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02.21.17

European Online Transaction Rule Revised after Payments Industry Complaints

After absorbing hundreds of complaints from the payments industry, the European Banking Authority will relax its pending customer authentication rules for online transactions. The new rule, which requires two-factor authentication, will apply to transactions of €30 (US$32) instead of €10 (US$10.60), according to Andrea Enria, the authority’s chair. But given the rise in popularity of online shopping, 30 euros may not be a high enough threshold to assuage industry concerns.

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02.16.17

N.Y. Grants Global Cash Card Petition against Labor Dept. Paycard Regs

Payroll card providers that operate in New York can breathe a huge sigh of relief. Global Cash Card tells Paybefore that its petition against the New York Department of Labor payroll card regulations due to go into effect on March 7, 2017, has been granted. The industry had been raising red flags about the regulations, which many feared would result in providers exiting the market, since first proposed in 2015.

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02.16.17

CFPB Seeks Help in Tackling Thin-, No-File Challenge

In a Feb. 16 field hearing, the CFPB said it wants industry input on using alternative data to help thin- or no-file consumers build credit scores. It’s a challenge that many in the prepaid industry have been trying to solve for years to better serve cardholders who often are among the approximately 26 million U.S. consumers who don’t have a credit history and another 19 million consumers whose credit histories are insufficient to produce a credit score, according to CFPB estimates.

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02.15.17

When it Rains, it Pours for Embattled CFPB

Multiple congressional bills and a lawsuit are threatening the structure and the functions of the CFPB, but Texas Republicans Sen. Ted Cruz and Rep. John Ratcliffe are striking hardest at the bureau, introducing companion bills (S 370 and HR 1031) on Feb. 14 to repeal Title X of the Dodd-Frank Act, which created the agency.

Pay Gov Newsletters

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02.15.17

Pay Gov – February 2017, Vol. 11, Issue III

In this issue: Cruz, Ratcliffe Fire Kill Shot at Embattled CFPB; Congress Pushes to Repeal Prepaid Accounts Rule; Trump’s Order on Dodd-Frank; More

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02.01.17

Pay Gov – February 2017, Vol. 11, Issue II

In This Issue: Is Trump’s ‘1-in-2-Out’ Order Practical, Legal?; N.Y. Template Turmoil; Top Regulatory Threats, Opps in EU; MC’s Interchange Win; More

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01.18.17

Pay Gov – January 2017, Vol. 11, Issue I

In this issue: What Trump’s Promises to Roll Back Regs Mean for You; Agency Leadership Musical Chairs; Court Cases to Watch; More

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12.14.16

Pay Gov – December 2016, Vol. 10, Issue XX

In This Issue: Who You Calling Lame-Duck? Cures Act Good for HRAs; Grinch Strikes Gift Cards in N.Y.; OCC’s Fintech Charter; Death Knell for Uber Model; more

Pay Gov State Update

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02.01.17

N.Y.’s Payroll Card Templates Raise Questions as March Compliance Deadline Looms

New York’s Department of Labor, as part of its new payroll card rules, has issued its draft of notice and consent forms employees must fill out when deciding how to receive their wages. What the state calls “model templates” have created some confusion in the prepaid industry, as payroll card providers examine their plans for either complying with the rules—which go into effect March 7—or exiting the state.

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02.01.17

Digital Currency Exchange Coinbase Wins Rare ‘BitLicense’ from New York State

Coinbase, a digital currency exchange company, has won a formal license from the New York State Department of Financial Services to do business in the state.

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02.01.17

Delaware Unclaimed Gift Card and Property Law Comes under Renewed Fire

The bill is said to bring Delaware into closer conformity with how other states manage unclaimed property, including 10-year limits for the state to seek payment and audit businesses for unclaimed property.

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01.18.17

New York Offers Some Wiggle Room on Cybersecurity Rule

A widely watched bank cybersecurity proposed rule out of New York has been revised, and its deadline pushed back to March 1, giving the state’s financial industry a bit more wiggle room when it comes to compliance.

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