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Companies

Judge Lets Revlon Lenders Keep Citi’s Botched $500 Million Payment

February 16 2021

“A federal judge denied Citigroup Inc.’s request to claw back roughly $500 million it mistakenly paid out of its own pocket to investment firms that made loans to cosmetics giant Revlon Inc. Brigade Capital Management LP and other Revlon lenders can keep the money they collected from Citi when the bank wired them the full amount […]
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Regulation

Wall Street wants Biden to crimp tech rivals

February 11 2021

“Wall Street executives see the prospect of tougher regulation under the Biden administration as a threat — but also as a chance to neutralise a new generation of high-tech competitors. Bank lobbyists and executives say a priority will be persuading the incoming administration that tech giants such as Facebook and Google, as well as upstart […]
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Global

China Issues New Anti-monopoly Rules Targeting Its Tech Giants

February 8 2021

“China’s market regulator released new anti-monopoly guidelines on Sunday that target internet platforms, tightening existing restrictions faced by the country’s tech giants. The new rules formalise an earlier anti-monopoly draft law released in November and clarify a series of monopolistic practices that regulators plan to crack down on.”
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Companies

PayPal Says U.S. Consumer Watchdog Investigating Payment App Venmo

February 5 2021

“PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes. The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. ( bit.ly/3tsOHn1 […]
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Providers

FCA calls for urgent action on ‘buy now, pay later’ credit

February 2 2021

“The UK financial regulator has said “buy now pay later” credit products offered by retailers and fintechs such as Klarna must be covered by its rules “as a matter of urgency” because of a “significant potential for consumer harm”. In a review of the unsecured credit market carried out by former interim chief executive Christopher […]
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Domains

California to Regulate Early Wage Access Firms Under Landmark Agreements

January 29 2021

“Five companies in the early wage access industry have reached landmark agreements with California regulators that will govern their operations in the nation’s largest state. The voluntary pacts give the firms, which to date have been largely unregulated, greater certainty about their ability to offer products to the state’s nearly 40 million residents. In exchange, […]
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Regulation

President Biden Freezes FinCEN’s Proposed Crypto Wallet Regulations

January 22 2021

“One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin. The announcement came in a White House memorandum for the heads of various federal agencies, the Financial Crimes Enforcement […]
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Global

China Plans Tougher Antitrust Rules for Non-bank Payments Industry

January 20 2021

“China’s central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group’s Alipay and Tencent’s WeChat Pay. Under draft rules proposed on Wednesday, the People’s Bank of China (PBOC) can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up […]
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Regulation

EFF to FinCEN: Stop Pushing For More Financial Surveillance

January 5 2021

“Today, EFF submitted comments to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) opposing the agency’s proposal for new regulations of cryptocurrency transactions. As we explain in our comments , financial records can be deeply personal and revealing, containing a trove of sensitive information about people’s personal lives, beliefs, and affiliations. Regulations regarding such […]