Law and Regulation

Cannabis remains a federally illegal drug in the United States, but various states have acted over the past decade to legalize it and sales continue to grow fast enough that the market remains potentially lucrative for processors and banks. An example of how a major financial institution has entered this …

Airlines, airline unions, and commercial aircraft manufacturers sent a letter to Congress late Monday voicing their opposition to attaching the Durbin Marhsall credit card amendment to the GENIUS Act, a bill to regulate stablecoins. The letter states that attaching the Durbin Marshall amendment to the GENIUS Act would impose “onerous, …

Illinois lawmakers extended the implementation date for the Interchange Fee Prohibition Act by 12 months early Sunday to July 1, 2026. Groups opposing the IFPA, the first law of its kind passed by any state, argued the law would cause “widespread economic disruption” and that it would place an undue …

As online marketplaces continue to reshape global commerce, the opportunities for these businesses—and their payment providers—are vast. Yet, as recent trends demonstrate, so are the risks. Online marketplaces and their payment providers are increasingly at the center of a growing web of sophisticated fraud, regulatory scrutiny, and legal accountability. Challenges …

Several organizations representing the payments industry sent a letter to Congress late Wednesday urging lawmakers not to pass legislation that will tax cross-border remittances originated in the United States and will require money transmitters to gather identity and citizenship verification data from the sender. The bill has advanced to the …

More states are introducing legislation exempting merchants from paying interchange on sales tax and tips. Bills are currently pending in Alaska, Massachusetts, and New York. In Alaska, the proposed bill, which was attached at the 11th hour to a bill authorizing businesses to pay employees using reloadable cards, has been …

Sponsors of the Credit Card Competition Act saw the passage of the GENIUS Act on a preliminary vote as an opportunity to give the CCCA new life in advance of plans to reintroduce the legislation in the current Congress. Attaching the bill to the GENIUS Act, which would regulate stablecoins, …

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 …