News & Analysis as of

Payment Systems Consumer Financial Products

Orrick, Herrington & Sutcliffe LLP

FDIC’s Hill outlines fall policy priorities, including GENIUS Act implementation and stablecoin oversight

On August 26, FDIC Acting Chairman Travis Hill spoke at a press conference to outline the agency’s policy agenda for the fall, highlighting implementation of the newly enacted GENIUS Act as a top priority. Hill noted that the...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, August 2025

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Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau's decision to restart the open banking rulemaking process; the UK FCA's publication of a policy statement with final...more

Troutman Pepper Locke

Point-of-Sale Finance Series: Understanding the Development and Regulation of Buy Now, Pay Later Products — The Consumer Finance...

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In this crossover episode of The Consumer Finance Podcast and Payments Pros, guest host Taylor Gess is joined by Jason Cover and Jeremy Sairsingh to discuss buy now, pay later (BNPL) products as they continue to dive into the...more

Orrick, Herrington & Sutcliffe LLP

Kansas City Fed report highlights growth and risks of BNPL Services

On August 5, the Kansas City Fed released a report that highlighted the rapid growth of “buy now, pay later” (BNPL) services, which let consumers make purchases through short-term installment payments. BNPL products have...more

Kelley Drye & Warren LLP

NY AG Zeroes in on Zelle with Lawsuit

Last week, New York Attorney General Letitia James announced a lawsuit against Early Warning Services LLC (EWS), the parent company of digital payment network Zelle. AG James asserts that Zelle was designed ​“without critical...more

Brownstein Hyatt Farber Schreck

CFPB Proposes Changes for Supervision of CRAs, Debt Collection, Money Markets and Auto Finance Markets

As part of ongoing efforts from the Trump administration to streamline regulatory efforts, the Consumer Financial Protection Bureau (CFPB) is proposing changes to Larger Market Participant thresholds, many of which currently...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks Comment on Proposed Rules to Scale Back Larger Participant Thresholds

Four advance notices of proposed rulemaking scheduled for publication on August 8 will solicit public comment on whether the CFPB should raise the size thresholds that determine which nonbank entities qualify as “larger...more

A&O Shearman

UK FCA consults on BNPL rules for 15 July 2026

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published consultation paper CP25/23, alongside a press release and new webpage, setting out its proposed rules for regulating Deferred Payment Credit (DPC), commonly known as Buy...more

Troutman Pepper Locke

Point-of-Sale Finance Series: Unpacking Leases and RTO Models — The Consumer Finance Podcast

Troutman Pepper Locke on

In this crossover episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, Jason Cover, and Taylor Gess expand on the Point-of-Sale Finance Series to focus on leases and rent-to-own (RTO) models. This...more

A&O Shearman

BNPL UK statutory instrument partially in force

A&O Shearman on

The UK statutory instrument (The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025) implementing the necessary legislative changes for progressing buy-now, pay-later (BNPL) regulation...more

Ballard Spahr LLP

Federal banking agencies seek information on actions to address payments fraud

Ballard Spahr LLP on

On June 20, 2025, the Office of the Comptroller of the Currency (OCC), Treasury, the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they are seeking...more

Alston & Bird

Payments Docket | July 2025

Alston & Bird on

The latest edition of the Payments Docket, our roundup of key litigation and enforcement involving the payments industry, features the CFPB dropping most of its caseload, several states’ decisions to pick up the slack, and...more

Troutman Pepper Locke

Federal Banking Agencies Issue RFI on Payments and Check Fraud Mitigation Strategies

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On June 16, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) issued a joint request for public comment on potential ways to address payments...more

Troutman Pepper Locke

Explore the Impact of Point-of-Sale Finance in Our Upcoming Series — The Consumer Finance Podcast

Troutman Pepper Locke on

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Cover to introduce an upcoming special series focused on point-of-sale finance, a rapidly evolving sector in consumer financial services. This...more

Ballard Spahr LLP

Trump signs resolution voiding CFPB large nonbank supervision rule

Ballard Spahr LLP on

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

Troutman Pepper Locke

Welcoming a New Payment Pro: Jason Cover Joins the Payments Pros Podcast — Payments Pros – The Payments Law Podcast

Troutman Pepper Locke on

In this episode of Payments Pros, Carlin McCrory introduces Jason Cover as a new co-host. Jason, a partner in Troutman Pepper Locke's Consumer Financial Services practice, brings extensive knowledge in consumer lending and...more

Sheppard Mullin Richter & Hampton LLP

Kansas City Federal Reserve Bank Explores Regulatory Risks in Gaming Ecosystems

On April 9, the Federal Reserve Bank of Kansas City published a research briefing examining how video game platforms are reshaping the digital payments landscape. As in-game purchases and platform-based transactions grow in...more

A&O Shearman

New FCA work programme for 2025/26

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published its work programme for 2025/26, alongside a press release summarising its approach to supporting the testing of innovative products and new firms. The work programme sets...more

A&O Shearman

PSR publishes policy statement on 2024 APP scams data

A&O Shearman on

The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024. In 2025, the PSR will take a different approach to publishing...more

Troutman Pepper Locke

Texas Senate Bill 1736 Proposes Allowing Convenience Fees for Electronic Motor Vehicle Payments

Troutman Pepper Locke on

On February 27, Texas State Senator José Menéndez (D) introduced Senate Bill 1736, a piece of legislation aimed at regulating convenience fees associated with electronic payments for motor vehicles. SB 1736 would allow such...more

A&O Shearman

UK Financial Conduct Authority Dear CEO letter on priorities for payments portfolio firms

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The Financial Conduct Authority has published a Dear CEO letter to firms in the payments portfolio sector (including payment institutions, e-money institutions and registered account information service providers). Although...more

A&O Shearman

UK payments regulators discuss next steps for open banking

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The Financial Conduct Authority and Payment Systems Regulator have set out the next steps for open banking, focusing on variable recurring payments. In the statement the regulators explain the benefits of variable recurring...more

Venable LLP

CFPB Proposes Interpretive Rule Clarifying EFTA Application to Crypto and Other Emerging Payment Mechanisms

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule aimed at addressing what it views as ambiguities in the application of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Interpretive Rule on Emerging Payment Mechanisms Under EFTA

On January 2, 2025, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule under the Electronic Fund Transfer Act (EFTA) and Regulation E to clarify how emerging payment systems, such as those used in...more

A&O Shearman

The U.K.'s Authorised Push Payment (APP) Fraud Reimbursement Scheme

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The UK’s Authorised Push Payment (APP) Fraud Reimbursement Scheme came into force on October 7, 2024. It requires in-scope payment service providers (PSPs) sending payments through either the Faster Payment System (FPS) or...more

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