Weekly News Update

Payments News Update – October 16, 2020

Legal and Regulatory Developments SPOTLIGHT: 10 Ways Fintech, Payments Are on the Ballot in the 2020 House Election PaymentsSource – October 11, 2020 As the House of Representatives enters the 2020 election season, the outcome stands to encourage or rein in a group of technology companies that are encroaching deeper into financial services. The representatives voters send to Congress in 2021 will play a role...

Payments News Update – October 8, 2020

Legal and Regulatory Developments SPOTLIGHT: House Panel Says Big Tech Wields Monopoly Power Wall Street Journal – October 6, 2020 America’s biggest technology companies have leveraged their dominance to stamp out competition and stifle innovation, according to a Democratic-led House panel, which said Congress should consider forcing the tech giants to separate their dominant online platforms from other...

Payments News Update – August 27, 2020

Legal and Regulatory Developments SPOTLIGHT: TD Bank to Pay $122 Million to Settle Overdraft Claims Brought by Consumer Financial Protection Bureau USA Today – August 21, 2020 TD Bank has agreed to pay $122 million in a settlement with Consumer Financial Protection Bureau over charges that it issued illegal overdraft fees. The Cherry Hill, N.J.-headquartered bank will pay $97 million to about 1.42 million...

Payments News Update – August 13, 2020

Legal and Regulatory Developments SPOTLIGHT: With a Compliance Deadline Looming, Technology Emerges to Ease Gas Pump EMV Digital Transactions News – August 7, 2020 Sound Payments Inc., a multichannel technology provider that offers point-of-sale solutions for the petroleum industry, expects its partnership with National Retail Solutions, a subsidiary of IDT Corp., to accelerate adoption of EMV at in-pump card...

Payments News Update – August 6, 2020

Legal and Regulatory Developments SPOTLIGHT: Exclusive: China's Central Bank Urges Antitrust Probe Into Alipay, WeChat Pay Reuters – August 6, 2020 China’s top antitrust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank which argues the digital payment giants have used their dominant positions to quash competition, sources with knowledge of the matter...

Payments News Update – July 30, 2020

Legal and Regulatory Developments SPOTLIGHT: Durbin Asks Fed Chairman for ‘Appropriate Enforcement Action’ Involving Debit Card Transaction Routing Digital Transactions News – July 28, 2020 (click here for Sen. Durbin's letter) U.S. Sen. Richard Durbin and a Vermont Congressman want the Federal Reserve to look into what they say are efforts by debit card issuers “aided by the dominant card networks”...

Payments News Update – July 23, 2020

Legal and Regulatory Developments SPOTLIGHT: Open Banking for the Unbanked: How the Pandemic Is Affecting Innovation in LatAm PYMNTS – July 22, 2020 With nearly 50 percent of the Latin American population unbanked, there’s a growing appetite for mobile banking services. And the ongoing pandemic is only accelerating this trend, says Paula Arregui, chief operating officer for Mercado Pago. In the latest...

Payments News Update – July 16, 2020

Legal and Regulatory Developments SPOTLIGHT: UK Tightens Rules on Payments Firms in Wake of Wirecard Debacle PYMNTS – July 9, 2020 The United Kingdom’s financial regulator has toughened rules on payment companies less than two weeks after Wirecard AG’s collapse locked millions of customers out of their accounts, the Financial Times reported. The Financial Conduct Authority (FCA) said Thursday (July 9) it...

Payments News Update – July 9, 2020

Legal and Regulatory Developments SPOTLIGHT: Bipartisan Senate Bill Would Punish Retailers for Refusing Cash Payments CNBC – July 2, 2020 Sens. Bob Menendez, D-N.J., and Kevin Cramer, R-N.D., have introduced a bill prohibiting retailers from declining cash payments from customers, as businesses promote “contactless” digital payment as they grapple with the coronavirus pandemic. Retailers and mall owners,...

Payments News Update – July 2, 2020

Legal and Regulatory Developments SPOTLIGHT: EU Says Credit-Card Fee Curbs Helped Reduce Prices for Consumers Bloomberg – June 29, 2020 European Union curbs on credit and debit-card fees helped reduce prices for consumers and aided payments across the 27-nation bloc, regulators said in a report published Monday. “Interchange fees for consumer cards have decreased, leading to reduced merchants’ charges for...