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CFPB's Prepaid Card Plan Needs to Be Tougher, Consumer Groups Say
Consumer groups said that the Consumer Financial Protection Bureau was too soft in its prepaid card plan, arguing that it should have required more on upfront disclosures, banned overdraft charges, and completely severed prepaid cards from being tied to other types of credit.
"The proposed rule doesn't completely ban overdraft features on prepaid cards and that's one place where we will be urging the bureau to go a little bit further," said Lauren Saunders, associate director of the National Consumer Law Center.
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For payment technology developers, the stakes couldn't be higher as the FCC develops new rules that could support or eliminate net neutrality, a system in which Web access is equal for most users, regardless of size. more »
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The Consumer Financial Protection Bureau is set to go beyond industry expectations when it unveils a long-awaited proposal Thursday that would establish new requirements for prepaid cards. more »
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Third-party vendors will receive a lot more security scrutiny under new Payment Card Industry security requirements taking hold next year, if merchants are vigilant in following the new compliance guidelines. more »
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Even though the payments industry earlier this year put an end to the debate over how to comply with a federal mandate for routing EMV debit transactions, the technology still isn't widely available. more »
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Benjamin Lawsky, superintendent of the New York Department of Financial Services.
The New York Department of Financial Services will likely institute an on-ramp for new Bitcoin businesses — and possibly any other kind of money transmitting startups — as a way for them to launch without being burdened by costly licensing requirements. more »
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New York may offer transitional licenses to small virtual-currency firms and startups to let them grow before facing the full burden of new regulation, the state’s top financial watchdog said. more »
Cyril Houri, co-founder and CEO of Brawker.
As regulators heighten their scrutiny of Bitcoin businesses, several digital currency supporters are looking for business models that do not subject them to the cumbersome requirements they would face as money services businesses or money transmitters. more »
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The Fed's hotly-anticipated road map outlining plans to speed up the U.S. payment system will call for the creation of several industry-led task forces and recommend building a new infrastructure to facilitate real-time payments. more »
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Lawsky says cybersecurity will be "one of the most important issues" for his agency "in the months and years ahead."
New York regulator Benjamin Lawsky may use the cybersecurity rules he's proposed for virtual-currency companies as a model for traditional banks. That would subject the financial institutions his agency supervises to the most stringent data-security rules anywhere. more »
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An executive order signed by President Obama on Friday that mandated the adoption of chip and PIN technology in government cards and enabled its use in facilities like Post Offices is a "meaningless gesture" that smacks of politics over substance. more »
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Bitcoin adopters in Ohio have been some of the most vocal about how state laws need to evolve to encourage the use of digital currency, but the Ohio government seems to want that change to come from the courts rather than the legislature. more »
WePay CEO Bill Clerico
WePay is adding white-label risk management and other merchant services in an effort to reach digital marketplaces that are under pressure to improve user experience. more »
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The House Oversight Committee, which earlier this year admonished the Department of Justice over its tactics for combating fraud in the payments system, has turned its focus to the role of the Federal Trade Commission in the ongoing crackdown. more »

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