brazil
Fintech Finance
AUGUST 5, 2024
Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today announces that it has entered into a definitive agreement to acquire Pay2All Instituição de Pagamento Ltda. (“Pay2All”), a licensed Payment Institution authorized by the Central Bank of Brazil.
Visa, Mastercard, Banks Agree To $5.54-$6.24B Settlement In Card Fee Lawsuit
PYMNTS
FEBRUARY 22, 2019
That potential arrangement stems from a class action suit that contended that that “Visa and Mastercard, separately, and together with certain banks, violated antitrust laws and caused merchants to pay excessive fees for accepting Visa and Mastercard credit and debit cards” per the notice.
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CFPB’s 2020: Drawing A Bead On Abusive Practices — And States’ Activities
PYMNTS
JANUARY 27, 2020
Mulvaney told a banking conference that, in contrast to standards that define “unfair” and “deceptive” practices, “to my knowledge, I don’t think ‘abusive’ is nearly as well-established in the law. … However, nearly a decade after the act became law, uncertainty remains as to the scope and meaning of abusiveness.
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Recurring Payments: Definition and Implementation Best Practices
Stax
FEBRUARY 26, 2024
The recurring payment process involves a series of well-coordinated steps, starting with customer authorization and agreement setup. Customer authorization and agreement setup Customers grant businesses the authority to charge their accounts by providing authorization through various means. How Do Recurring Payments Work?
Strategizing Corporate Legal Departments’ Invoice Payments
PYMNTS
FEBRUARY 6, 2020
According to Aaron Pierce, general manager of LexisNexis CounselLink , that’s because the relationship between law firms and corporate legal departments is unique. What’s essential to the success of a supply chain financing agreement is that both the buyer and the supplier benefit from it, as Pierce explained.
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UK Google Users Will Be Under US, Not EU Privacy Protections
PYMNTS
FEBRUARY 20, 2020
Because of the change, data and privacy will leave the data of tens of millions of people under less protection, and it will be subject to more scrutiny by British law enforcement. to sign new terms of service agreements, people familiar with the matter told Reuters. may also end up negotiating a broader trade agreement.
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From open banking to open finance and beyond: The future of financial data-sharing
The Payments Association
MARCH 18, 2025
Unlike open finance, which typically operates within regulated frameworks, open data relies heavily on voluntary data sharing and commercial agreements. In the United States, open banking has developed through private-sector initiatives, with banks, fintechs, and data aggregators forming bilateral agreements to enable financial data-sharing.
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$6.2B Settlement Reached On Visa, Mastercard Swipe Fees
PYMNTS
SEPTEMBER 18, 2018
Those reports speculated about the dollar amount of the settlement — and some possible limits to structural changes in agreements between the card giants and merchants — in the wake of a Supreme Court ruling in June that ruled American Express’ business model and anti-steering provisions were legal. If finalized, the $6.2
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What Wayfair’s Lawyer Says About The Wayfair v. South Dakota Decision
PYMNTS
NOVEMBER 22, 2019
Wayfair ruling allowed counties, states and municipalities to pass laws to tax out-of-state sellers and the eCommerce marketplaces that serve them, but the ruling did not disclose specifications on what such laws must look like. The 2018 South Dakota v. Lawyer George Isaacson argued Wayfair’s side in the historic 2018 South Dakota v.
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