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06.27.17

Money20/20 Europe: PSD2 Creates More Questions than Answers

On June 26, artificial intelligence captured the imagination of some at Money20/20 in Copenhagen. But during the June 27 sessions on the second day, it was like I had stepped back in time to November 2016, reported Deputy Editor Antony Peyton. Last year, at the Payments International conference in London, PSD2 left some in the payments industry confused as to where the risks and opportunities lie.

06.26.17

U.K. Regulator Calls for More Competition in Payments

The U.K. needs more competition in its retail payments infrastructure. That’s the conclusion of a new report from the country’s Payment Systems Regulator.

06.15.17

CFPB Seeks Comment on Proposed Changes to Prepaid Rule

The CFPB has issued a request for comment on proposed changes to its final rule on prepaid accounts that would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets.

06.12.17

House Passes Dodd-Frank Reform Minus Interchange Reform

The Financial CHOICE Act of 2017 (HR 10), legislation to overhaul the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, was approved along party lines by the U.S. House of Representatives 233-186 on June 8. The legislation focuses on ending big-bank bailouts and supporters say it provides more accountability for Washington and Wall Street, while removing barriers to economic growth.

06.07.17

Defendant Urges Court to Rule on CPFB’s Constitutionality before Moving Forward with Case

A defendant involved in an action brought by the CFPB in federal district court in the Southern District of New York has asked the court,to rule on an earlier motion to dismiss challenging the constitutionality of the CFPB.

06.07.17

CFPB Snapshot: Prepaid Complaints from Older Consumers Increase but Drop Overall

Problems with debt collection and mortgages top the complaints that consumers age 62 and older made to the CFPB in March. Complaints about prepaid products remained low but did have a double-digital increase, according to the agency’s latest Monthly Complaint Report, which focused on older consumers.

06.07.17

Fed Fines Deutsche Bank AG $41 Million for AML Problems

The Federal Reserve Board fined the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies, months after the bank was fined for the same problem by the U.K.’s Financial Conduct Authority.

06.07.17

U.S. Supreme Court Weakens Post-Sale Patent Controls

Bad news for U.S. patent holders: The U.S. Supreme Court has weakened the control that companies have over their patented products.

06.07.17

Singapore Taps Tokenization, Blockchain for Interbank Payments

A tokenized form of the Singapore dollar could be used for interbank payments under a plan put forth by the Monetary Authority of Singapore. The move could mark the latest advance for blockchain technology in the financial services sector.

06.07.17

AML Bill to Create Cross-Border Headaches for Prepaid

Senators Chuck Grassley (R-Iowa) and Dianne Feinstein (D-Calif.) introduced a bill that would include notable changes for prepaid card providers related to current BSA/AML regulations, including defining prepaid access devices as monetary instruments.