Weekly News Update

Payments News Update – March 28, 2025

Legal and Regulatory Developments SPOTLIGHT: CFPB Seeks Extension to Respond to Nonbank Oversight Lawsuit Payments Dive – March 24, 2025 The Consumer Financial Protection Bureau asked a federal court in Washington for 60 more days to respond to a lawsuit against the agency over its efforts to oversee technology companies that offer digital payments tools. The federal agency finalized a new rule aimed at...

Payments News Update – March 21, 2025

Legal and Regulatory Developments SPOTLIGHT: Retail, Crypto Groups Converge to Back Stablecoin Legislation Payments Dive – March 14, 2025 Retail and cryptocurrency trade groups converged Thursday to air their shared interest in supporting legislation to create a regulatory regime for stablecoins, and they did so on a day when the Senate Banking Committee approved a bill attempting to do just that. The...

Payments News Update – March 14, 2025

Legal and Regulatory Developments SPOTLIGHT: Judge in CFPB Case ‘Leaning’ Toward Injunction Banking Dive – March 12, 2025 The federal judge in the National Treasury Employees Union’s case against Trump-era management of the Consumer Financial Protection Bureau said Tuesday she’s “leaning” toward issuing a preliminary injunction to keep at bay a plan to put the agency in “wind down...

Payments News Update – March 7, 2025

Legal and Regulatory Developments SPOTLIGHT: Visa and Mastercard Accused of Card Monopoly by UK Watchdog PYMNTS – March 6, 2025 Visa and Mastercard face regulatory action in the United Kingdom following a payments watchdog’s investigation. The Payment Systems Regulator (PSR) is considering “remedies” for the two companies after uncovering a lack of competition in the card payment market, according to...

Payments News Update – February 28, 2025

Legal and Regulatory Developments SPOTLIGHT: Durbin to Reintroduce Credit Card Competition Bill Payments Dive – February 25, 2025 Senate Minority Whip Dick Durbin plans to reintroduce the Credit Card Competition Act bill sometime “soon,” according to a spokesperson for his office. It’s not clear whether the Democrat will strike an alliance again on the legislation with Republican Sen. Roger Marshall,...

Payments News Update – February 21, 2025

Legal and Regulatory Developments SPOTLIGHT: CFPB Agrees to Pause Rumored Workforce Layoffs, Data Purge Bloomberg Law – February 14, 2025 Consumer Financial Protection Bureau employees got at least a two-week reprieve from an expected culling of the workforce after their union and the agency agreed to let a federal judge rule on the merits of the planned staff cuts and other efforts to shutter the...

Payments News Update – February 14, 2025

Legal and Regulatory Developments SPOTLIGHT: CFPB’s Future Hangs in the Balance After a Wild Weekend Banking Dive – February 10, 2025 A tombstone emoji was only the beginning. When Tesla CEO and Trump adviser Elon Musk on Friday posted “CFPB RIP” on X, the social media platform he owns, it was, to many, the first clue that the Department of Government Efficiency had infiltrated the agency. By the end...

Payments News Update – February 7, 2025

Legal and Regulatory Developments SPOTLIGHT: Credit Card Giants Drain Billions: Can Congress Take Action? GV Wire – February 4, 2025 Few Americans know that they spend on average $1,100 a year to pay for credit card transaction fees. In addition, U.S. retailers pay $170 billion annually to process credit card transactions, according to testimony from the Senate Judiciary Committee in November 2024. More...

Payments News Update – January 31, 2025

Legal and Regulatory Developments SPOTLIGHT: Credit Card Convenience Comes at a Price. This Olympia Bill Aims to Change That KUOW – January 21, 2025 Paying by credit card is more common these days. But for each swipe, or tap, the credit card company charges businesses what’s called an interchange fee. And those fees add up. Washington state Senate Bill 5070, sponsored by Sen. Rebecca Saldana (D-Seattle),...

Payments News Update – January 24, 2025

Legal and Regulatory Developments SPOTLIGHT: Tech Groups Sue to Block CFPB Rule Targeting Apple, Google Bloomberg Law – January 16, 2025 A pair of trade groups representing Facebook parent Meta Platforms Inc., Apple Inc., and Google parent Alphabet Inc. sued to block a Consumer Financial Protection Bureau rule that’s set to bring those companies’ payment operations under the agency’s supervision. The...