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That move bends to bank groups that filed a lawsuit last year to block the Consumer Financial Protection Bureau rule aimed at making it easier for consumers to move their financial accounts.
After being told of the new rules, that significantly ease the financial burden should they fall victim to a payment scam, 60 per cent of respondents consider them fair. Meanwhile, 67 per cent believe these rules will make banks do more to protect their customers from falling victim to fraud in the first place.
With additional briefs in hand, a federal judge will consider a Consumer Financial Protection Bureau rule that bars medical debt on consumer credit reports.
The Senate backed a resolution to overturn a Consumer Financial Protection Bureau rule that gave the agency oversight of big tech companies offering payment tools.
The UK's Competition Appeal Tribunal has ruled that Visa and Mastercard's multilateral interchange fees charged to retailers breach European competition law.
The Clearing House has implemented revised rules for “on-behalf-of” payments on its Real Time Payments network. On-behalf-of (OBO) payments are payments on the Real Time Payments (RTP) network. These transactions are originated by a sender to make a payment on behalf of another person. “The
The American Fintech Council (AFC), the industry association representing both responsible fintech companies and innovative banks, has filed an amicus brief in favour of the new rule introduced by the Consumer Financial Protection Bureau (CFPB) in the Forcht Bank, N.A. This rule delivers both, and we’re proud to support it.”
While it might sound simple, credit card surcharge rules can vary depending on who issued the card. Why Card Network Rules Matter Each card brand has its own set of credit card surcharge rules. If you accept cards from multiple networks (which most businesses do), you have to follow the rules for each one.
The rules also continue to uphold safeguards against conflicts of interest, market manipulation, and unfair practices such as insider trading. For tokens already available on exchanges prior to the new rules taking effect, issuers will be required to provide this information within 90 days of the effective date.
Featured image: Edited by Fintech News Singapore, based on image by EyeEm via Freepik The post MAS Clarifies Rules for Crypto Service Providers With 30 June Deadline Looming appeared first on Fintech Singapore.
Rather than calling for new rules, the paper supports the Financial Conduct Authority ’s current approach of applying existing frameworks such as the Consumer Duty. The post No New AI Rules Needed, Just Better Guidance, Says Innovate Finance appeared first on The Fintech Times.
A New York federal judge ruled Department of Justice allegations against the card network over an illegal monopoly in the debit card market are plausible at this stage of litigation.
With OJK taking the regulatory reins and the Travel Rule now in force, crypto firms in Indonesia must evolve fast or risk falling behind in global markets, regulatory approval, and user trust. ” What happens after Travel Rule data is exchanged is equally critical.
When those rules were introduced, the intended aim was to drive competition in the retail banking market and make it easier for consumers to switch accounts. Instead, what the UK’s Open Banking rules have unleashed is a whole range of innovation from third-party providers tapping into customer banking data that they have consented to share.
AFCs letter recommends that the FDIC withdraw the Proposed Rule and engage with industry leaders to promote best practices and leverage existing regulatory frameworks. “The Proposed Rule fails to reflect the hallmarks of sound policymaking.
has created the rules and standards for CoP, supporting industry with its expansion. On 7 October, new mandatory reimbursement rules came into effect, making it quicker and simpler for victims of APP fraud to get back money they’ve lost to criminals, with a guaranteed minimum level of protection in place. CoP is a Pay.UK
The AI-first approach to fighting fraud Today, the fraud control process is highly complex, requiring businesses to implement extensive manual rules to combat ever-evolving fraud techniques. The solution automates and refines risk management without relying on manual rules.
Plaid’s delayed IPO likely reflects US open banking uncertainty, as the CFPB finalizes its data access rule. The funding will support employee restricted stock units tax obligations and provide internal liquidity. Waiting for regulatory clarity and consumer awareness could position Plaid for a stronger public debut down the road.
As crypto adoption accelerates, regulators are ramping up enforcement of the Financial Action Task Force’s (FATF) Travel Rule compliance in APAC. As a result, many have passed legislation to implement the Travel Rule for virtual asset service providers (VASPs).
While the interim rules codify existing expectations with some enhancements, the proposed end-state rules introduce substantial shifts that could reshape the operational landscape for firms operating in this sector. Safeguarding audits: Firms are required to arrange safeguarding audits to assess compliance with the rules.
The battle over buy now, pay later — whether it’s helpful or hurtful to users — persists even after the Consumer Financial Protection Bureau last month withdrew its rule regulating such services.
Released in October 2024, the Personal Financial Data Rights rule requires financial institutions, credit card issuers, and other financial providers to unlock a consumer’s personal financial data and transfer it to another provider at their request for free.
What is a Surcharge? A surcharge is a small fee added to credit card transactions to offset payment processing costs. It allows dealerships to protect profit margins without raising prices across the board.
The FCA is introducing phased safeguarding rules, with interim measures strengthening existing regulations and final requirements aligning with the Client Assets (CASS) framework. The FCAs consultation closed in December 2024, with final rules expected in mid-2025. The regulatory landscape for stablecoins is set for significant change.
A new European Commission ruling will require Apple to open up a range of iOS connectivity features to third-party devices so that, for example, an iPhone owner will be able to use their choice of NFC-enabled wearable to make a payment using a card they have stored on their smartphone.
It’s about more than following the rules. Fraud Management Services: Around-the-clock card payment fraud transaction monitoring and expert advice on fraud strategy and rule definition based on your programme KPI’s. This suite addresses specific factors that challenge today’s fintechs, programme managers and bank sponsors.”
That is why the task of DORA is to unify and constantly update a single system of financial monitoring rules on the EU market, which will reduce risks, and therefore preserve profits, continues Artem Lyashanov. This rule is relevant for almost all markets in the world, only in different manifestations.
The Consumer Financial Protection Bureau is walking back its open banking rule, but financial institutions are moving ahead with their investment despite regulatory shifts. The Consumer Financial Protection Bureau (CFPB) on May 23 filed its intention to pull back the open banking rule, which was set to take effect in April 2026. “I
The expansion comes as regulators tighten rules on fraud prevention and reimbursements. GAV is designed to combat Authorised Push Payment (APP) fraud, where fraudsters impersonate banks or trusted entities to deceive victims into transferring money.
You’ll have to follow applicable rules as well. ” Let’s take a closer look at the rules and requirements for imposing minimum purchase requirements when a customer pays by credit card. Imposing maximum or minimum dollar amounts in order to accept a Visa card transaction is a violation of the Visa rules.”
“Pausing or gutting Rule 1033 wouldn’t just stall innovation,” writes one industry executive who has international perspective. “It would send a message that the system works best when it’s closed.”
ESG Aware CBDCs: Central banks may introduce digital currencies with embedded green rules, for e.g., CBDC holdings that automatically earn rebates when funding renewable projects or transition bonds. Rule & Pricing Engine: Applies dynamic fee adjustments and routing rules based on ESG attributes.
Hawk’s technology empowers banks to move beyond traditional, rules-based anti-money laundering and fraud fighting methods that often produce a sizable number of false positives that require human review and intervention. This drives up the cost of fighting financial crime.
Consumer Financial Protection Bureau (CFPB) had worked to address these regulatory gaps by developing new rules under the Dodd-Frank Act’s Section 1033. However, in mid-2025, the CFPB moved to vacate its own final rule, stating it exceeded its statutory authority. has seen a more fragmented, market-driven evolution. The complex U.S.
Evolving rules like the EU’s Instant Payment Regulation and the emergence of agentic AI-driven payments are pushing banks to modernize. Banks commonly rely instead on outdated authentication methods like PINs, passwords, and repetitive verification steps, for even the simplest transactions.
These include the European Union’s Digital Operational Resilience Act, the UK’s operational resilience rules, and Australia’s CPS 230 standard, all of which impose stricter requirements for managing technology-related risks. Banks are facing increasing pressure to upgrade their infrastructure as new regulatory frameworks take effect.
The FTC’s new “click-to-cancel” rule, designed to simplify the process of ending subscriptions, has created a stir, putting additional pressure on subscription businesses to reassess their strategies.
This guide will walk you through the basics of credit card surcharging in Canada, from legal background and card network rules to disclosure requirements and best practices. In Canada, the answer is yes—but with some rules and responsibilities attached. Here are the key rules: Maximum credit card surcharges are capped at 2.4%
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