President Obama is throwing support behind new legislation to further protect consumers from data breaches, while backing another new bill that would prevent companies from misusing student data. At a Federal Trade Commission presentation Jan. 12, President Obama outlined the Personal Data Notification & Protection Act, which would require U.S. companies to notify customers within […]
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.
Comments are due Feb. 9, 2015, for a multisite program the CFPB plans to launch early this year to provide one-on-one and group financial counseling to individuals with disabilities transitioning into the workplace or who already are employed.
The U.S. Supreme Court has scheduled a conference this Friday to determine whether it will grant certiorari and move forward with oral arguments in NACS v. Board of Governors of the Federal Reserve System, which pertains to debit interchange fees and network routing requirements.
The FDIC has issued guidance to promote consistency by insured depository institutions in identifying, accepting and reporting brokered deposits. The guidance, which is in the form of “frequently asked questions,” addresses prepaid cards.
By facilitating payments, and clearing and settling transactions in the securities and derivatives markets, financial market infrastructures are essential nodes in a complex and ever more integrated international network of capital flows. The consequent inter-dependencies between financial market infrastructures will create new resiliency challenges
Derivatives market participants are concerned about the impact of new margin requirements for non-cleared derivatives under Basel III, with a large number unsure whether they will even have to comply with the rules, according to new survey published today by the International Swaps and Derivatives Association.
The NBPCA and the Electronic Transactions Association (ETA), the global trade association representing the payments technology industry, submitted a joint letter today requesting a 60-day extension to the comment period for the CFPB’s NPRM on prepaid.
The start of a New Year also brings a new EU law into effect that’s intended to stop companies from undercutting their competition by setting up in low-tax countries. However, the law also could increase the tax on purchases of digital content like mobile applications, music downloads and e-books.
Bookmark our 2014 year in review for easy reference as you make plans and set strategy for the New Year.
The payments industry has two dates quickly approaching regarding NPRMs and their respective comment periods, which already have begun.
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.
The National Technical Information Service (NTIS) is expected to publish tomorrow its NPRM in the Federal Register that would create a certification program to replace the temporary certification program in place now for access to the Death Master File (DMF).
The CFPB’s NPRM on prepaid accounts is scheduled to be published in the Federal Register tomorrow.
The N.J. General Assembly last week approved by a vote of 73-1 the ZIP code repeal bill (A-3480), which eliminates the collection of consumer ZIP code information for gift cards at the POS.
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.
The CFPB is calling for greater transparency from colleges and financial institutions when they enter agreements to offer prepaid or debit products to students.
In 2015, organisations in the business finance solutions space are likely to spend significantly on business intelligence and analytics. This data goldmine can help organisations unlock hidden opportunities and insights
American Express has launched a research pilot to study what marketing tactics and behavioral triggers can convince cardholders to save using its Serve prepaid account software platform.
Blackhawk Network this week announced a new distribution deal with the U.S. Postal Service, introducing the company’s gift card malls to select post offices in time for the holiday season.
NACHA, the Herndon, Va.-based electronic payments association, and the European Central Bank (ECB) independently are taking steps to speed up the payments process with the goal of same-day settlement.
The FFIEC’s recently updated BSA/AML Examination Manual is emphasizing—as it has in the past—that the buck stops with issuing banks in terms of ultimate responsibility for BSA/AML compliance for prepaid access products, regardless of agreements or contracts with other players in the value chain.
Fewer than a third of banks are at the implementation stage of projects implementing the Basel intraday liquidity monitoring rules that come into force next month – and most believe that industry collaboration will be needed to achieve a successful outcome.
A platform for sharing cyber-security threat intelligence among financial services companies has been launched by US post-trade utility the DTCC and non-profit security organisation FS-ISAC. Called Soltra Edge, the platform gathers data about cyber-security threats and converts it into a standardised format for sharing.
Debate on the EU Payments Package, composed of the revised Payment Services Directive and the Regulation on Interchange Fees, recommenced in Brussels on Nov. 19. Although the two pieces of legislation are part of one “package,” they’re at different stages in the legislative process, and depending on how they progress, the transition into law could be smooth for the industry—or not.
Payments industry participants are getting a taste of what compliance might be like under its new regulator the Payment Systems Regulator (PSR).
The payments industry is only starting to digest the potential consequences of the CFPB’s sweeping proposed rule on prepaid accounts.
In a new study, the Federal Reserve Bank of Kansas City is providing some much-needed data to the long-standing debate over whether prepaid cards should be permitted to offer an overdraft feature.
The CFPB expanded its budget, number of employees and its complaint volume in fiscal year 2014, according to its annual report.
As business process operations enter a new capter of accelerated transformation, technology services are not just a critical component for financial services firms – they are the business itself.
Simultaneously with the release of its 870-page prepaid account proposal last week, the CFPB issued a “Study of Prepaid Account Agreements.”
Prepaid industry leaders, which included representatives from InComm, Blackhawk Network and Green Dot, met with members of the U.S. Senate Special Committee on Aging during a hearing yesterday to outline how they’re working to prevent fraudsters from using prepaid debit cards to swindle consumers, particularly phone scams perpetrated against the elderly.
Debate over revised European payments legislation, including interchange reforms, is set to begin in Brussels tomorrow.
As Bob Dylan, famously sang, The Times, They Are A-Changin’. Once, the tools required to carry out a bank raid usually comprised a shotgun, old stockings and a bag labelled “swag”. Today, it’s a laptop, computer programming skills and patience. And the nature of the crime is changing too – previously, the goal was often to get away with a few thousand pounds, before lying low for a while. Now, the “prize” sought may be the theft of millions or the personal details of thousands, to be then sold on.
The prepaid industry was well-represented at today’s CFPB field hearing on prepaid accounts in Wilmington, Del. The consensus among industry experts was that the popularity of prepaid products continues to grow and that the NPRM is the next step in the evolution of the industry, as the rules could create a level playing field for prepaid providers.
My original intent, based on attending the field hearing in Wilmington, Del., this morning, was to summarize the key elements for publication today. But, that won’t happen. The 870 pages that comprise the NPRM suggest why it took the CFPB extra time to create and why it will take industry time to understand everything the NPRM covers and, of course, the implications of the proposed rules.
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
On the eve of the CFPB’s field hearing on GPR cards (and the rumored release of its GPR notice of proposed rulemaking), Consumer Reports has named the “best” GPR prepaid cards.
If you’re a third-party service provider to prepaid issuers, don’t overlook your Regulation E error resolution
responsibilities. Here are five topics to think about.
The Bancorp is inviting all industry representatives traveling to the CFPB field hearing on Thursday to use its complimentary workspace, which it created to make the trip more convenient and collaborative.
