The Consumer Financial Protection Bureau (CFPB) is inviting comment on whether the 2014 larger participant rule for international money transfers should be revised to better reflect market conditions and supervisory...more
The European Banking Authority has finalized two sets of guidelines setting common standards on the governance arrangements and the policies, procedures, and controls that financial institutions should have in place to be...more
For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more
In this article, we share a timeline of our monthly "bites" for 2023 applicable to payments, along with some additional related information....more
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to supervise large providers of digital wallets and payment apps. Specifically, the proposed rule on Defining Larger Participants of...more
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
On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of 2010 (CFPA). This rule would require certain non-bank...more
On December 20, 2021, a bipartisan group of 33 AGs, led by Idaho AG Lawrence Wasden and Oregon AG Ellen Rosenblum, sent a letter to the Director of the CFPB in response to the CFPB’s Request for Comments on its inquiry into...more
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to...more
Human traffickers, like all criminals, rely on the international financial system to facilitate their crimes and to disguise proceeds from their illegal activities. Traffickers open bank accounts to deposit and launder...more
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
The law targets new payment systems and markets and improves the existing payment rules. In fall 2016, a new Law titled On Payments and Payment Systems (the Law), took effect in Kazakhstan. Upon the Law’s enactment, the...more
The UK’s Financial Conduct Authority has e-mailed currency transfer service providers about their legal obligations, when they’re advertising exchange rates. The e-mail seems to have been sent in response to Parliamentary...more
PayPal agreed to pay $175,000 and strengthen its privacy and security disclosures in a settlement agreement reached with the Texas Attorney General’s office (the “AG’s office”). The AG’s office claimed that PayPal failed to...more
On February 4, 2015, Taiwan promulgated the Act Governing Electronic Payment Institutions, and pursuant to the Act, the Financial Supervisory Commission on April 27, 2015 announced a series of enforcement rules of the Act,...more