On The Web

nbsp;

Regulation

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

September 29 2022

• in
• FinCEN

“Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies, […]

nbsp;

Regulation

Regulator Homes In On ‘Loan Stacking’ Across Buy Now, Pay Later Firms

September 28 2022

• in
• CFPB

“Buy now, pay later services (BNPL) are growing by leaps and bounds, but the lightly regulated industry could end up causing more harm than good for consumers, according to a new U.S. government report. The BNPL lenders offer consumers the option to pay for purchases in interest-free installments over a relatively short period; four payments […]

nbsp;

Regulation

Fed’s Powell Talks Digital Dollar Timing, Self-Hosted Wallets

September 28 2022

“Jerome Powell, Federal Reserve Chair, discussed the need for the approval of Congress for a digital dollar and its timing. He was talking today during a Banque de France conference. “We will need approval from both the executive branch and Congress to move ahead with a digital currency,” he said. “So we see this as a process of at least […]

nbsp;

Regulation

New Bill Could End Lengthy Wait Time for Check Deposits

September 26 2022

“Have you ever deposited a check online or received money through services like Zelle and have to wait days to see that transaction show up in your bank account? A new bill in the U.S. Congress might end that frustration. Maryland Senator Chris Van Hollen introduced the Expedited Funds Availability Act on Thursday. The legislation would require […]

nbsp;

Regulation

Reps. Welch and Gooden Introduce Bipartisan Credit Card Competition Act

September 20 2022

“Today, Representatives Peter Welch (D-VT) and Lance Gooden (R-TX) introduced the House companion to the bipartisan Credit Card Competition Act of 2022, introduced in July by Senators Dick Durbin (D-IL) and Roger Marshall, M.D. (R-KS). The legislation would finally bring needed competition and choice to the Visa-Mastercard dominated credit card network market. “Credit card companies and mega banks keep finding […]

nbsp;

Regulation

U.S. Consumer Watchdog Plans to Regulate ‘Buy-Now, Pay-Later’ Companies

September 16 2022

• in
• CFPB

“The U.S. Consumer Financial Protection Bureau (CFPB) plans to start regulating “buy-now, pay-later” (BNPL) companies like Klarna and Affirm Holdings due to worries their fast-growing financing products are harming consumers, the agency said on Thursday. The watchdog, which does not currently oversee BNPL companies or products, will issue guidance or a rule to align sector standards […]

nbsp;

Regulation

U.S. Bank Regulator Warns of Crisis Risk from Fintech Proliferation

September 8 2022

“The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday. “I believe fintechs and big techs are having a large impact and warrant much more of our attention,” Hsu told […]

nbsp;

Domains

The P2P Fraud Conundrum

September 1 2022

• in
• CFPB
• Regulatory environment

“Have you ever received an automated message from your bank warning you about an unauthorized payment? If so, you may want to think twice before acting on it. According to a recent report in The New York Times, some individuals have received instructions to send payments through peer-to-peer (P2P) payment apps such as Zelle or Venmo to reverse supposedly fraudulent transactions, only to […]

nbsp;

Regulation

Venmo, Zelle, Visa, Mastercard, and You: The Fiery Fight Over the Future of Swipe Fees

August 19 2022

• in
• Durbin amendment

“You may be accustomed to Venmoing your friends to split a check at dinner. But what about using Venmo or Zelle to pay for a soda at a convenience store? Some merchants may ask you to do just that. But know that if you opt to whip out your phone rather than your card, you […]

nbsp;

Regulation

FDIC Issues Cease-and-Desist Letters to FTX US, Other Crypto Firms Over Deposit Insurance

August 19 2022

• in
• FDIC

“The Federal Deposit Insurance Corporation (FDIC) has issued cease-and-desist letters to FTX US and four other crypto companies for allegedly making “false and misleading statements” about federal deposit insurance. FTX US, Cryptonews.com, Cryptosec.info, SmartAsset.com and FDICCrypto.com have been directed to “take immediate corrective action to address these false or misleading statements,” the FDIC announced.”