In the intricate realm of financial regulations, the role of money services businesses (MSBs) is a topic of ongoing scrutiny and interpretation. The Financial Crimes Enforcement Network (FinCEN) issued a ruling that sheds light on the status of a company operating as an Independent Sales Organization (ISO) and payment processor under the Bank Secrecy Act (BSA).
In a bid to protect consumers, New Jersey has implemented strict limitations on card surcharging. Merchants are now required to limit surcharges to processing fees, ensuring fair transactions for all parties.
Standalone solutions are a thing of the past. Now, payments are seamlessly integrated into software platforms through modern payment facilitators (PayFacs). These PayFacs are teaming up with independent software vendors (ISVs) to bring secure and user-friendly payment experiences to B2B and B2C software.
The Credit Card Competition Act is causing quite a stir in the realm of financial transactions. The legislation, targeting the formidable duopoly of Visa and Mastercard, aims to foster a competitive landscape in credit card processing. The Act mandates large banks to offer an alternative payment network for card transactions, a move that could shift the balance of power in favor of merchants.
The world of digital assets is in for a seismic shift as the United States sets its sights on regulating cryptocurrencies. This comes in response to various breaches by industry behemoths such as Coinbase and Binance, and the unearthing of alleged illegal activities at Celsius and FTX, which have plunged the crypto industry into unprecedented regulatory scrutiny. This paradigm shift emerged following public implosions within the digital asset industry such as Three Arrows Capital, TerraUSD, and others. The fallout from these instances highlighted the urgent need for regulatory safeguards in the highly speculative and volatile crypto market.
Rohit Chopra, the head of the Consumer Financial Protection Bureau (CFPB), is steering the agency into a bold course aimed at combating emerging issues like AI misuse, mounting medical debt, and unjustifiable credit card fees. However, the federal appeals court’s ruling last year, deeming the agency’s funding structure unconstitutional, poses a significant obstacle.
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