PAYMENTS NEWS
A world of regulatory pressure on installment payment firms
Jan 21, 2021
Providers of installment payments — also called buy now/pay later — have risen in popularity over the course of the past year. And they're starting to catch the attention of regulators.
Biden Is Expected to Tap Michael Barr as Comptroller of the Currency
Jan 21, 2021
WASHINGTON—President Biden is expected to nominate Michael Barr, a former Treasury Department official, to a top post overseeing national banks such as JPMorgan Chase & Co. and Wells Fargo & Co., according to people familiar with the decision.
Visa Abandons Planned Acquisition of Plaid After DOJ Challenge
Jan 12, 2021
Visa Inc. abandoned its $5.3 billion planned acquisition of financial-technology firm Plaid Inc. amid a Justice Department antitrust lawsuit that challenged the deal.
Visa and Plaid Announce Mutual Termination of Merger Agreement
Jan 12, 2021
Visa Inc. (NYSE: V) and Plaid today announced that the companies have terminated their merger agreement and agreed with the Department of Justice to dismiss the litigation related to the proposed transaction. The proposed transaction was first announced on January 13, 2020.
U.S. merchants prep for Trump's Chinese app ban, whether it sticks or not
Jan 11, 2021
Thousands of U.S. merchants are weighing measures to freeze acceptance of Alipay and WeChat, two of the eight Chinese mobile payment apps that would be blocked if outgoing President Trump’s recent executive order goes into effect next month.
OCC Regulator Implements Groundbreaking Cryptocurrency Guidance For Banks And The Future Of Payments
Jan 7, 2021
When Brian Brooks took the role of Acting Comptroller of the Currency for the Office of the Comptroller of the Currency (“OCC”) in May 2020, many in the industry knew some of Brooks’ focus would be on fintech and blockchain technology.
Chinese Regulators Try to Get Jack Ma’s Ant Group to Share Consumer Data
Jan 5, 2021
China’s regulators are trying to get Jack Ma to do something the beleaguered billionaire has long resisted: share the troves of consumer-credit data collected by his financial-technology behemoth. Mr. Ma has little room to bargain after the business empire he has built over decades has landed in the crosshairs of regulators and even President Xi Jinping, partly reflecting Beijing’s concern that the flamboyant entrepreneur has been too focused on his business fortunes rather than the state’s goal of controlling financial risks
Most Second Stimulus Payments Reach Household Bank Accounts
Jan 5, 2021
WASHINGTON—The U.S. Treasury Department has sent out more than $112 billion in stimulus payments electronically, meaning that about two-thirds of the second round of payments approved by Congress is already in households’ bank accounts, according to data released Tuesday. The payments—$600 per adult and $600 per child—were estimated to cost about $164 billion in all. They are part of a broader relief law last month that also includes unemployment insurance and money for small businesses.
PayPal Wins Prepaid Card Regulation Lawsuit Against CFPB
Jan 4, 2021
FinTech giant PayPal has won a lawsuit against the U.S. Consumer Financial Protection Bureau (CFPB) pertaining to rules regarding prepaid cards and digital wallets, Westlaw Today reported. U.S. District Judge Richard Leon in Washington, D.C. invalidated part of the CFPB’s mandate, essentially agreeing with PayPal that the agency went beyond its jurisdiction. PayPal filed the suit in December 2019 under the Administrative Procedure Act (APA), contesting a 2019 rule regulating prepaid cards and electronic wallets.