News & Analysis as of

Payment Systems Nonbank Firms

Nutter McClennen & Fish LLP

The GENIUS Act is Signed into Law: What Banks Need to Know about Payment Stablecoins

On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”), after it passed both the U.S. Senate by a vote of 68-30 and the U.S. House in a...more

Ballard Spahr LLP

Senate adopts CRA resolution to nullify rule subjecting large cash apps to bureau supervision

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Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more

A&O Shearman

Financial Stability Board publishes work program for 2025

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The Financial Stability Board has published its work program for 2025. Priority areas of work for 2025 include: - supporting global cooperation on financial stability: the FSB will continue monitoring global financial...more

Barnea Jaffa Lande & Co.

Applicability of Payment Services and Initiation of Payment Law in Trust Frameworks

The Israel Securities Authority recently published a legal staff position aimed at clarifying the applicability of the Payment Services and Payment Initiation Regulation Law to activities conducted within trust/escrow...more

Barnea Jaffa Lande & Co.

Salary payments in Israel through payment companies

An amendment to the Israeli Wage Protection Law was included in the secondary amendments to the Regulation of Payment Services and Payment Initiation Law. This legislative amendment enables employees to request that their...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2024

The CFPB has adopted a final rule to extend its oversight to the largest nonbank providers of digital consumer payment applications, including those that enable transfers from deposit accounts held at banks and other insured...more

Goodwin

2023 Year in Review: Fintech

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Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more

Venable LLP

Georgia on the Mind: An Explainer for Payments Companies Considering the Merchant Acquirer Limited Purpose Bank Charter

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In January 2024, one of the largest U.S. non-bank merchant acquirers announced that it is pursuing a special-purpose bank charter developed by Georgia. Although the “merchant acquirer limited purpose bank” (MALPB) has been a...more

American Conference Institute (ACI)

What the CFPB’s ‘Larger Participants’ Rule Means for FinTech Firms

Certain financial technology (FinTech) firms will soon be subject to the Consumer Financial Protection Bureau’s (CFPB) supervisory authority under the Consumer Financial Protection Act, and should be prepared accordingly....more

Ballard Spahr LLP

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

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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

Venable LLP

CFPB Eyes Consumer Payment Markets for Supervision and Examinations

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The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more

Shipkevich PLLC

CFPB Warns Consumers to Be Cautious of High-Yield Savings Accounts with FinTech Companies: Perhaps a New Focus for the CFPB

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The CFPB is shifting its focus to FinTech and nonbank payment systems, circling back to past frontiers. This recent warning echoes the sentiment of former CFPB’s Director, Richard Cordray, focusing heavily on FinTechs and...more

BCLP

Payment Institutions and E-Money Institutions: Safeguarding Requirements - Part 2 - Methods of Safeguarding

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On 4 July 2019 the Financial Conduct Authority (“FCA”) published its findings following a review of the safeguarding arrangements in 11 non-bank payment service providers (“PSPs”). The FCA requires that all non-bank PSPs to...more

BCLP

Payment Institutions and E-Money Institutions: Safeguarding Requirements - Part 1 - Certification and Scope

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On 4 July 2019 the Financial Conduct Authority (“FCA”) published its findings following a review of the safeguarding arrangements in 11 non-bank payment service providers (“PSPs”). The FCA has identified certain compliance...more

Ballard Spahr LLP

Treasury’s fintech report recommends changes directed at payments

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A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation,” focuses on payments.  ...more

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