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Consumer Financial Products Digital Wallets Financial Regulatory Reform

Ballard Spahr LLP

Trump signs resolution voiding CFPB large nonbank supervision rule

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President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more

Hogan Lovells

Payments and the UK government’s pro-growth agenda: FCA seeks feedback on potential changes to contactless limits

Hogan Lovells on

Following the FCA’s January 2025 response to the government’s request for ideas to support its growth mission for the UK economy, the FCA has now published an engagement paper seeking feedback on the different ways that it...more

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - November/December 2024

DLA Piper on

Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Troutman Pepper Locke

Republican Representatives Urge CFPB to Revisit Proposed Payment App Rule

Troutman Pepper Locke on

Recently, three Republican members of the U.S. House of Representatives’ Financial Services Committee, Patrick McHenry, Mike Flood, and French Hill, sent a joint letter to the Consumer Financial Protection Bureau (CFPB or...more

Ballard Spahr LLP

Republican lawmakers ask CFPB to reopen comment period on proposal to supervise nonbank providers of digital wallets and payment...

Ballard Spahr LLP on

Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to supervise nonbank...more

Jones Day

CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities

Jones Day on

On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more

Ballard Spahr LLP

CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps

Ballard Spahr LLP on

The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  Comments on the proposal are due by January 8, 2024...more

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