Law and Regulation

Sponsors of the Credit Card Competition Act moved late Tuesday to attach the legislation as an amendment to the GENIUS Act, a proposed bill to regulate stablecoins. While the Senate must approve the move, it potentially gives the legislation new life as it failed to advance out of committee in …

The Consumer Financial Protection Bureau has revised a January order for remittance provider Wise that reduces its $450,000 penalty and $2.025 million fine to $45,000 and to redress the harm to consumers. On Jan. 30, the CFPB, under Rohit Chopra who was fired in February, had ordered the previous penalties to resolve claims alleging …

First-party fraud, also known as “friendly fraud,” accounted for 36% of all fraud globally in 2024, up from 15% the previous year, says LexisNexis Risk Solutions’ Cybercrime report. First-party fraud occurs when a consumer disputes a legitimate credit card transaction, claims he never received the order, or misrepresents personal information …

Buy now, pay later has changed the way people shop. It’s quick, intuitive, and built around modern consumers, a seamless option at checkout that breaks big purchases into manageable moments. No fuss, no friction. For payments organizations, it’s opened new avenues of growth. Adoption is soaring. Merchants are happy. Consumers …

Plaintiffs in the lawsuit challenging the Illinois Interchange Fee Prohibition Act are pushing hard to make their case that national banking laws pre-empt the IFPA, which is scheduled to go into effect July 1. In a motion filed late Wednesday, the plaintiffs argued that federal banking laws supersede the Illinois …

Square says its Cash App Pay service can now be used to pay for Domino’s items. Square said this is one of the first restaurant partnerships for Cash App Pay, which enables users to use their Cash App balances to pay for purchases. Payments provider Clearent by Xplor launched Xplor Capital, an embedded finance …

Amid a general relaxation of financial-enforcement actions under the Trump administration, the Consumer Financial Protection Bureau says it no longer will prioritize enforcement of buy now, pay later products as if they were credit card products. Announced Tuesday, the change reverses a CFPB position from a year ago that maintains …

The Consumer Financial Protection Bureau may revisit its new open banking rule, according to a report on Bloomberg Law, which indicated the review likely comes as banks ask about the potential liability for data breaches and being able to charge for access to their data. Bloomberg said it’s uncertain if the existing rule …

In keeping with Washington’s friendlier attitude toward cryptocurrencies, the Federal Reserve and the Federal Deposit Insurance Corp. on Thursday pulled statements they had issued early in 2023 that had indicated a tougher stance on crypto regulation for banks. The regulators’ new approach, as indicated in a statement issued late Thursday …

More than a year after Capital One Financial Corp. announced its $35-billion deal to acquire Discover Financial Services, it received the last federal regulatory approvals to move ahead and has set a May 18 closing. The last two regulatory approvals, from the Federal Reserve and the Office of the Comptroller …