Since Congress created the Consumer Financial Protection Bureau three years ago to address consumer issues related to the financial crisis, it has logged some 400,000 complaints. In a new proposal, the bureau now wants to enable consumers and financial companies to describe details and reactions....
Last week, the New York Department of Financial Services released a series of proposed regulations called “BitLicense.” However, according to a recent TechCrunch contribution piece, the regulations will likely do more harm than good. Get the Full Story Complete the form to unlock this article and...
A federal judge last week denied requests from Visa and MasterCard to have lawsuits filed by merchants that opted out of an earlier Interchange-fee settlement agreement dismissed. And, we’re just getting started. So, what else did Judge Gleeson decide?
Justice Department representatives and bank regulators got a scolding Tuesday as a House Financial Services Subcommittee grilled them on Operation Choke Point. They defended the crackdown as necessary for consumers; but some Members of Congress really begged to differ.
Pop quiz. How does Apple make money? Selling hardware. Very good. So, is anyone really surprised that it may have its own plans to sell its own iBeacon transmitter? Well, recent filings with the Federal Communications Commission would suggest that is exactly what’s on the...
Times have changed since Discover and American Express both helped the U.S. Justice Department prove its case that Visa and MasterCard exerted too much competitive influence in the card market by preventing banks from issuing cards carrying their brand marks. Now Discover has turned against...
According to the U.S. Federal Trade Commission, to purchase an app, one must be able to offer informed consent. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe...
In the latest of a string of decisions that have gone against the short-term “payday” loan industry, the Community Financial Protection Bureau (CFPB) has fined ACE Cash Express $5 million for predatory loan practices. The settlement also include $5 million that ACE is to payout...
Just two days before it’s planned launch in Brooklyn and Queens, Lyft—the ridesharing app—received word that their service is in violation of local taxi ordinances and as such is illegal and unwelcome in the Big Apple. Get the Full Story Complete the form to unlock...
