Paxos Trust is reportedly being investigated by the New York State Department of Financial Services (NYDFS). It is not known why the issuer of the Pax Dollar (USDP) and a Binance-branded BUSD stablecoins is being investigated, Bloomberg reported Thursday (Feb. 9). The NYDFS began the...
The U.K. government is seeking public comment on how to make it easier to prove one’s identity online. Consumers can comment on the draft legislation through March 1. The proposal‘s goal is to improve data sharing and how data is used in the public sector,...
The Federal Trade Commission (FTC) has taken the first enforcement action under its Health Breach Notification Rule. The proposed order bars digital health platform GoodRX from sharing consumers’ health information for advertising and fines the firm $1.5 million for not reporting its unauthorized disclosure of...
New York’s financial watchdog wants small businesses to have enough information when they seek financing. To that end, the New York Department of Financial Services (NYDFS) has adopted a new regulation governing disclosure agreements for commercial financing, the agency announced in a news release Wednesday (Feb. 1). “Clear and...
The Biden administration’s targeting of credit card late fees may lead to unintended consequences. Among those consequences: Stifling consumers’ embrace of banks’ innovations designed to avoid late payments in the first place. Those innovations include digital reminders and grace periods that are designed to keep payments...
As his crypto empire collapsed, Sam Bankman-Fried reportedly turned to overseas regulators for help. Federal prosecutors say the FTX co-founder tried to hold off his company’s bankruptcy proceedings last year so he could move FTX assets to foreign regulators, the Wall Street Journal reported Monday (Jan....
The U.S. Treasury Department is flexing its cryptocurrency enforcement muscles as industry attention grows. The turbulent crypto sector has historically suffered from the perception that its anonymous and decentralized technical architecture provides a haven for money laundering and other illicit activities around the globe. “2022...
The U.S. Justice Department is continuing its investigation into Visa’s debit card practices. The payments giant is cooperating with the probe, which is “seeking additional documents and information focusing on U.S. debit and competition with other payment methods and networks,” Visa said in a Securities and...
The U.K.’s consumer watchdog has accused three money transfer firms of price fixing. The Financial Conduct Authority (FCA) alleged in a Wednesday (Jan. 25) news release that Dollar East, Hafiz Bros Travel & Money Transfer, and Small World Services fixed prices charged to Glasgow customers who wanted to send money to Pakistan. As...
