Payments News

On The Web

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Regulation

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

August 20 2020

“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 […]
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Regulation

Strong Customer Authentication, a Requirement to Combat Payments Fraud, Might Lead to Many Customers Abandoning Purchases at Checkout

August 11 2020

“Strong Customer Authentication (SCA) testing performed by tech giant Microsoft reveals that consumers are actually leaving their planned purchases at relatively high rates when challenged at the time of checkout. SCA is a European regulatory requirement that aims to reduce or eliminate fraudulent activities and also make digital payments more secure. Businesses may be required to upgrade their […]
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Regulation

Banking Regulator Fines Capital One $80 Million Over 2019 Hack

August 6 2020

“A top banking regulator has fined Capital One Financial Corp. $80 million over a 2019 hack that compromised the personal information of about 106 million card customers and applicants. The Office of the Comptroller of the Currency said the bank failed “to establish effective risk assessment processes“ before transferring information-technology operations to the public cloud […]
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Regulation

Durbin Asks Fed Chairman for ‘Appropriate Enforcement Action’ Involving Debit Card Transaction Routing

July 29 2020

“U.S. Sen. Richard Durbin and a Vermont Congressman want the Federal Reserve to look into what they say are efforts by debit card issuers “aided by the dominant card networks” to prevent PIN-debit networks from getting a bigger share of booming card-not-present payment volume. “The Federal Reserve should consider appropriate enforcement action and policy responses […]
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Providers

California Bill Would Give Banks a Safe Harbor for Pot Business

July 28 2020

“Banking institutions and accountants offering services to cannabis businesses would have a safe harbor in California law under one of the weed-related bills awaiting state lawmakers’ action when they return to Sacramento this week. One measure ( A.B. 1525 ) says financial services, including public accounting firms, don’t commit a crime under any California law […]
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Companies

Germany Probes Possible Money Laundering by Wirecard Executives

July 9 2020

“German state prosecutors are looking into possible money laundering by executives at Wirecard AG WDI -4.62% , adding to ongoing probes related to possible fraud and fake accounting at the insolvent payments firm. A spokeswoman for the Munich public prosecutor said it was conducting several legal cases related to possible money laundering at Wirecard, the oldest […]
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Providers

Consumer Bureau Scraps Restrictions on Payday Loans

July 8 2020

“The Consumer Financial Protection Bureau on Tuesday formally rescinded a plan to impose new limits on payday lending, handing the industry a major victory by killing off tighter rules that it spent years lobbying to overturn. The proposed rules would have been the first significant federal regulations on an industry that makes $30 billion a […]
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Regulation

NatWest Develops Behavioural Biometrics As Additional Authentication

June 15 2020

“NatWest Bank is preparing to comply with the European Union (EU)’s payments security through the development of behavioural biometrics technology. The technology recognises patterns related to how people interact with devices and because it works in the background, does not require the customer to take extra steps. The development, in partnership with Visa, is part […]

On The Wires

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Regulation

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

September 16 2020

“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 […]
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