Law and Regulation

The FinCEN Beneficial Ownership Information mandate is back in force with a recent court decision. That rule, part of the Corporate Transparency Act passed in 2024,had required businesses to file a Beneficial Ownership Information report by Jan. 1, which was delayed earlier in December but now makes these reports due Jan. 13. Businesses formed …

The Merchants Payments Coalition fired back late Monday at a request last week from the American Bankers Association that the Federal Reserve not act on a proposal to lower a longstanding limit on the interchange banks can earn on debit card transactions.  In a letter to the Fed, the MPC …

The outlook for payments in 2025 will be rife with open finance, instant payments, multi-rail payments, interchange questions, and the increasing use of artificial intelligence, observers suggest. The top three payments trends next year will be open finance, instant payments adoption, and point-of-sale innovations, says Capgemini Research Institute in its …

United States District Court Judge Virginia Kendell granted a preliminary injunction late Friday that provides banks some relief from the pending Illinois Interchange Fee Prohibition Act, but also gives merchants reason to cheer. Kendell, who is overseeing a lawsuit filed against the IIFPA, ruled the injunction applies only to financial …

The Consumer Financial Protection Bureau has sued Walmart Inc. and Branch Messenger Inc. over allegations of fees for transferring earnings made by individuals in the Walmart Spark Driver program. The CFPB alleges Walmart forced delivery drivers to use Branch deposit accounts. To move funds from these accounts to another drivers faced “a …

The Consumer Financial Protection Bureau early Friday said it has sued Early Warning Services LLC as well as Bank of America, JPMorgan Chase, and Wells Fargo, alleging the Zelle person-to-person payments network failed to protect consumers against fraud. The banks are three of the seven financial institutions that own Early …

The Consumer Financial Protection Bureau early Wednesday released a circular to law-enforcement agencies warning that operators of credit card rewards may be violating a prohibition against unfair, deceptive, or abusive acts or practices by devaluing earned credit card points and airline miles. The CFPB issued the circular in part due …

A court ruling in Texas earlier this month has delayed an ownership reporting requirement mandated by the Corporate Transparency Act. That is not likely to be a reason to rejoice because a future court could uphold the requirement. Under the act, which went into effect Jan. 1, businesses were supposed …

Card Concepts Inc. will license mobile-payments technology from PayRange Inc. as part of a settlement of a patent-infringement lawsuit PayRange had brought against rival Card Concepts. Both companies provide payments technology for unattended machines, such as laundry equipment. Unattended payments specialist Cantaloupe Inc. said it will provide the point-of-sale technology and Suites management system for …

The American Bankers Association on Thursday issued a long and detailed letter it has sent to the Federal Reserve Board to argue its case against a Fed proposal that would reduce a longstanding cap on the interchange banks can earn on debit card transactions. The ABA’s action follows an analysis …