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U.S. Sen. Warren Questions Big Banks on Arbitration

As expected, U.S. Sen. Elizabeth Warren (D-Mass) is not going to let the CFPB’s final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks—not just their lobbyists—to address the issue.


Plaintiff Appeals U.K. Competition Appeal Tribunal Decision in £14 Billion Suit

Former financial ombudsman Walter Merricks is appealing the U.K.’s Competition Appeal Tribunal’s decision not to certify his claim in a proposed £14 billion (US$18.2 billion) class action lawsuit against Mastercard over interchange.


NBPCA Requests More Changes, More Time to Comply with CFPB’s Prepaid Accounts Rule

The Network Branded Prepaid Card Association submitted its comment letter to the CFPB on the bureau’s proposed changes to the final prepaid accounts rule on Aug. 4. The trade group is calling for additional revisions to the rule as well as an extended implementation period. 


CFPB Overdraft Disclosure Protoypes Could Foreshadow Regs

The CFPB has released a new overdraft study, along with four prototypes of “Know Before You Owe” disclosures, which the bureau is testing, possibly ahead of regulating checking account overdrafts.

Pay Gov Newsletters


Pay Gov – June 2017, Vol. 11, Issue XI

In this issue: Industry Rallies on Innovation amid Uncertainty; N.J. Gets Tough on Prepaid; CFPB Slams Credit Repair Execs; Treasury Backs Reform; More


Pay Gov – June 2017, Vol. 11, Issue X

In this issue: Cross-Border Prepaid Headaches?; Dodd-Frank Overhaul Vote Friday; CFPB: Prepaid Complaints Dip; Defendant Challenges CFPB Constitutionality; Deutsche Bank’s AML Woes; More


Pay Gov – May 2017, Vol. 11, Issue IX

In this issue: CFPB in Court Today; OCC Loosening Financial Regulations?; 3 States with New Bitcoin Regs; More


Pay Gov – May 2017, Vol. 11, Issue VIII

In this issue: Industry Weighs in on Trump’s First 100 Days; Tick Tock on CRA for Prepaid Rule; Hensarling’s CFPB Bill Moves; Guess Who’s Suing OCC; more

Pay Gov State Update


New York Files Suit against OCC Fintech Charter

New York Department of Financial Services opposes the plan from the Office of the Comptroller of the Currency to enable fintech companies to become special purpose national banks. The NYDFS superintendent describes the proposal as “reckless folly.”


Digital Currency Roundup: Bitcoin Law Changes in Three States

Vermont, Washington state and Florida have significant developments on the digital currency regulation front.


Illinois Bill Would Require Retroactive Reporting of Gift Cards, Other Property

An Illinois bill could remove exemptions on unclaimed property reporting requirements for gift cards and property resulting from B2B transactions—and could require retroactive reporting of such property received as far back as 2003.


‘Mythbusting’ Payroll Cards

To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.