Lawmakers are demanding greater clarity on FinCEN’s forthcoming beneficial ownership reporting requirements. In a Wednesday (June 7) letter to Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das and U.S. Treasury Secretary Janet Yellen, several House members, including House Financial Services Committee Chairman Patrick McHenry, R-N.C., expressed concern that with only six months until the effective date...
If at first you don’t succeed, try, try again. That seems to be the prevailing sentiment Wednesday (June 7) when it was announced that the Credit Card Competition Act legislation is being reintroduced on Capitol Hill. This time around, there will be more sponsors across the...
The Federal Trade Commission (FTC) undertook enforcement actions around automobile purchasing and financing, payday lending, and credit repair and debt relief in 2022. The agency highlighted some of these actions in its annual report to the Consumer Financial Protection Bureau (CFPB) that details its activities regarding financial acts, the FTC...
Authorized push payments (APP) fraud victims in the U.K. could soon see faster reimbursements. That’s according to Great Britain’s Payment Systems Regulator (PSR) which on Wednesday (June 7) announced new requirements for banks and payment companies at a time when APP fraud is costing Britons close to £500 million...
House Republicans have unveiled legislation they say fills in gaps in the country’s cryptocurrency regulations. The draft proposal, authored by Reps. Patrick McHenry of North Carolina and Glenn Thompson of Pennsylvania, gives the Commodity Futures Trading Commission (CFTC) explicit spot market authority over crypto commodities under...
Federal regulators have finalized an order requiring Mastercard to share card data with other payment networks. The Federal Trade Commission (FTC) said the consent order settles charges that Mastercard had unlawfully forced merchants to route debit card payments through its network, in violation of the 2010...
America’s consumer watchdog is among the many organizations beefing up its artificial intelligence (AI) safeguards. In an interview with The Associated Press on Friday (May 26), Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra said his agency has “already started some work to continue to muscle up...
Two European Commission officials said Google CEO Sundar Pichai agreed there’s a need for voluntary rules around artificial intelligence (AI). EC Internal Market Commissioner Thierry Breton said in a Wednesday (March 24) tweet that he and Pichai met and agreed that there’s a need for an “AI...
U.S. lawmakers faced off Thursday (May 18) over two proposed stablecoin bills. Both bills under consideration would allow both banks and non-banks to issue stablecoins. It was the second time during the current congressional session that proposed stablecoin legislation has come to the floor, with the first hearing on...
