The federal government is putting paper checks on notice. In an Executive Order (EO) signed on March 25, President Trump directed the Department of the Treasury to stop issuing — and accepting — paper checks for nearly all...more
Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more
Last week, the Bank of Israel published a preliminary design of the central bank’s Digital Shekel system. In a detailed document, holding more than 100 pages, the Bank of Israel presents guiding principles and a work plan for...more
Potential issues identified from stakeholder feedback to the FCA and PSR call for information include insufficient competition between digital wallets and between payment systems within digital wallets. The majority of...more
The UK Financial Conduct Authority (FCA) and the UK Payment Systems Regulator (PSR) have issued a joint feedback statement on the usage and impact of big tech and digital wallets (FS25/1). The feedback statement was...more
As the fintech and payments industries evolve in 2025, businesses, financial institutions, and regulators must adapt to rapid technological advancements and shifting regulations. The rise of real-time payments, embedded...more
The Consumer Financial Protection Bureau (CFPB) recently finalized a rule that will subject the country’s most active digital wallets to ongoing supervision by the agency. Will the CFPB’s new supervisory authorities be a game...more
El Ministerio de Hacienda y Crédito Público de la República de Colombia, a través de la Unidad de Regulación Financiera, publicó un proyecto de decreto con el cual se busca implementar una normativa para fortalecer la...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
Crypto Firms Announce New Products in Payments, Investments, Custody - A major U.S. digital asset management company recently announced the creation and public launch of its MakerDAO Trust, which “offers investors the...more
In April 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Commissioner for Justice and Consumer Protection of the European Commission (European Commission) announced that three meetings had been...more
In this article, we share a timeline of our monthly "bites" for 2023 applicable to payments, along with some additional related information....more
The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more
The Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the...more
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to supervise large providers of digital wallets and payment apps. Specifically, the proposed rule on Defining Larger Participants of...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: · Dunkin’ Franchisees Wake Up and Smell the Coffee in $1...more
There are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are...more
In a shot across the bow to the digital payments industry, the U.S. Consumer Financial Protection Bureau (the Bureau) has issued a proposed rule to expand its oversight authority to nonbank providers of consumer payment apps....more
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are due by January 8, 2024...more
On September 7, 2023, the Consumer Financial Protection Bureau (CFPB) published its analysis of how smartphone companies are affecting consumers’ use of so-called “tap-to-pay” technology – the wireless transfer of data...more
On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged...more
Upgraded legislation creates an enhanced regulatory framework for the new age of payments, including e-money and digital payment tokens. After much anticipation, and following consultations with the industry at large, the...more