On The Web

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Companies

Amazon Charged With Antitrust Violations by European Regulators

November 10 2020

• in
• Amazon
• Antitrust

“European Union regulators brought antitrust charges against Amazon on Tuesday, saying the online retail giant broke competition laws by unfairly using its size and access to data to harm smaller merchants who rely on the company to reach customers.”

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Regulation

CFPB investigating Regions’ overdraft practices

November 9 2020

• in
• CFPB

“Regions Financial is the latest bank to face regulatory scrutiny over fees charged to consumers who overdraw their accounts. The $145 billion-asset company disclosed Thursday that it was in the process of responding to a civil investigative demand from the Consumer Financial Protection Bureau over certain overdraft practices and policies. The disclosure, which did not […]

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Regulation

Justice Department Files Antitrust Lawsuit Challenging Visa’s Planned Acquisition of Plaid

November 5 2020

• in
• Antitrust

“The Justice Department filed an antitrust lawsuit Thursday that seeks to block Visa Inc.’s$5.3 billion deal to acquire Plaid Inc., a key player in the financial-technology space.The department brought the case in a Northern California federal court, alleging the deal would eliminate the nascent but significant competitive threat that Plaid poses to Visa in the […]

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Providers

COVID-19 spurred a rise in FinTech. Now regulators are catching up.

October 29 2020

• in
• Financial regulators

“COVID-19 has accelerated the digitization of everything from education to the workplace to grocery shopping . The financial services industry is no exception to this, with financial technology (fintech) playing a critical role in reducing coronavirus risks associated with exchanging cash , helping micro, small and medium enterprises (MSMEs) and supporting financial inclusion in developing […]

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Regulation

Banks Navigate Hazy Regulations to Serve Cannabis Businesses

October 28 2020

• in
• Cannabis payments

“Many financial institutions looking to offer banking services to the expanding number of legal cannabis growers and distributors in the U.S. are still limited by spotty regulations and expensive compliance efforts. The disparities between federal and state laws governing the use of marijuana and hemp, and the differences across states, are inhibiting banks from stepping […]

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Companies

Visa’s Planned Purchase of Plaid Faces Antitrust Scrutiny at the Justice Department

October 27 2020

• in
• Antitrust
• Plaid
• Visa

“Visa Inc.’s $5.3 billion deal to buy a key player in the financial-technology space is in jeopardy because of antitrust concerns, according to people familiar with the matter. The Justice Department could decide soon whether it will sue to block Visa’s acquisition of Plaid Inc., a firm that provides the technological infrastructure underpinning an array […]

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Global

Australian Treasury Orders Review of Domestic Payments Regulation

October 27 2020

• in
• Australia

“The Australian government has said it will review the regulatory architecture of the domestic payments system to ensure it remains fit for purpose and capable of supporting innovation beneficial for both businesses and consumers. “The regulatory architecture that applies to these new technologies, businesses and products have served us well, but have remained largely unchanged […]

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Regulation

The FinCEN Files

September 21 2020

• in
• FinCEN

“A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins. And the US government, despite its vast powers, fails to stop it.Today, the FinCEN Files — […]

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Regulation

Justice Department’s Antitrust Chief Plans Shake Up for Stronger Enforcement

August 20 2020

• in
• Antitrust

“On the financial front, the Justice Department’s oversight and enforcement has been fragmented for years, with areas like banks, credit cards, insurance and securities exchanges each being handled by different sections within the antitrust division. Mr. Delrahim said he is bringing all of these areas into one cohesive group, with the goal of combining internal expertise […]

On The Wires

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Regulation

State Regulators Roll Out One Company, One Exam for Nationwide Payments Firms

September 16 2020

• in
• Money transmission

“Money transmitters operating in 40 or more states will benefit from streamlined state supervision in 2021. The Conference of State Bank Supervisors (CSBS) announced today the launch of a state-initiated program whereby nationwide payments firms will undergo a single comprehensive exam to satisfy all state regulatory requirements. Known as MSB Networked Supervision, the initiative will […]