PAYMENTS NEWS
House Subcommittee to hold Wednesday hearing on role of CFPB
Mar 25, 2025
The House Financial Services Committee’s Financial Institutions Subcommittee will hold a hearing on Wednesday, March 26, to discuss possible changes to the structure and responsibilities of the CFPB.
UK government rolls Payments Systems Regulator into FCA
Mar 13, 2025
The U.K. government's decision to abolish the Payment Systems Regulator has drawn mixed reviews, with the country's payment firms saying it will make product development easier while creating more risk for fraud as payments-specific oversight wanes.
Judge in CFPB case ‘leaning’ toward injunction
Mar 12, 2025
Efforts to gut the bureau may still be going forward. A defense attorney, meanwhile, tried to highlight the differences between DOGE’s actions and those of the CFPB’s new leadership.
Digital Wallet Developers Score a Victory in the Senate
Mar 12, 2025
The U.S. Senate on Wednesday voted 51-47 to scrub a regulation issued in November by the Consumer Financial Protection Bureau and aimed at mobile wallets and digital money transfers. The repeal legislation, which now moves to the House of Representatives, comes as major payment-app developers like Apple Inc., Block Inc., Google LLC, and PayPal Holdings Inc. faced new rules that would give the CFPB enforcement capability in an area where it has had only examination authority.
Visa and Mastercard face UK regulatory action over lack of competition
Mar 6, 2025
The UK payments regulator has warned Visa and Mastercard it will take action to tackle a lack of competition and transparency in the card payments market that it said was costing British businesses millions of pounds a year.
Consumer NZ calls for ban on card payment surcharges
Mar 6, 2025
Consumer NZ has called on the Commerce Commission to consider banning card payment surcharges, citing concerns over excessive and hidden fees.
FTC terminations not impacting enforcement, agency says
Mar 5, 2025
The recent firing of at least a dozen staffers at the Federal Trade Commission will not curb the agency’s ability to enforce US antitrust law, according to agency leadership.
'We need to know what's going on:' Judge orders new CFPB hearing
Mar 4, 2025
In a packed courtroom on Monday, a federal judge questioned the Trump administration about whether statutorily required work was being done at the Consumer Financial Protection Bureau. The administration's answers were unclear.
GOP lawmakers urge Trump to pick regulatory chair at Fed
Mar 4, 2025
Congressional Republicans are urging the Trump administration not to drag its feet in naming a new top regulator to the Federal Reserve Board of Governors.
CFPB dismisses lawsuit against Zelle and three big banks
Mar 4, 2025
The Consumer Financial Protection Bureau dismissed a lawsuit against payment app Zelle's parent company, Early Warning Services, and its three largest bank owners, the latest in a string of Biden-era CFPB suits dropped by the Trump administration.
CFPB drops lawsuit against Capital One
Feb 28, 2025
The Consumer Financial Protection Bureau on Thursday dropped a lawsuit against Capital One Financial that alleged the bank cheated long-standing customers out of more than $2 billion in interest by refusing to honor high interest rates that were offered to new customers.
Stablecoins Take Center Stage at Senate's First Digital Assets Subcommittee Hearing
Feb 27, 2025
Legislators convened a panel to discuss what stablecoin and market structure bills need to address.
Observers And Lawmakers Handicap the CCCA’s Chances As It Heads Back to Congress
Feb 26, 2025
With expectations growing that the Credit Card Competition Act will soon be reintroduced in Congress, proponents of the bill feel its prospects for passage are better than ever. Helping fuel this optimism is growing bipartisan support for the bill, proponents say.
Justice Department Says CFPB Will Be Streamlined, Not Dismantled
Feb 26, 2025
Justice Department attorneys reportedly said late Monday (Feb. 24) in court filings that the Trump administration plans to streamline, not dismantle, the Consumer Financial Protection Bureau (CFPB).
State AGs Join Suit to Block CFPB Shutdown
Feb 24, 2025
Twenty-three state attorneys general have joined a lawsuit fighting the shutdown of the CFPB.
Exclusive: D.C. aims to crack down on credit card swipe fees
Feb 21, 2025
D.C. is gearing up to fight a covert charge that can cost businesses thousands of dollars and jack up prices: credit card swipe fees.
Waller sees stablecoins advancing in retail
Feb 20, 2025
Stablecoins are seeping into payments at stores, but there are plenty of hurdles before they become widely used, according to Federal Reserve Governor Christopher Waller.
Cap One, Discover shareholders approve merger
Feb 20, 2025
Stockholders of the two companies approved the big bank’s $35.3 billion acquisition in separate meetings Tuesday.
Judge agrees to immediately halt further CFPB firings
Feb 20, 2025
A federal judge on Friday agreed to temporarily block the Trump administration from firing more employees at the Consumer Financial Protection Bureau.
Fed's Bowman calls for review of Dodd-Frank reforms
Feb 20, 2025
A top Federal Reserve official wants the central bank to revisit its post-financial crisis regulatory reforms.