PayPal’s new stablecoin offering has caught the attention of regulators. The payments giant said in a regulatory filing Thursday (Nov. 2) that it had received a subpoena from the Security and Exchange Commission’s (SEC) Division of Enforcement that was related to its stablecoin. “The subpoena...
The steady drumbeat of legislation and regulation echoes through federal buildings in Washington, D.C. and through state capitols across the country. Kim Ford, senior vice president of government relations at Fiserv, told PYMNTS’ Karen Webster that things are different now for FinTechs and for financial institutions...
The Federal Trade Commission (FTC) will require non-banking financial institutions to report certain data security breaches. In a unanimous decision, the regulator has approved an amendment to the Safeguards Rule, requiring non-banking financial institutions like mortgage brokers, motor vehicle dealers and payday lenders to report data security breaches affecting...
Kathryn McCall, chief legal and compliance officer at Trustly, said that as 2023 gives way to 2024, there are a few simple truths governing payments. With the continued emergence of different payments rails, technologies and demands by consumers to keep their data private and safe,...
The not-so-secret sauce in the 21st century’s growth engine is a mix of digital innovation and data-decisioning. Digital innovations beget digital gains, and while the world is changing faster and faster, payments sector innovation is keeping pace, driven by parallel advancements in technological capabilities and...
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...
