Payments Dive

SEPTEMBER 18, 2023

Alyssa Henry, CEO of Block’s merchant business Square, will leave the company just days after a service outage left merchant clients unable to process payments.

Payments 482

Payments Company 482

CFPB Monitor

SEPTEMBER 18, 2023

On September 14 th , the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (“Rule”) promulgated under section 1071 of the Consumer Financial Protection Act. As a reminder, the plaintiffs in the Kentucky lawsuit are the Kentucky Bankers Association and several Kentucky banks.

Kentucky 143

Kentucky Lending Company Data 143

Payments Dive

SEPTEMBER 18, 2023

The proposed digital dollar would create an electronic version of the U.S. currency, but it wouldn’t be the same as a central bank digital currency.

467

467

CFPB Monitor

SEPTEMBER 18, 2023

Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen. We published a blog last Friday in which we enumerated the many flaws in the Petition and urged the CFPB to reject it.

Groups 109

Groups 109

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Groups

Payments Dive

SEPTEMBER 18, 2023

FedNow is driving adoption of instant payments— here’s what financial institutions need to know.

Payments 432

Payments 432

Payments Dive

SEPTEMBER 18, 2023

Researchers with the Philadelphia Fed’s Consumer Finance Institute also discovered a typical BNPL user’s credit score was more than 50 points lower than a non-user's.

Philadelphia 243

Philadelphia Study 243

American Banker

SEPTEMBER 18, 2023

The Japanese technology conglomerate withdrew its application to the National Credit Union Administration on Sept. 5, marking its fourth failed attempt to establish a financial institution in the U.S.

National 93

National Technology 93

CFPB Monitor

SEPTEMBER 18, 2023

This Wednesday, September 20th at 10:00AM ET, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is scheduled to hold a hearing on “Artificial Intelligence in Financial Services.” Currently scheduled to speak are: Ms. Melissa Koide, Director and CEO, FinRegLab, former Deputy Assistant Secretary for Consumer Policy, U.S. Department of the Treasury; Mr.

Policies 88

Policies 88

American Banker

SEPTEMBER 18, 2023

PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.

System 90

System Payments Industry Compliance 90

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Analysis

The Paypers

SEPTEMBER 18, 2023

Taiwan’s Crypto Association has engaged with El Salvador for guidance in establishing stronger crypto regulations.

Regulation 81

Regulation 81

American Banker

SEPTEMBER 18, 2023

Banks have steadily winnowed their physical footprints since 2010, when digital services came to the fore. The pandemic — and social distancing — hastened the trend this decade. In 2009, there were nearly 100,000 branches in the U.S. Today, there are fewer than 80,000.

Trends 88

Trends Community Bank Community 88

CFPB Monitor

SEPTEMBER 18, 2023

In FTC v. Credit Bureau Center, LLC , the Seventh Circuit recently held that Section 19 of the Federal Trade Commission Act does not allow the FTC to deposit excess funds awarded as restitution under Section 19 in the U.S. Treasury as disgorgement. In the underlying action, the FTC alleged Credit Bureau Center, LLC (“CBC”) used “negative option features” on its websites which offered visitors a free credit report but automatically enrolled them in a $29.94 monthly membership subscription.

Report 78

Report 78

American Banker

SEPTEMBER 18, 2023

Bankers largely support expanding government-backed farm loan programs, and in general support continued funding for crop insurance. But politics is making swift passage of a traditionally uncontroversial bill challenging.

Community Bank 78

Community Bank Policies Industry Community 78

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Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.

Lending

CFPB Monitor

SEPTEMBER 18, 2023

As readers may recall, California previously attempted to enact a “Digital Financial Assets Law” with the introduction of AB 2269 in February 2022. In relevant part, AB 2269 proposed (1) a stringent licensing requirement for entities engaging in or holding themselves out as being able to engage in “digital financial business activity” with or on behalf of California residents and (2) substantial ongoing reporting and operational obligations, both of which California modeled after New York’s “Bit

California 78

California Operations Report Regulation 78

American Banker

SEPTEMBER 18, 2023

Alyssa Henry will leave Square at the end of October after nine years at the helm, the Block unit said in a regulatory filing. Square founder Jack Dorsey will once again take the reins as chief executive.

Payments 77

Payments 77

CFPB Monitor

SEPTEMBER 18, 2023

The CFPB recently posted on its website a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank. The adjustments reflect changes in the Consumer Price Index (CPI) in effect on June 1, 2023 and will take effect January 1, 2024.

Cards 78

Cards Regulation 78

BankInovation

SEPTEMBER 18, 2023

Silicon Valley Bank, a division of First Citizens Bank, named Martin Murrell the new head of global payments and Milton Santiago the new head of global digital solutions last month.

Innovation 74

Innovation Payments 74

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Capital

CFPB Monitor

SEPTEMBER 18, 2023

We recently reported that a federal district court in Kentucky enjoined the CFPB from implementing the small business data collection and reporting rule, also referred to as the 1071 rule based on the Dodd-Frank section requiring the rule (the “Rule”). Unlike a similar injunction against the rule issued by a federal district court in Texas , the preliminary injunction issued by the Kentucky court is not limited to the members of the plaintiff trade associations and the plaintiff banks.

Kentucky 78

Kentucky Report Data Texas 78

BankInovation

SEPTEMBER 18, 2023

Barclays, Citi and HSBC are all exploring AI, and representatives of the three banks are sharing how to identify where to invest in the tech. When should banks start implementing AI?

How To 74

How To 74

The Paypers

SEPTEMBER 18, 2023

Financial messaging system Swift has partnered with Wise aiming to expand cross-border payment options for financial institutions globally.

System 54

System Payments 54

American Banker

SEPTEMBER 18, 2023

Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.

Report 45

Report Policies Compliance Regulation 45

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Operations

The Paypers

SEPTEMBER 18, 2023

Australian neobank Judo Bank has partnered with Netherlands-based firm Backbase to design new digital experiences for SME business banking and term deposit clients.

53

53

American Banker

SEPTEMBER 18, 2023

Payments revenue growth is slowing from economic headwinds, lower-cost digital transactions and upstarts cutting into incumbents' profit margins, according to a Boston Consulting Group report. Here's what to expect.

Report 41

Report Boston Payments Cards 41

The Paypers

SEPTEMBER 18, 2023

Singapore-based Credolab has partnered with Circulo de Credito to provide innovative credit, risk, and fraud scoring solutions to Mexico.

Fraud 53

Fraud Innovation 53

American Banker

SEPTEMBER 18, 2023

An increase in U.S. commercial banks' borrowings suggests they're uncomfortable losing any more reserves as depositors seek better returns elsewhere, according to Citigroup analysts.

Compliance 36

Compliance Regulation 36

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How To