On The Web

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Regulation

New Crypto Oversight Legislation Arrives as Industry Shakes

August 4 2022

“After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry. The latest bipartisan proposal came Wednesday from Sens. Debbie […]

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Regulation

Senate Plan Would Put Bitcoin, Ether Under Commodity Regulator’s Watch

August 3 2022

“Leaders of a Senate committee are set to propose legislation that would assign oversight of the two largest cryptocurrencies, bitcoin and ether, to the federal agency that regulates milk futures and interest-rate swaps. Senate Agriculture Committee Chairwoman Debbie Stabenow (D., Mich.) and top-ranking Republican John Boozman of Arkansas, are planning to introduce a bill Wednesday that would empower the […]

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Regulation

Will the ‘Credit Card Competition Act’ Lead to Lower Prices for Retailers and Consumers?

August 1 2022

Retail trade organizations have come out strongly in support of new legislation that would enable retailers and other merchants a choice of which companies process credit card transactions. The “Credit Card Competition Act of 2022,” introduced yesterday by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS), if passed, promises to open up the payment processing […]

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Regulation

Unlocking Consumer Bank Data Stokes Chopra’s ‘Underworld’ Fears

August 1 2022

• in
• CFPB

“Consumers who let budgeting apps or payment platforms access their banking data shouldn’t feel as “powerless” about how that information is used if a pending regulation works as planned, said the head of the Consumer Financial Protection Bureau. The bureau is working to finish a long-awaited rule that would make it easier for people to […]

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Regulation

FTC Takes Action to Stop Payment Processor First American from Trapping Small Businesses with Surprise Exit Fees and Zombie Charges

July 29 2022

• in
• Federal Trade Commission

“The Federal Trade Commission today took action against payment processing company First American Payment Systems and two of its sales affiliates for trapping small businesses with hidden terms, surprise exit fees, and zombie charges. The FTC alleges that the defendants made false claims about fees and cost savings to lure merchants, many of whom had limited English […]

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Companies

What Possible Credit-Card Legislation Could Mean for Visa, Mastercard — And You

July 29 2022

“Analysts aren’t sure legislation targeting card routing would pass — but see the potential for more annual card fees and a complicated rewards landscape if it does. Credit-card companies look to be under a political microscope once again as senators announced a new bill that would target Visa Inc. and Mastercard Inc. Sen. Dick Durbin, […]

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Regulation

FDIC and Federal Reserve Board Issue Letter Demanding Voyager Digital Cease and Desist From Making False or Misleading Representations of Deposit Insurance Status

July 29 2022

“The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter demanding that the crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements regarding its FDIC deposit insurance status and take immediate action to correct any such prior statements. According to the agencies, Voyager and […]

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Regulation

Financial Services Industry United in Opposition to Marshall-Durbin Credit Routing Legislation

July 28 2022

“Today, nine trade associations representing the financial services industry including the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Sized Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association, released the following joint statement opposing announced legislation […]

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Regulation

Will Stablecoins Be Tethered to the Fed? Lawmakers Have Circled That Option

July 28 2022

• in
• Stablecoins

“Companies issuing stablecoins would have to deal with the Federal Reserve as the chief oversight agency, according to the current version of a bill being developed in the U.S. House of Representatives, say people familiar with the talks. While the industry is desperate for rules and supervision to settle the uncertainties that keep most investors […]

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Companies

Apple ‘Buy Now, Pay Later’ Feature Raises Antitrust Concerns, Says US Regulator

July 28 2022

“The announcement of an Apple buy now, pay later feature, Apple Pay Later, has drawn the attention of the US consumer finance regulator, the Consumer Financial Protection Bureau (CFPB). CFPB director Rohit Chopra said that Apple Pay Later raised “a host of issues,” with antitrust concerns… The antitrust concern appears to be that Apple potentially has access to a […]