C|C Payments Blog

Payments News Update – November 3, 2023

Legal and Regulatory Developments SPOTLIGHT: BNPL, EWA Bills Surface at House Hearing Payments Dive – October 26, 2023 A House Financial Services subcommittee has drafted legislative proposals related to earned wage access and the buy now, pay later market. The legislative proposals emerged at a Wednesday hearing of the Subcommittee on Digital Assets, Financial Technology and Inclusion, titled “Modernizing...

Payments News Update – October 27, 2023

Legal and Regulatory Developments SPOTLIGHT: Fed Proposes Reduction in Debit Fee Cap Payments Dive – October 25, 2023 The Federal Reserve Board voted Wednesday in favor of a proposal that would cut a cap on the interchange fee that debit card issuers can charge merchants to process a transaction. The proposal would lower the base debit fee rate by about 30% to 14.4 cents from 21 cents, according to a proposal...

Payments News Update – October 20, 2023

Legal and Regulatory Developments SPOTLIGHT: Fed to Propose Lowering Debit-Card Swipe Fees The Wall Street Journal – October 17, 2023 (subscription required) The Federal Reserve is preparing a proposal that would lower the fees merchants pay to many banks when consumers shop with debit cards. Today, merchants pay large card issuers 21 cents plus 0.05% of the transaction amount, the level set by the Fed in...

Payments News Update – October 13, 2023

Legal and Regulatory Developments SPOTLIGHT: Australia Unveils Draft Law to Regulate Digital Payment Providers Reuters – October 10, 2023 The Australian government said on Wednesday it planned to introduce laws that would empower the central bank to regulate digital wallet providers including Apple Pay (AAPL.O) and Alphabet's (GOOGL.O) Google Pay. Apple Pay, Google Pay and China's WeChat Pay, which have...

Payments News Update – October 6, 2023

Legal and Regulatory Developments SPOTLIGHT: Supreme Court to Consider Debit Fee Case Payments Dive – September 29, 2023 The Supreme Court on Friday granted a petition from a group of North Dakota merchants who brought a case against the Federal Reserve Board in 2021 over the central bank’s setting of a debit card fee cap. The merchants’ petition for review isn’t with respect to the merits of the...

Payments News Update – September 22, 2023

Legal and Regulatory Developments SPOTLIGHT: California Legislature Passes Plastic Gift Card Ban Payments Dive – September 21, 2023 California’s legislature has passed a bill that would outlaw plastic gift cards, with legislators in the Senate and Assembly overcoming some opposition this month in votes approving the legislation, according to the state’s legislative website. About 70% of retail gift...

Payments News Update – September 15, 2023

Legal and Regulatory Developments SPOTLIGHT: The CFPB Eyes Tech Firms’ Role in Governing Tap-To-Pay Digital Transactions News – September 8, 2023 The Consumer Financial Protection Bureau late Thursday released a report raising questions about the part restrictions imposed by big technology firms like Apple Inc. and Alphabet Inc’s Google subsidiary may play in hampering innovation, consumer choice, and the...

Payments News Update – September 1, 2023

Legal and Regulatory Developments SPOTLIGHT: US Debit Has Become More Competitive for CNP Merchants The Paypers – August 31, 2023 Since 2011, most card-not-present (CNP) merchants have had limited access to alternative debit networks due to issuers not enabling transaction routing. Now, nearly two months since the Federal Reserve codified that issuers must enable two networks for ‘all types of...

Payments News Update - August 25, 2023

Legal and Regulatory Developments SPOTLIGHT: New Jersey Limits Card Surcharging to Merchants’ Processing Fees Digital Transactions News – August 22, 2023 New Jersey has implemented a law that prohibits merchants in the state from profiting from credit card surcharging and requires merchants to clearly disclose any surcharges to consumers. The law, which was passed by the New Jersey legislature in June...

Payments News Update - July 28, 2023

Legal and Regulatory Developments SPOTLIGHT: DOJ Continues to Probe Visa Over Debit Cards, Other Payment Methods PYMNTS – July 26, 2023 Visa is reportedly under continued scrutiny by the U.S. Department of Justice. A new civil investigative demand, similar to a subpoena, was filed May 2, bringing to light a deepening inquiry into the payment processor’s practices, Bloomberg reported Wednesday (July...