PAYMENTS NEWS
Fintech and crypto are having a moment in the 119th Congress
Jan 16, 2025
Lawmakers have been tinkering with various iterations of crypto legislation for years, the most recent example being FIT21, a bill offered by newly appointed House Financial Services Committee Chairman Rep. French Hill, R-Ark.
Trump team eyes hiring freeze, regulatory rollbacks for CFPB
Jan 16, 2025
With less than a week until President-elect Trump's inauguration, the Trump transition team is expected to oust Consumer Financial Protection Bureau Director Rohit Chopra on Monday and quickly install an acting leader while it sorts out a permanent successor.
Instant payment regulation: PSD2 déjà vu?
Jan 14, 2025
Intended to accelerate the rollout of real-time payments in Europe, the EU’s Instant Payment Regulation (IPR), which came into force on 9 January 2025, requires European banks to be capable of receiving instant payments (SEPA Instant). Looking ahead, Europe's real-time payments revolution reaches another tipping point in October, as euro-zone banks sprint to meet the deadline to support outgoing SEPA Instant payments.
Decision on digital pound over two years away, Bank of England says
Jan 14, 2025
LONDON (Reuters) -No decision will be made for at least a couple of years on whether Britain will go ahead with a central bank digital currency for the general public, the Bank of England said on Tuesday, pushing back the timeline for the project.
CFPB seeks input on protections for digital payments, crypto
Jan 13, 2025
With under two weeks before the end of the Biden administration, the Consumer Financial Protection Bureau issued two actions on Friday aimed at providing privacy protections in digital payments and crypto assets offered by Big Tech companies and video gaming platforms.
EU’s Instant Payments Deadlines Loom With Challenges for X-Border Payments
Jan 9, 2025
Instant payments in the European Union will reach a milestone Thursday (Jan. 9). That’s when banks and payment service providers must be able to receive instant payments.
House banking committee leadership takes shape
Jan 9, 2025
Rep. French Hill, R-Ark., chairman of the House Financial Services Committee, has promoted a number of Republican lawmakers to leadership positions on the panel.
The CFPB Picks FDX for Oversight of U.S. Open Banking Standards
Jan 9, 2025
The Consumer Financial Protection Bureau said Thursday U.S. open-banking standards will be developed under the aegis of Financial Data Exchange Inc., a standards-setting body.
How credit card swipe fees are affecting shoppers
Jan 8, 2025
The NRF claimed these swipe fees are higher than retailers profit margins
Fed’s top bank cop to step down, averting potential clash with Trump
Jan 6, 2025
The Federal Reserve’s top regulatory official, Michael Barr, announced Monday that he will step down in the coming weeks, clearing the way for President-elect Donald Trump to reshape federal banking regulation.
Will Trump and Sanders lock arms to cap credit card interest rates?
Jan 7, 2025
The senator and incoming president partnering on a cap proposal may not be as far-fetched as the payments and banking industries would hope.
The fight over credit card swipe fees enters a new year with no end in sight
Jan 6, 2025
With new fee increases and more shoppers ditching cash, small businesses urge their customers to consider sticking with bills and coins.
Recent CFPB rules face repeal with no return under Trump
Jan 6, 2025
The incoming Trump administration is expected to seek the repeal of some regulations finalized by the Consumer Financial Protection Bureau. On the chopping block are rules finalized by the CFPB since August, the six-month lookback deadline for lawmakers to repeal rules under the Congressional Review Act.
How hidden credit card fees impact consumers and businesses
Jan 6, 2025
The start of 2025 brought an increase in fees from the biggest credit card companies in the U.S. that may have you paying more the next time you swipe a card. NBC’s Vicky Nguyen reports for TODAY.
Merchants, banks spar over Fed’s debit card fee proposal
Jan 3, 2025
Major trade groups for merchants and banks engaged in another round of fighting last week over whether the Federal Reserve should finalize a lower debit card interchange fee rate.
An Injunction Against Illinois’s Interchange Act Leaves Both Sides Claiming Victory
Jan 2, 2025
United States District Court Judge Virginia Kendell granted a preliminary injunction late Friday that provides banks some relief from the pending Illinois Interchange Fee Prohibition Act, but also gives merchants reason to cheer.
QR code payments favored to gain adoption in 2025
Dec 31, 2024
QR code payments are expected to gain traction in the U.S. in 2025 as more use cases become prevalent and merchants look to avoid pricey interchange fees.
Payments trends that will drive 2025
Dec 27, 2024
Banks and payment companies will have no shortage of chances to expand their businesses, or risk losing ground to rivals in the coming year.
What to Watch as the Debit Interchange Fee Battle Heats Up in 2025
Dec 27, 2024
Sweeping changes to debit card interchange fees — and the ways debit transactions are facilitated — may come in 2025.
The CFPB Sues Early Warning, BofA, Chase, And Wells Over Zelle Fraud
Dec 20, 2024
The Consumer Financial Protection Bureau early Friday said it has sued Early Warning Services LLC as well as Bank of America, JPMorgan Chase, and Wells Fargo, alleging the Zelle person-to-person payments network failed to protect consumers against fraud. The banks are three of the seven financial institutions that own Early Warning, the company that operates Zelle.