Opponents of the proposed Credit Card Competition Act expect the bill will be reintroduced in Congress, so the Electronic Payments Coalition launched a pre-emptive strike late Wednesday with a report detailing the bill’s potential economic impact. The study, conducted by Oxford Economics Research, claims the CCCA’s impact on the U.S. …
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A state senator in Oklahoma has introduced the Bitcoin Freedom Act, a bill that would legalize payroll and vendor transactions in Bitcoin in that state. The move follows the state’s passage last May of a Bitcoin Rights bill. FV Bank, a digital financial institution, has expanded its stablecoin offerings with an integration …
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The Consumer Financial Protection Bureau sued credit reporting agency Experian over claims it unlawfully failed to properly investigate consumer disputes. In a statement, Experian says the lawsuit is without merit. “It is contrary to longstanding regulatory and judicial precedent and is another example of irresponsible overreach by the CFPB. Our legal position …
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An Asian-American businesswoman named Nisha Desai has sued PayPal Holdings Inc. on grounds of racial discrimination, alleging the company restricted some of a $535-million investment commitment to Black and Hispanic candidates. The suit, filed in U.S. District Court for the Southern District of New York, asks for unspecified damages and an order …
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Meta Platform’s WhatsApp payments service has been permitted by the National Payments Corp. of India, a regulatory body, to roll out WhatsApp Pay to its entire user base of 500 million in that country. Meta formerly was known as Facebook. GasBuddy, which offers a payments card featuring discounts on gasoline, forecasts the …
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The outlook for payments in 2025 will be rife with open finance, instant payments, multi-rail payments, interchange questions, and the increasing use of artificial intelligence, observers suggest. The top three payments trends next year will be open finance, instant payments adoption, and point-of-sale innovations, says Capgemini Research Institute in its …
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United States District Court Judge Virginia Kendell granted a preliminary injunction late Friday that provides banks some relief from the pending Illinois Interchange Fee Prohibition Act, but also gives merchants reason to cheer. Kendell, who is overseeing a lawsuit filed against the IIFPA, ruled the injunction applies only to financial …
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Consumers may not be racking up more revolving credit card debt than they did in 2023, but their ability to pay their bills on time is coming under pressure, according to a report released early Thursday by J.D. Power. Consumers say they are having a harder time paying their bills, …
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Capital One Financial Corp.’s proposal to acquire Discover Financial Services for $35.3-billion, announced in February, has been approved by the Office of the Delaware State Bank Commissioner. The proposal includes Discover Bank. Shareholders in both companies are set to vote on the transaction Feb. 18, 2025. Visa Inc. has closed on its offer to acquire …
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The Consumer Financial Protection Bureau early Wednesday released a circular to law-enforcement agencies warning that operators of credit card rewards may be violating a prohibition against unfair, deceptive, or abusive acts or practices by devaluing earned credit card points and airline miles. The CFPB issued the circular in part due …
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