Regulatory

Indisputable: More Credit Card Disputes

Indisputable: More Credit Card Disputes

As if rising credit card risks and accounting changes under Current Expected Credit Loss (CECL) bring gloom to quarterly reporting, the industry must also watch for an increase in disputed payments, as the American Banker reports in today’s read.

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California Judge: Uber, Lyft Can’t Call Drivers Contractors

A California judge has passed an injunction to force Uber and Lyft to stop classifying their workers as independent contractors rather than employees, CNBC reported. The order, pending further court action, will take place in 10 days. The companies have requested a brief stay for appeals. The issue of how the gig workers for the […]

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Why ‘Earned Wage Access’ Is Suddenly a Big Deal

Why ‘Earned Wage Access’ Is Suddenly a Big Deal

Most of us are used to receiving our salaries twice a month, like clockwork.

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Durbin Asks Fed to Probe Visa, Mastercard, Issuers Over PINless Purchases

Durbin Asks Fed to Probe Visa, Mastercard, Issuers Over PINless Purchases

Dive Brief: Sen. Dick Durbin, D-IL, asked the Federal Reserve in a letter Friday to examine whether payment networks Visa and Mastercard and debit card issuers are engaging in anticompetitive practices when issuers don’t enable PINless functionality, according to The Wall Street Journal.

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Why Banks Need to Rethink Personalization

Financial institutions (FIs) are beginning to see the light at the end of the tunnel for bouncing back from the pandemic, but the crisis has not been without its casualties. Banks have been forced to reduce or suspend in-branch activities to prevent the risk of infection at branches at least temporarily. The largest bank in […]

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Coinbase Prevents 1,000+ Customers From Sending Bitcoin to Twitter Hackers

Coinbase Prevents 1,000+ Customers From Sending Bitcoin to Twitter Hackers

An unexpected hero has emerged from the hack of high-profile accounts on Twitter last week: Cryptocurrency exchange Coinbase Inc. said today it prevented more than 1,000 customers from sending bitcoin to accounts operated by those behind the hack. In the hack of Twitter Inc.

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Apple Is Facing a Class-action Lawsuit That Alleges an iTunes Gift Card Scam Has Swindled $1 Billion From Customers, With $300 Million of That Landing in the Company’s Pockets (AAPL)

Seven customers have filed a class-action lawsuit against Apple, accusing the company of allowing an iTunes gift card scam to swindle almost $1 billion from people, per a Patently Apple report. The complaint, filed Friday, also pushes back against the company’s claims that the funds are irretrievable.

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Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Dive Brief: Banks should not be using the coronavirus pandemic as a cover to shutter branches, the acting head of the Office of the Comptroller of the Currency (OCC) told the Financial Times.

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UK Watchdog Under Fire for Ignoring Wirecard Links to Bogus Online Gambling Transactions

UK Watchdog Under Fire for Ignoring Wirecard Links to Bogus Online Gambling Transactions

The UK Financial Conduct Authorithy (FCA) is getting more than a slap on the wrist for ignoring warnings about Wirecard. The disgraced payment processor seems to have been enabling bogus transactions. Germany’s Wirecard has been linked to a ‘transaction laundering’ network of websites that allegedly deal in commercial goods.

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The Case for One-time Passcodes: Is Your Digital Wallet Offering Maximized?

The Case for One-time Passcodes: Is Your Digital Wallet Offering Maximized?

Spurred by health concerns and the rapid shift from brick-and-mortar to online shopping, digital wallet usage has surged in the time of COVID-19.

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Credit Card Lending: Fair Is Foul and Foul Is Fair

Credit Card Lending: Fair Is Foul and Foul Is Fair

Act 1, Scene 1 of Shakespeare’s Macbeth comes to mind when considering the challenge of credit card lenders today, as three witches chant about the unclarity of what is good and evil. An article in today’s WSJ talks about how lenders “pulled back sharply on lending” because they can’t tell who is creditworthy anymore.

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Wirecard Files for Insolvency After Ex-CEO Arrested in $2 Billion Scandal

Wirecard Files for Insolvency After Ex-CEO Arrested in $2 Billion Scandal

Wirecard has filed for insolvency, just days after a $2 billion accounting scandal at the company burst into the open, crashing its stock and leading to the arrest of its former chief executive.

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