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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.

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02.15.17

Payday Lenders Ask Second Circuit to Send Class Action Claims to Arbitration

An embattled Vermont payday lender is seeking to enforce arbitration agreements contained in its customer contracts. The payday lender, which happens to also be a tribal entity, is asking the Second Circuit Court of Appeals to reverse a district court decision not to send certain customer claims against the payday lender to arbitration.

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02.15.17

Regulation Review Could Be Start of Trump’s Bid to Chip Away at Dodd-Frank

President Trump signed an executive order and a memorandum on Feb. 3, both aimed at reducing compliance obligations for financial institutions—and likely signaling structural regulatory changes to come.

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02.15.17

CFPB: Prepaid Complaints Down Sharply in Final Quarter of 2016

Prepaid-related complaints to the CFPB plummeted during the last quarter of 2016, compared with the same period in 2015, according to the bureau’s latest consumer complaint report. The three-month period had a monthly average of 189 prepaid-related complaints, a tiny fraction of all consumer complaints received by the CFPB in the same time period.

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02.15.17

U.K. Bank Data-Sharing Standards to Take Effect in 2018

U.K. regulators have laid out a timeline for implementation of new open banking standards that proponents say will enable banking data to be shared securely to give consumers access to tailored financial services and increased choice.

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02.15.17

Here’s Something New: A Retailer’s Gift Card Program Seeks Bankruptcy Protection

Teen apparel chain Wet Seal LLC has filed for bankruptcy protection for its gift card program, a move that a long-time bankruptcy attorney says he has never seen before. Earlier this month, the retailer filed for its second bankruptcy in two years.

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02.15.17

Federal Reserve Bank Regulator Daniel Tarullo Will Step Down in April

The Federal Reserve governor who overseas bank regulations—a man known for applying a strict interpretation of the Dodd-Frank act in his duties—said he will resign in April. The upcoming vacancy will give President Trump a chance to appoint someone who shares his vision of deregulating the U.S. financial system.

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