The battle over the Consumer Financial Protection Bureau’s (CFPB) efforts around small business data collection continues following a Senate vote to reverse that rule. The Senate voted Wednesday (Oct. 18) to overturn a CFPB rule that would require lenders to report demographic data on the recipients...
Debit interchange fees may see a revamp — a refashioning of the charges levied on merchants, the likes of which has not been seen in a decade. Next week, the Federal Reserve will take up an examination of “proposed revisions to the Board’s debit interchange...
India’s central bank, the Reserve Bank of India (RBI), has fined Paytm Payments Bank for non-compliance, including Know Your Customer (KYC) regulations, according to an Oct. 12 (Thursday) statement. The 53.9 million rupees ($647,762.58) penalty comes as a result of Paytm Payments Bank’s failure to...
President Joe Biden and the heads of the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) will announce new rules and regulations to crack down on junk fees across various industries on Wednesday (Oct. 11). Junk fees, which are hidden charges that companies add to customer bills, cost...
England’s financial regulator is reportedly examining whether Revolut permitted transactions involving suspicious accounts. Revolut is in discussions with the U.K. Financial Conduct Authority (FCA) over failures that allegedly allowed funds to be released from accounts that Britain’s National Crime Agency deemed suspicious, the Financial Times (FT) reported Saturday (Sept....
Ashley Eisenberg, data privacy officer at Forter, told PYMNTS in a recent interview that as companies do business across borders, data access — and protection — are top of mind. “Organizations have started to realize that their data is a valuable asset,” she said. For...
Following a recent meeting with Apple CEO Tim Cook, European Union (EU) Internal Market Commissioner Thierry Breton called on the tech giant to open up its ecosystem of hardware and software to rivals. Breton emphasized the need for Apple, along with other Big Tech companies, to comply with the Digital Markets Act...
The White House is reportedly considering the implementation of a new policy that would require cloud computing companies to disclose certain information about their customers to the U.S. government. The provision is part of an upcoming executive order on artificial intelligence (AI), aiming to enhance...
The Consumer Financial Protection Bureau (CFPB) has released guidance for lenders who utilize artificial intelligence (AI) and complex models in their credit decision-making processes. The guidance emphasizes the need for lenders to provide specific and accurate explanations when making credit denials, the regulator said in a Tuesday (Sept. 19) press...
