The financial services industry has seen a drastic shift in traditional payments systems thanks to the emergence of FinTechs. Taking advantage of their technical acumen and customer-centric approaches, Paytechs have become an increasingly relevant presence within the payment space – ranging from payment facilitators and PSPs to networks creating new propositions and tech providers.
The Consumer Financial Protection Bureau (CFPB) is proposing to revise Regulation Z, for the purpose of ensuring that late fees charged on credit card accounts comply with Truth in Lending Act (TILA) standards by being “reasonable and proportional” to any overdue payments.
In October, the Consumer Financial Protection Bureau (CFPB) initiated a rule-making outline mandated by Section 1033 of Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Federal Government is continuing to impose stricter Anti-Money Laundering (AML) laws and regulations. Financial institutions need to continuously refine their approach to AML compliance in order to identify, mitigate, and monitor risks associated with money laundering and terrorist financing activities. Companies are often inundated with costly regulations and risk management suggestions, all while managing a workforce in the face of multiple cyber threats.
An effective risk assessment framework is the answer to this challenge – helping organizations identify, assess, reduce, and monitor their risks quickly and effectively. During the risk assessment process, it seemed that even well-established businesses were highly vulnerable and powerless. KPMG’s survey revealed that more than half of companies encountered immense penalties due to regulatory issues or noncompliance in only one year earlier, while 55% experienced overall financial losses up to 1%.
AML compliance is an essential part of any business’ operations. While there are many challenges associated with meeting AML compliance requirements, adopting a risk-based approach can help organizations address these challenges. By taking a proactive approach to managing risks and using advanced technologies, businesses can ensure that they remain in compliance with all relevant regulations in 2023.
Even though embedded finance is becoming more popular lately, the idea itself isn’t something new. For years, e-commerce companies have been using financial services to make their platforms simpler for customers to purchase products and services. The major difference now is that established financial businesses are beginning to make these same offerings accessible through online channels – making them much more mainstream than before.
In recent months, federal and state regulators have increased their enforcement of automatic renewal laws. The Federal Trade Commission (FTC) has been particularly active in its regulation of “dark patterns” and “junk fees”, while the California Automatic Renewal Task Force (CART) recently settled a case with Naked Wine for alleged violations of the state’s automatic renewal law. In this blog post, we’ll take a look at these recent regulatory actions and explore their implications for other companies doing business in California.
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