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Samuel Klein is a graduate of the American University Washington College of Law, where he was a member of the American University Law Review.

FTC Orders an End to Illegal Mastercard Business Tactics and Requires it to Stop Blocking Competing Debit Card Payment Networks

On December 23, the Federal Trade Commission (FTC), in a 4-0 vote, ordered Mastercard to start providing competing payment networks with the customer account information they need to process debit payments, alleging that the company

Weekly Fintech Focus

  • A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users.
  • Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special purpose credit programs to effect racial justice.
  • The FDIC is opening applications for a tech sprint to reach the unbanked.
  • The FSB responds to comments on its recent discussion paper related to outsourcing and third-party service providers.

Continue Reading Fintech Week in Review: Week of June 25, 2021

Weekly Fintech Focus

  • Federal financial regulators extend the deadline for responding to its request for information about financial institutions’ use of AI.
  • The CFPB issued FAQs on electronic funds transfers under EFTA and Regulation E to address issues related to fraud and private network rules.
  • The Federal Reserve proposed a rule to update the Durbin Amendment/Reg. II to ensure two debit networks are available, including for card-not-present transactions.
  • The Federal Reserve proposed a rule to apply Regulation J to FedNow transactions and to establish rules for the FedNow Service.
  • CSBS seeks comment on its proposed nationwide licensing framework for MSBs.

Continue Reading Fintech Week in Review: Week of June 11, 2021