Monday , December 10, 2018

Law and Regulation

The OCC Moves Ahead With Its Fintech Bank Charter, but Blowback Grows

The Office of the Comptroller of the Currency has provided additional details about evaluating applications for its proposed limited-purpose national bank charter for financial-technology companies, but voices critical of the charter are growing louder. The OCC, a unit of the U.S. Treasury Department that regulates national banks, first proposed the …

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As a Hostile Congress Tries to Axe Its Prepaid Rule, the CFPB Proposes a Six-Month Delay

Facing a Congressional effort to overturn its recently released prepaid rule, the Consumer Financial Protection Bureau on Wednesday issued a proposal to delay the rule’s effective date by six months. In the 16-page proposal, the agency suggests moving the effective date from Oct. 1 of this year to April 1, …

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Activists Pressure Shopify To Drop Breitbart News as an E-Commerce Client

E-commerce platform provider Shopify Inc. is facing pressure to cut ties with a controversial client, the Breitbart alt-right online news site. On Thursday, activist groups plan to present a petition with 140,000 signatures at Shopify’s Ottawa, Ontario, headquarters, demanding that the processor cut off Breitbart as a client. The news …

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Retailer Groups Ask Supreme Court to Affirm Rejection of 5-Year-old Interchange Settlement

By Kevin Woodward@DTPaymentNews As the U.S. Supreme Court gets nearer to considering the 2012 interchange settlement, the National Retail Federation and the Retail Industry Leaders Association asked the court to let stand an settlement. The trade groups, which for the most part represent large retailers, argue, in part, that the …

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PayPal Cooperating with Dept. of Justice Subpoena and other Digital Transactions News briefs

• PayPal Holdings Inc. reported in a filing that it has received subpoenas from the U.S. Department of Justice “seeking the production of certain information related to our historical anti-money laundering program.” PayPal said it is cooperating with the DoJ and cannot predict the outcome of the government’s investigation. • A point-of-sale software …

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A Payments-Industry Divide Opens in the Debate About Dumping the Durbin Amendment

By Jim Daly@DTPaymentNews For more than six years, most of the debate about the Dodd-Frank Act’s Durbin Amendment has been relatively straightforward. Merchants like Durbin because they pay less in debit card acceptance costs under the amendment’s interchange price cap affecting card issuers with more than $10 billion in assets. …

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Congress Takes Aim at the CFPB’s Pending Prepaid Card Rule

By Jim Daly@DTPaymentNews The new Republican-controlled Congress and Republican President Donald Trump want fewer government regulations, and the politically vulnerable now that Republicans have full control of Washington. Republicans say the CFPB has imposed excessive regulations on the financial-services industry and that its director, currently Richard Cordray, is not accountable …

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Eye On Data Breaches: InterContinental Hotels Confirms Breach; Target Settlement Re-Do?

By Jim Daly@DTPaymentNews An investigation by hotel operator InterContinental Hotels Group PLC found malware had been installed on servers that processed payment cards at restaurants and bars in 12 IHG-managed properties, the company said. And a federal appellate court told a lower court to investigate whether the class of customers …

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The New Administration Brings Uncertainty But Also Optimism, Payments Experts Say

By John Stewart@DTPaymentNews The new Trump administration injects much uncertainty into U.S. business, with payments being no exception, but a panel of experts on Thursday said the net result should be positive for at least the acquiring side of the market. “If Hillary Clinton had won, we would have been …

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The CFPB Orders Mastercard, UniRush To Pay $13 Million for 2015’s RushCard Glitch

By Jim Daly@DTPaymentNews The Consumer Financial Protection Bureau on Wednesday announced a consent order that requires Mastercard Inc. and UniRush LLC, program manager of the prepaid RushCard, to pay $10 million in restitution to cardholders and a $3 million civil fine as a result of an October 2015 processing glitch …

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