Payments News

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Regulation

PayPal Calls CFPB’s Fee Disclosure Rule ‘Problematic’ – Law360

“PayPal has asked the D. C. Circuit to uphold its win against the Consumer Financial Protection Bureau over the agency’s disclosure rules for prepaid cards and digital wallets, calling the requirements “problematic. “The CFPB is allowed by law to craft model disclosures for prepaid cards and digital wallets, but the agency overstepped its authority by […]
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Regulation

FATF Crypto Guidance Looks to Bring Industry in Line With Banks

“Global anti-money laundering (AML) agency the Financial Action Task Force (FATF) has released its updated guidance for firms that handle cryptocurrency and virtual assets. It appears designed to corral much of the nascent industry into the existing regulatory framework for banks. After incorporating industry feedback from April 2021, the updated rules for so-called virtual asset […]
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Regulation

Justice Department Probes Visa’s Relationships With Fintech Firms

“The Justice Department is scrutinizing Visa Inc.’s relationships with large financial-technology companies as part of its antitrust investigation of the card giant, according to people familiar with the matter. Antitrust investigators are looking into the financial incentives that Visa gave Square Inc., Stripe Inc. and PayPal Holdings Inc., the people said. Investigators want to know […]
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Regulation

Stablecoins Added to Agenda of U.S. Financial Stability Watchdog

“Stablecoins have become official business of the Financial Stability Oversight Council, the U.S. uber regulator responsible for heading off dangers to the financial system. The FSOC is considering the cryptocurrencies at its next meeting, according to an agenda released Friday.  The group of financial regulators is set to hear “an update on the report on […]
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Regulation

WSJ News Exclusive | Biden Administration Seeks to Regulate Stablecoin Issuers As Banks

“The Biden administration is considering ways to impose bank-like regulation on the cryptocurrency companies that issue stablecoins, according to people familiar with the matter, including prodding the firms to register as banks. The administration is also expected to urge Congress to consider legislation to create a special-purpose charter for such firms that would be tailored […]
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Regulation

Card Issuers Resisted Slashing Credit Limits During Pandemic: CFPB

“In a shift from the previous U.S. economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. The report, one of the most extensive analyses of credit card trends during the pandemic, found a significant tightening of […]

On The Wires

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Regulation

Regarding the CFPB’s Inquiry into Big Tech Payment Platforms

“Congress has tasked the CFPB with ensuring that markets for consumer financial products and services are fair, transparent, and competitive. To that end, it has authorized the CFPB to require participants in the marketplace to provide information that help the Bureau monitor risks to consumers and to publish aggregated findings that are in the public […]