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C|C Payments Blog

Payments News Update – November 1, 2024

Posted  11/1/24
Legal and Regulatory Developments SPOTLIGHT: Chopra Defends CFPB Open Banking Rule in Face of Lawsuit Payments Dive – October 28, 2024 Consumer Financial Protection Bureau Director Rohit Chopra said on Sunday that a lawsuit filed over the agency’s open banking rule finalized earlier this month is an obstacle to increasing competition among financial institutions. Some banks are concerned about competing...

Payments News Update – October 25, 2024

Posted  10/25/24
Legal and Regulatory Developments SPOTLIGHT: Visa Wanted a Vast Empire. First, It Had to Beat Back Its Foes. The Wall Street Journal – October 19, 2024 (subscription may be required) Visa is winning the decadeslong battle for control over how U.S. consumers pay for everything. It got here in part by paying for competition to go away and by using fees as weapons to make partners bend to its wishes. One by...

Payments News Update – October 11, 2024

Posted  10/11/24
Legal and Regulatory Developments SPOTLIGHT: Visa Expected to Temper Competitive Moves After DOJ Action Payments Dive – October 3, 2024 Visa’s retail clients and fintech competitors may find their market positions strengthened in the wake of the federal government filing an antitrust lawsuit against the card network last week, industry players say. Federal prosecutors alleged that Visa, the largest U.S....

Payments News Update – September 27, 2024

Posted  09/27/24
Legal and Regulatory Developments SPOTLIGHT: U.S. Accuses Visa of Monopoly in Debit Cards The New York Times – September 24, 2024 (subscription may be required) The Justice Department filed an antitrust lawsuit against Visa on Tuesday, accusing the financial giant of unfairly stifling competition in debit cards, the latest in a string of cases aimed at deterring monopolistic behavior by big companies. For...

Payments News Update – September 13, 2024

Posted  09/13/24
Legal and Regulatory Developments SPOTLIGHT: Banks Push for Quick End to Illinois Law Reducing Credit-Card Processing Fees Crain's Chicago Business – September 3, 2024 (subscription may be required) Lawyers representing bank and credit union trade groups argued Tuesday for a quick ruling in a lawsuit seeking to strike down enforcement of a new Illinois law that reduces the fees retailers pay credit-card...

Payments News Update – September 6, 2024

Posted  09/6/24
Legal and Regulatory Developments SPOTLIGHT: Maryland Gets Tough on BNPL Payments Dive – September 3, 2024 Zip and Four Technologies revamped their buy now, pay later strategies in Maryland after the state cited them for operating without the correct licenses. In May, the state fined Four Technologies for offering BNPL services in violation of the state’s lending laws. And the Australian BNPL company Zip...

Payments News Update – August 30, 2024

Posted  08/30/24
Legal and Regulatory Developments SPOTLIGHT: CFPB Seeks Developers’ Comments on Apple’s Rules on Tap-to-Pay Access PYMNTS – August 28, 2024 The Consumer Financial Protection Bureau (CFPB) is seeking public comment on Apple’s recently announced rules governing how financial companies and app developers offer tap-to-pay functionality on its devices. “The CFPB is working to better understand further...

Payments News Update – August 23, 2024

Posted  08/23/24
Legal and Regulatory Developments SPOTLIGHT: BNPL Providers Won’t Face Penalties During Transition to New CFPB Rule Payments Dive – August 20, 2024 The Consumer Financial Protection Bureau on Friday announced that the agency will not fine buy now, pay later providers while they prepare to work under a new interpretive rule that treats them like credit card providers. The bureau “does not intend to seek...
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