CFPB’s Final Prepaid Rule Delayed Again
The prepaid industry will be playing the waiting game a while longer. The CFPB’s final rule for prepaid accounts has been pushed back to a summer release, according to the agency’s latest rulemaking agenda.
Features
Viewpoint: Smartphones Disrupt Traditional Patterns for Female Shoppers
Results of two national Blackhawk Engagement Solutions surveys show that female shoppers are connected, very well-informed and are prepared to make a thoughtful, considered purchase anytime and anywhere—all of which has some implications for the payments industry.
Sen. Durbin Wants Answers on EMV Terminal Certification Delays
More than seven months after last October’s EMV liability shift in the U.S., customers “are forced to continue using fraud-prone magnetic stripe technology” because chip-reading payment terminals remain idle, charged U.S. Sen. Dick Durbin in a letter to Federal Trade Commission Chair Edith Ramirez.
Infographics: the efficient treasury
Banking Technology and Misys conducted a survey to find out about the changing role of the banks’ treasury and the degree of support received from current systems. The results are in our infographics – great contents that is easy on the eye and easy to digest.
Fear of missing out vs fear of failure: how to resolve the conflict
The fear of missing out (FOMO) forever clashes with the fear of failure (FOF) when it comes to innovating in banks. Lee Cameron, CEO of Monitise, explores the FOMO versus FOF conflict and how to resolve it. FOMO is commonly cited as being characteristic of the Instagram-driven millennial generation, but how does this relate to […]
Vendor spotlight: the difference engine
Amidst the mass of humanity at Money 20/20 Europe in Copenhagen, Olivier Sery, general manager Iberia for TAS Group, took a few moments of his time to discuss the company’s software solutions for electronic money and payment systems; and its future plans. “We’ve done the investment, but now is the time to grow our footprint.” […]
CFPB Releases Proposed Rule on Arbitration Clauses
The CFPB today released a proposed rule that would place restrictions on arbitration clauses in financial services contracts.
Infographics: The world of e-commerce
Did you know that in the Netherlands 54% of all transactions are carried out using the iDEAL online banking system? Or that Germans prefer to pay on account via direct debit and the popularity of e-wallets is growing in Russia? ‘The world of e-commerce’ reveals the three most popular e-commerce payment methods across 22 countries […]
Rep. Salmon’s Bill Latest to Push ID Requirements for Tax Refund Prepaid Cards
A U.S. Congressman from Arizona is the latest lawmaker to set his sights on prepaid cards in a bid to combat the growth of tax refund fraud. Rep. Matt Salmon (R-Ariz.) recently introduced a bill that would ban tax refunds from being loaded onto a prepaid card unless the identity of the accountholder has been “verified by an office or employee of the Department of the Treasury.”
Federal Reserve Proposes Bank Executive Compensation Rule
The Federal Reserve Board seeks input on a proposed rule that could limit incentive-based executive compensation based on risk-taking behavior by banks. The move stems from the Dodd-Frank Act and comments are due July 22.
IRS Security Summit Makes Progress; Calls for New Members
The fight against tax refund fraud was part of the discussion at the recently concluded NBPCA Power of Prepaid conference, where the IRS commissioner talked about the public-private partnership designed to boost security.
FTC Investigating Venmo for ‘Deceptive or Unfair Practices’
The Federal Trade Commission is investigating Venmo, the popular P2P payment app owned by PayPal Inc. In its quarterly earnings report, PayPal said it received a Civil Investigative Demand from the FTC on March 28, as part of an investigation into whether PayPal through its Venmo service is “engaged in deceptive or unfair practices,” according to the filing.
CFPB Snapshot: Prepaid Complaints Tick up in March, but Remain Low
The CFPB’s latest monthly consumer complaint snapshot showed a slight increase in prepaid-related consumer complaints in March, but prepaid remains the subject of just a fraction of overall complaints received by the agency.
FDIC Approves New Assessment Rule for Small Banks
The FDIC board of directors has approved a rule that changes how banks with less than $10 billion in assets and have been FDIC insured for at least five years are assessed for deposit insurance.
Infographics: seizing the mPOS opportunity
Mobile point-of-sale (mPOS) is revolutionising the POS terminal industry. In two years, the market is estimated to be worth $43 billion. By 2019, 46% of all POS terminals in 2019 are expected to be mPOS. Over the next four years, the market is poised to grow by 400%. This nifty infographics – courtesy of FIME – […]
CFPB Schedules Arbitration Hearing for May 5, Proposed Rule to Come?
The CFPB has scheduled a field hearing on arbitration clauses in Albuquerque, N.M., on May 5 at 11 a.m., MDT. Experts are anticipating the hearing will be the forum for the bureau to release its proposed rule on arbitration, and industry groups are bracing for restrictions or an outright ban on arbitration clauses in financial services contracts.
Democratic Reps. Back Prepaid Overdraft in Letter to CFPB
Three Democrats are asking CFPB Director Richard Corday for an overdraft exemption as the agency finalizes its prepaid rules.
CFPB Report Blasts Payday Lenders over Bank Fees
In advance of the CFPB’s proposed rule on payday loans, the bureau has released a new report critical of payday lenders’ practice of debiting borrowers’ checking accounts, which often leads to overdrafts, penalty fees and account closures, while failing to actually recover payments, according to the report, which is based on data from more than 330 lenders.
U.S. House Passes Oversight Bill for Two Financial Regulators
The Financial Stability Council Reform Act would give Congress funding power over the Financial Stability Oversight Council and the Treasury Department’s Office of Financial Research, which keep track of financial risks and conduct other research.
Infographics: ten facts you didn’t know about mobile banking
Here are ten facts you (possibly) did not know about mobile banking. But now you do, with the help of this nifty infographics, courtesy of Shinobicontrols.
Card Forum: Experts Look ahead to CFPB Final Prepaid Rule
With the CFPB expected to release its long-awaited final rule on prepaid accounts sometime in the coming months, industry experts peered into their crystal balls last week during a panel discussion at Card Forum in Los Angeles, delivering predictions about the timing and potential effects of the looming regulation.
Report: Mobile Wallets in Fraudsters’ Crosshairs
Mobile wallets could be a vulnerable target for fraud, and concerns over wallet security could inhibit adoption, especially among certain consumers segments, a new report warns.
Europe Boosts Potential Costs of Data Breaches
The European Parliament approves new rules that can lead to fat fines related to data breaches and digital privacy violations.
CFPB Fills Leadership Posts
On April 12, the CFPB announced the addition of several new members to leadership positions within the bureau for the external affairs division; the consumer education and engagement division; the student loan ombudsman and Office for Students and Young Consumers; the Office of Small Business Lending; the Office of Consumer Response; and the Office of Supervision Examinations.
FDIC: Non-Malicious Hack Involved 44,000 Consumers
The federal agency talks down a data breach that stemmed from an employee inadvertently downloading information about bank customers onto a portable storage device.
Infographics: Video banking – it’s on
Video banking has finally reached inflection point, according to Efma and Vidyo Inc. The two companies have carried out the research, “which uncovered massive support for video banking among financial organisations worldwide”. Nearly 80% of all banks surveyed plan to offer video-enabled banking services. Check out this nifty infographics (courtesy of Efma and Vidyo) on all […]
Delaware Unveils Blockchain Initiative
The Delaware Blockchain Initiative demonstrates the state’s commitment to ensuring this remains the case for the growing blockchain technology sector.
FTC Chair: More Security Needed for Internet of Things
Edith Ramirez says Congress will have to craft laws to protect all the data and activities that stem from Web-connected appliances, cars and other devices. She also urges the industry to better protect that data.
CFPB Reports on Complaints from Military Community, Prepaid Remains Low
The CFPB has released its annual report on complaints received by the agency from military servicemembers, veterans and their families. Prepaid comprised just 1 percent of complaints from the military community—mirroring the tiny fraction of prepaid complaints to the CFPB from the general public.
Platformification: all together now
Platformification – what is it and why do banks need to know about it? Hans Tesselaar, executive director at Banking Industry Architecture Network (BIAN), explores the issue. When alternative fintech players first established themselves in the financial services industry, they raised their profile by collectively bashing the banks – positioning themselves as a more transparent, […]
Reference data management: utility is the future
So here is a major headache for the treasury and capital markets industry: the cost line remains dead flat but the revenue line has dropped off the cliff. Utility is the answer to the market woes, strongly believes Philippe Chambadal, CEO of SmartStream Technologies. He talks to Tanya Andreasyan about SmartStream’s initiative in this space. […]
Blockchain: why smart contracts need shrewder people
“I’ve forgotten – woe is me! What the magic word may be.” Johann Wolfgang von Goethe, The Sorcerer’s Apprentice (1797) How smart is your code? So-called “smart contracts” are science fiction realised. Executable pieces of code stored on a mutual distributed ledger for future execution bind people and payments to actions and outcomes. Computer scientist […]
IRS Releases New Data on ID Theft Fraud
As the IRS and industry continue to fight identity theft-related tax refund fraud, the agency’s Criminal Investigation Program initiated 776 investigations into ID theft fraud during the 2015 fiscal year, according to the IRS’s newly released 2015 Data Book.
IRS Issues Advice on Deferring Gift Card Income
The IRS has concluded that a company can defer the recognition of advance payment income received from the sale of unredeemed gift cards that are redeemable for goods or services for up to two years.
Fintech Could Get More U.S. Regulation
The OCC will release a paper to start discussions on new regulations for financial startups, which banks reportedly want.
DOJ Drops Case against Apple over iPhone Access
The U.S. Department of Justice has dropped its legal claim against Apple Inc. over the FBI’s request that the tech company help unlock the iPhone of one of the shooters in last year’s attacks in San Bernardino, Calif. According to a court filing, the FBI was able to access the device without Apple’s assistance.
Infographics: global fintech landscape
Want to see the global fintech landscape summed up in an easy on the eye and effortless to digest infographics? You have come to the right place – this excellent infographics has it all, from the hottest start-ups today and those to watch in 2016 to the most supportive countries and governments as well as top investors. […]
Appeals Court Upholds Texas ‘No Surcharge’ Law
Merchants have been challenging state surcharge laws, but the courts stand firm.
Judge Rules that Radio Shack Gift Card Holder Won’t Get Legal Fees Paid
A Radio Shack gift card holder’s motion to get his legal fees and expenses paid first in the electronics retailer’s Chapter 11 case has been denied. Consumers with Radio Shack gift cards may file a claim by Dec. 2, 2016and if the claim is judged to be valid, claimants will receive 100 percent of the card balance, according to the Website.
FTC Investigates PCI Audits
Legal experts suggest that the investigation could provide insight on how the FTC might seek to influence the audit process going forward.
