According to Cisco there are 15.5 billion devices connected to the internet, ranging from routers to telemetry devices, power grid controllers, smartphones and perhaps the odd toaster. Other than in retail situations this so-called Internet of Things does not immediately seem to have much to do with the financial services industry. John Bates thinks otherwise, and sets out why in his recent book Thingalytics.
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
European lawmakers, following years of discussion, believe improved competition, more innovation and enhanced consumer protections in cross-border payments will be the result of an informal agreement on a revised Payment Services Directive (PSD2) reached this week.
Ripple Labs Inc. acted as a money services business and sold its virtual currency without registering with FinCEN.
Can the right combination of self-service device management, cash management and end-to-end transaction monitoring enable banks to embrace enterprise-wide performance awareness, and take a holistic approach to managing their multi-channel banking environments?
Notes from a business law meeting with speakers from the CFPB, FTC and New York Department of Financial Services.
By following simple principles and incorporating solid processes and tools the IT budgeting and forecasting process can be a source of value to both the IT department and the businesses it serves
Spoiler alert: A bill approved yesterday by the U.S. House of Representatives basically will be dead on arrival as President Barack Obama has vowed to veto any legislation that tries to touch the purse strings of the CFPB.
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
Cloud services are opening up possibilities for the retail investor to create individual customised funds in a way that was previously the preserve of the super-wealthy. Coupled with regulation in the UK such as RDR, the effect has been to make new business models possible, according to Michael Newell, chief executive at InvestYourWay.
Some of the most significant changes to Canada’s Code of Conduct for the Credit and Debit Card Industry affect the rights of merchants regarding mobile and contactless payments. Will the updated Code have the unintended consequence of disincenting investment in and adoption of innovative payment technologies in Canada?
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?
Several U.S. senators used income tax season to promote new legislation that takes aim at program providers that enable consumers to receive their tax refunds on prepaid cards.
Canada’s Financial Consumer Agency this week has released amendments to Canada’s code of conduct for credit and debit card transactions that extend to mobile payments.
Both political parties again are backing problematic payroll card legislation from New York Attorney General Eric T. Schneiderman that could squeeze margins and force some providers to pull programs from the state.
A coalition of bitcoin entrepreneurs and advocates are backing a petition that would exclude companies supporting the bitcoin infrastructure, as well as smaller startups, from the scope of New York’s BitLicense proposed regulations.
After several weeks of speculation, Sen. Robert Menendez (D-N.J.) was indicted yesterday on federal corruption charges over allegations he accepted bribes from a donor in exchange for political favors.
An industry group is calling 2015 the “year of the prepaid economy” in the U.K., as consumers there increasingly adopt prepaid cards for everyday spending, online shopping and transit.
Tanzania is taking steps to tighten up electronic payments against fraud, with the government working to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems, according to Finance Minister Saada Mkuya Salum.
The CFPB is finalizing its consumer narrative policy and, 90 days after the policy is published in the Federal Register, consumers who have opted in will be able to make their complaints about financial products and services in the bureau’s Consumer Complaint Database public.
The Colorado congressman suggests having too many disclosures is a disservice to consumers.
The Supreme Court is backing the authority of regulators to reinterpret their own rules without seeking industry input.
The CFPB is considering next steps in weighing new regulations for arbitration agreements widely used in financial services businesses to settle consumer disputes, following today’s release of the 728-page “Arbitration Study: Report to Congress 2015.”
The long road to interchange reform in the European Union has come to an end of sorts with passage of interchange caps today in the European Parliament.
Fixed income markets have historically been a bastion of high-touch trading, with manual processes, large tickets and little standardisation. But as recent years have seen inventory slashed and balance sheets cut in face of rising regulatory pressure, finding liquidity has become more of a challenge. A group of banks are hoping to reinvigorate the market though a standardised messaging system.
CFPB Director Richard Cordray today addresses the House Financial Services Committee for the bureau’s semi-annual report to Congress.
New York is considering a plan to hold top banking executives personally responsible for the quality and effectiveness of their firms’ AML efforts.
The CFPB’s Antonakes explained his bureau’s supervisory approach and enforcement actions and how they are different from that of the federal banking agencies.
Wondering what the CFPB’s NPRM emphasizes?
he House of Representatives on Feb. 4 passed bipartisan legislation sponsored by Rep. Virginia Foxx (R-N.C.) that she says would require greater transparency in government and would cap the CFPB budget for FY2016 at $550 million, $36 million below its expected funding.
N.J. Governor Chris Christie (R) signed into law a bill that eliminates the collection of consumer ZIP code information for gift cards purchased at the POS, putting an end to a protracted legal battle over unclaimed property rules in the state.
New York Attorney General Eric Schneiderman wants to increase access to traditional banking services by getting banks to change their account-opening criteria. But broader access to checking and savings accounts doesn’t mean consumers won’t continue to seek out alternatives, including prepaid cards, which may have more features and fewer fees, according to industry observers.
Prepaid issuers aren’t the only ones confused by the potential implications of the FDIC’s recent FAQs on brokered deposits. The agency offered some clarifications to ABA staff but recommends issuers reach out to their examiners with specific questions.
The National Technical Information Service has extended by 60 days the comment period for its proposed rule to establish a certification program for access to the Death Master File. The new deadline is March 30, 2015.
The Consumer Financial Protection Bureau (CFPB) is creating a guide to help colleges evaluate institutions that offer financial accounts to students—and the CFPB is seeking input in devising the document.
As in any complex document, there are some ambiguities in the FAQs and time will tell how those will play out. But, what’s clear is that for many banks, the FAQs raise the cost of doing business, which will (or should) precipitate a review of business models.
We asked a number of prominent players in emerging payments to give us their opinions on what the shift in the 114th Congress might mean to payments.
With much of the holiday revelry come and gone, the payments industry must refocus on two important NPRMs and their respective comment periods, which already have begun.
Members of the Economic and Monetary Affairs Committee and European Union Council negotiators yesterday agreed to cap the interchange fees on cross-border and domestic card-based payments, ensuring uniform rules across the EU.
