Within an open banking environment, advances like pay by bank are transforming money movement. At its core, pay by bank allows consumers to make payments directly from their bank accounts, bypassing traditional intermediaries such as credit card networks, Trustly Chief Revenue Officer Frederick Crosby told PYMNTS. The process could transform the payment landscape by reducing friction for consumers and merchants.
The Consumer Financial Protection Bureau (CFPB) has released detailed compliance guides for its new rule that establishes a registry of nonbank entities subject to enforcement actions. This significant regulation, which takes effect on September 16, 2024, mandates that nonbank entities, including debt collectors, register with the CFPB if they have been subject to enforcement actions by local, state, or federal courts or agencies.
In May, we reported that the Federal Communications Commission (Commission) had adopted a Notice of Apparent Liability (NAL) against a voice service provider, Lingo Telecom, LLC (Lingo), for transmitting illegally spoofed, deep fake robocalls by failing to both properly authenticate those calls under the Commission’s STIR/SHAKEN requirements and meet the Commission’s “Know Your Customer” obligations. The NAL was based on a February 2024 cease-and-desist letter ordering Lingo to take action to stop carrying suspicious robocalling traffic.
In an era where flawless transactions are critical for customer loyalty, merchants are adopting payment vaulting not just for security, but as a strategic tool to enhance retention, reduce costs and personalize service. A PYMNTS Intelligence report, “Into the Vault: Optimizing Payments,” created in collaboration with Spreedly, shows how businesses can maximize the value of vaulted data to drive growth and deepen customer connections.
The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under the Equal Credit Opportunity Act (ECOA) and landlords as “creditors” for two purposes. One is for purposes of the adverse action notice requirement in the ECOA, and the other is for purposes of the ban against inclusion of medical debt on consumer reports in proposed § 1022.38 of Regulation V, which implements portions of the Fair Credit Reporting Act (FCRA).
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