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18 Jun 2020, 7:26 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: With a Loss Before Britain’s High Court, Visa and Mastercard Face an Interchange ReckoningDigital Transactions News – June 17, 2020 Merchants in the United Kingdom won an important battle against interchange fees on Wednesday but it remains uncertain just how much that will mean to them in terms of remuneration from Visa Inc. and Mastercard Inc. [read post]
12 Jun 2020, 7:44 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: ‘Fraud’ Lawsuit Slams Plaid on Eve of Historic $5.3-Billion PaydayRIABiz – June 9, 2020 As Plaid nears the date when it banks a $5.3 billion dollar check from Visa, it may face a final hurdle from a class action alleging its value proposition depends on a “massive invasion” of the privacy of over 200 million bank and brokerage accounts. [read post]
21 May 2020, 8:47 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Retailers and Wholesalers Call for Urgent Amendment of Card Fees RegulationFinextra – May 18, 2020 EuroCommerce Director-General Christian Verschueren today pressed the European Commission to act on the growing problems facing retailers and wholesalers resulting from the limited scope of the Interchange Fee Regulation (IFR). [read post]
6 Aug 2020, 7:14 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Exclusive: China’s Central Bank Urges Antitrust Probe Into Alipay, WeChat PayReuters – August 6, 2020 China’s top antitrust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank which argues the digital payment giants have used their dominant positions to quash competition, sources with knowledge of the matter said. [read post]
21 Jan 2021, 9:06 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: CFPB Under Chopra Will Be Aggressive Consumer Watchdog, Experts SayCompliance Week – January 19, 2021 Rohit Chopra, currently a Democratic commissioner on the Federal Trade Commission, has been nominated by President-elect Joe Biden to lead the Consumer Financial Protection Bureau (CFPB). [read post]
28 Jan 2021, 9:34 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: UK Merchants to Face Post-Brexit Fee Increase From MastercardBusiness Insider – January 26, 2021 In response to Brexit, Mastercard is reportedly planning to increase fees for UK online card purchases. [read post]
2 Jul 2020, 8:40 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: EU Says Credit-Card Fee Curbs Helped Reduce Prices for ConsumersBloomberg – June 29, 2020 European Union curbs on credit and debit-card fees helped reduce prices for consumers and aided payments across the 27-nation bloc, regulators said in a report published Monday. [read post]
16 Jul 2020, 9:23 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: UK Tightens Rules on Payments Firms in Wake of Wirecard DebaclePYMNTS – July 9, 2020 The United Kingdom’s financial regulator has toughened rules on payment companies less than two weeks after Wirecard AG’s collapse locked millions of customers out of their accounts, the Financial Times reported. [read post]
9 Jul 2020, 7:24 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Bipartisan Senate Bill Would Punish Retailers for Refusing Cash PaymentsCNBC – July 2, 2020 Sens. [read post]
30 Jul 2020, 7:14 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Durbin Asks Fed Chairman for ‘Appropriate Enforcement Action’ Involving Debit Card Transaction RoutingDigital Transactions News – July 28, 2020 (click here for Sen. [read post]
4 Jun 2020, 7:30 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: How PayPal’s Case Against the CFPB Could Spawn ‘Uncomfortable’ Results for Payments Players Digital Transactions News – June 2, 2020 It was easy to lose track of it in the midst of all the impacts of the novel coronavirus, but a crucial federal lawsuit filed six months ago still hangs over the payments industry, carrying far-reaching implications for nearly all players. [read post]
23 Jul 2020, 7:22 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Open Banking for the Unbanked: How the Pandemic Is Affecting Innovation in LatAmPYMNTS – July 22, 2020 With nearly 50 percent of the Latin American population unbanked, there’s a growing appetite for mobile banking services. [read post]
16 Oct 2020, 9:00 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: 10 Ways Fintech, Payments Are on the Ballot in the 2020 House ElectionPaymentsSource – October 11, 2020 As the House of Representatives enters the 2020 election season, the outcome stands to encourage or rein in a group of technology companies that are encroaching deeper into financial services. [read post]
10 Dec 2020, 8:56 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Facebook’s Antitrust Problems Are Jeopardizing Its Plans for WhatsAppQuartz – December 9, 2020 Facebook doesn’t make much money from WhatsApp. [read post]
29 Oct 2020, 7:36 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: The DOJ Is Investigating Visa’s $5.3 Billion Bid for Plaid on Antitrust GroundsTech Crunch – October 28, 2020 It’s not just big tech that’s getting the antitrust treatment from the Department of Justice. [read post]
14 Jan 2021, 9:14 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Visa Will Not Acquire Plaid After Running Into Regulatory WallTechCrunch – January 12, 2021 Visa and Plaid called off their agreement this afternoon, ending the consumer credit giant’s takeover of the data-focused fintech API startup. [read post]
11 Feb 2021, 8:10 am by Kristian Soltes
Legal and Regulatory Developments SPOTLIGHT: Big Banks, Big Tech Face off Over Swipe FeesAmerican Banker – February 7, 2021 The fees generated from consumers’ debit card spending have long been a source of acrimony between big banks and retailers. [read post]