In this contentious presidential election cycle, it’s hard to imagine anything getting 70 percent of the Senate to back it. But 70 U.S. Senators want the CFPB to lay off credit unions and community banks when it comes to certain, unspecified rules.
A U.K. hearing scheduled for October will consider if Brexit can happen without parliamentary approval. The U.K.’s June 23 vote to leave the union has led to confusion and much speculation in the payments world, as the industry wonders about such issues as licenses and passporting, along with other financial services regulations.
Merging tech, avoiding “turf wars”, embracing change, careful planning and ensuring alignment between the companies – there is plenty to think about in any merger and acquisition (M&A) deal to ensure its success. Some relief, however, might come in the form of a cloud. When and how should this technology be applied? Banking Technology contributor, Graham Jarvis, […]
The CFPB’s recent enforcement action against Santander Bank over the bank’s overdraft practices underscores federal regulators’ focus on holding regulated institutions responsible for the actions of third-party vendors, and could provide a preview of the CFPB’s upcoming rulemaking on overdraft.
A critical congressional report was released this week claiming the FDIC has been hacked several times over several years and regulators have been covering up or misrepresenting breaches. In an ongoing investigation by the U.S. House Science, Space and Technology Committee, the report implicates FDIC employees, as well as the Chinese government, as responsible for some of the breaches.
The latest FDIC guidance on brokered deposits, released on June 30, has done little to alleviate industry concerns about the treatment of prepaid card loads as brokered deposits.
Target2-Securities (T2S) is a big task, but it is already improving intraday liquidity, says TAS Group. The opportunities are now ripe for the vendor to apply its fintech expertise across the pan-European market. Banking Technology caught up with TAS Group at the recent EBAday conference in Milan. When the T2S system went live in June […]
The Office of the Comptroller of the Currency has named Beverly Cole as deputy comptroller for compliance supervision. In the role, Cole will be responsible for developing and instituting compliance operational protocols, examination strategies and schedules.
The Financial Industry Regulatory Authority board of governors has appointed Robert Cook as president and CEO, effective the second half of 2016.
Hoping to encourage fintech innovation, the U.K. Financial Conduct Authority has issued a 17-page document that offers guidelines for how financial services firm can use outsourced Web-hosted services without running afoul of regulators.
A transatlantic data-transfer deal has won approval from European Union officials, giving official life to what’s known at the Privacy Shield pact.
Britain’s Speaking Clock, which will celebrate its 80th birthday on Sunday, July 24, was a real fascination for me as a child. Who was this person on the other end of the phone who was always available, any time of day, who could tell me the time down to the exact second? Did they ever […]
The 2016 UEFA European Championship ran from 10 June to 10 July in France. Portugal beat France 1-0 in the final. In the spirit of that football tournament, PPRO created an e-commerce guide to each country that proved very popular throughout the event. Click here to see all the countries: Euro 2016
Advanced Payment Solutions (APS) has secured a credit licence from the UK’s regulator, Financial Conduct Authority (FCA). And whilst APS is not a bank, it competes with them. So is going through the pains for getting a banking licence really worth it, asks Rich Wagner, CEO and founder APS. We regularly see news of challenger finance […]
Following up on its promise to tighten rules for prepaid cards and virtual currencies in an effort to thwart terrorism financing and money laundering, the European Commission has released a proposal this week to lower the threshold that triggers cardholder identification requirements for prepaid cards and ban the use of anonymous prepaid cards online.
Although the overall number of prepaid card-related complaints continues to represent less than 1 percent of total complaints the CFPB receives, prepaid complaints were up 28 percent in May to 226 from 177 the previous month, according to the federal consumer protection agency’s latest monthly complaint report.
MasterCard faces a $24.5 billion class action suit in the U.K. over its cross-border interchange fees. The suit arrives two years after the European Union labeled the interchange charged by the payment card network as unfair. European interchange caps went into effect in December of 2015.
The UK is home to the world’s leading centre for financial services, and in recent years a thriving centre for fintech innovation. Elizabeth Budd, financial regulation expert at Pinsent Masons, urges the financial services industry to be vocal about the framework it needs to have in place to protect this status, and continue to do […]
Last week’s federal court rejection of a 4-year-old $5.7 billion interchange fee settlement has retailers applauding, and Visa and MasterCard gearing up for what could be years of ongoing ligation and perhaps a stop at the Supreme Court.
The U.K.’s historic decision to exit the European Union (or Brexit) last month has left many businesses speculating what the ramifications will be for them, especially e-money issuers based in the U.K. that have licenses that they passport to EU countries. Neopay, a U.K.-based e-money and payment regulatory consultancy, is hoping to assuage the jitters of new and established e-money companies in Europe with Brexit Insurance.
In a pair of legal battles that could have a ripple effect into the payments and retail sectors, Facebook and Google have invoked a recent Supreme Court decision and the U.S. Constitution to defend against claims that the companies’ facial recognition systems violate a key state biometric privacy law.
Indian payment solutions provider ItzCash Card Ltd. has received in-principle approval from the Reserve Bank of India (RBI) to participate in the country’s integrated bill payments platform, known as the Bharat Bill Payments System (BBPS).
There are three options of a road ahead for the payments industry players: 1) to carry on as they are and watch their margins erode; 2) to transform into a utility; 3) to have a long hard look at their value chain. If you choose the latter – what do you see, asks Sapient Global Markets’ Leda […]
Woman In Technology (W.I.T) Award recognises an outstanding contribution made by a female to the fintech industry. The W.I.T. Award celebrates the spirit of inclusion, diversity and creativity in the fintech industry Supported by a worldwide network of FemTechLeaders To be presented at the Banking Technology annual awards ceremony and gala dinner on 1 December. […]
Visa has filed a lawsuit against Walmart in a dispute over customers’ use of signatures or PINs to verify purchases with EMV-equipped debit cards at Walmart. Last month, Walmart sued Visa, claiming the payments network required the retailer to offer EMV debit users the option of signature or PIN verification in violation of the Durbin Amendment.
That would provide some long-awaited certainty to financial service providers and tech companies like Google and Facebook that handle consumers’ personal information.
U.S. Sens. Sherrod Brown (D-Ohio) and Bob Menendez (D-N.J.) are demanding answers from Green Dot, MasterCard and Walmart about a May outage that left Green Dot-issued Walmart MoneyCard customers without access to certain prepaid services. The senators also asked MasterCard to distinguish the circumstances between the Green Dot outage and the one RushCard experienced October 2015 when it switched to MasterCard’s processing platform.
First filed in 2011 by a consortium of consumers, independent ATM operators and the National ATM Council, the suit alleges that payment networks’ ATM fee policies suppressed competition by barring ATM operators from offering discounts to users who transact via networks other than MasterCard or Visa.
In fiscal year 2015, 98 percent of the $3.98 trillion remitted to the Treasury Department’s Bureau of Fiscal Services came through electronic payments.
This great infographics, created by BTC Media, maps out the bitcoin and blockchain ecosystem of 2016 – it is a crowded metropolis! Click on the image to enlarge. Source: BTC Media, LLC
The people have decided and the U.K. is splitting from the European Union, raising serious concerns for the payments industry. Among those concerns is how passporting will work when the U.K. is no longer part of the EU since the majority of European e-money issuers have licenses in the U.K. that they passport elsewhere. Fifty-two percent of voters opted to bow out, or “Brexit,” as it’s commonly called.
As voters head to polling places today to decide whether the U.K. should split from the European Union, the referendum is top of mind for members of the payments industry around the world. Several issues for the industry would be in flux should the U.K. decide to bow out, or “Brexit,” as it’s commonly called.
Canada’s open-loop prepaid market saw CAD$3.1 billion (US$2.4 billion) in total card loads in 2015, according to a new market-sizing report offering insights into the country’s fast-growing prepaid industry.
This nifty infographics, courtesy of MBNA, is a whistle-stop tour of credit wonder and woe over the last 4,000 years – from ancient Babylon to modern Britain – and what people had to do to get a little credit.
Today, 20 June, sees the England-Slovakia game of the 2016 UEFA European Championship in France. In the spirit of that football tournament, PPRO has created an e-commerce guide to these two countries. Click here to see all the countries: Euro 2016
Oklahoma Governor Mary Fallin says state law enforcement will delay using devices that read the magnetic stripes on payment cards, following outcries from lawmakers and consumer groups about privacy and legal concerns. But mention of a supplemental proposed rulemaking suggests FinCEN may be looking to revisit card readers at the border.
CPI Card Group has been targeted in a new class action lawsuit over claims the card manufacturing and fulfillment specialist failed to disclose important information to shareholders in the run-up to its IPO last year.
For more than a year, payroll card providers have had to deal with the specter of a final rule on payroll card regulations from the New York Department of Labor. The wait is now over, sort of. Rather than issue a final rule, the N.Y. DOL today issued a second revision to its proposal, but the industry is still concerned about its implications.
The U.S. House of Representatives Committee on Appropriations recently approved its Fiscal Year 2017 Financial Services and General Government Appropriations Bill, and its passage (30-17) most definitely represents a thorn in the side of the CFPB because it delays the bureau’s regulations for payday loans.
This truly has been the time of regulators announcing fintech sandboxes – what better thing to write about on my first fintech column here, than the ways regulators and fintechs can work together! There were three announcements in the past couple of weeks around regulatory sandboxes – the Australian Securities and Investment Commission (ASIC) announced […]
