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CFPB Issues RFI For Remittance Rule At Urging Of CUNA

PYMNTS

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. The rules excluded a provider that does less than 100 transfers.

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CFPB Proposes to Regulate Large Digital Wallet and Payment App Providers

Global Fintech & Digital Assets

By Jenny Cieplak , Parag Patel , Barrie VanBrackle , and Deric Behar On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

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American Fintech Council Calls for Treasury to Back Innovation by Enhancing Regulatory AI Clarity

The Fintech Times

In June, the Treasury Department issued a request for information on the use of AI in financial services. A unified federal framework is necessary for setting clear rules of the road and unlocking AI’s staggering potential to create a more inclusive financial system.

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FDIC Seeks Public Comment On Banks And Small-Dollar Loans

PYMNTS

The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. Earlier this year, Comptroller of the Currency Joseph Otting said that rules on short-term, small-dollar lending should be relaxed so U.S.

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Capital One Disclosed Inquiry Into Anti-Money Laundering Practices

PYMNTS

In November, Capital One disclosed in a separate SEC filing that it received subpoenas and requests for information, but that it wasn’t formally being investigated. will soon be floating a complete overhaul of the rules governing how financial institutions investigate and report potential criminal activity.

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Moving Data With Money The Key To Faster KYC: identitii

PYMNTS

While regulators and innovators are not entirely ignoring the importance of transmitting data with money, rising regulatory requirements for KYC and other rules mean corporates and banks will need access to even richer data. As markets enhance payment systems, transaction times are slashed.

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CFPB Spotlights Director’s Six-Month Mark

PYMNTS

In addition, the CFPB published proposed rules to delay implementation and reconsider Mandatory Underwriting Provisions of the small dollar rule. In addition, the CFPB published proposed rules to delay implementation and reconsider Mandatory Underwriting Provisions of the small dollar rule.

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