The regulators seem to want to put coal in the stockings of payments companies this year.
Over the past few weeks, regulators have released a variety of regulations that could reshape the payments industry and have plans for more in the new year. In the latest episode of the IPA Payments Pod, Brian Tate, the IPA’s CEO, discusses proposed rules on interchange, open banking, and big tech companies. We also talk about what the regulators say is on their agenda for 2024. This podcast was recorded on December14, 2023. Things may have changed by the time you hear it. You can find the episode here, or wherever you get your podcasts. Please be sure to subscribe and share it with your colleagues who might be interested. In the latest Federal Reserve (issued Oct. 25) proposed rule on debit interchange, the big news was that banks with more than $10 billion in assets would pay a lower interchange fee when their customers use a debit card. More importantly, the proposal would also give the Fed the power to change the interchange cap every other year based on data from bank surveys on transaction costs.
However, the Fed wants to make this change without going through the standard procedure of issuing a proposed rule, taking public comments, and issuing a final rule. Instead, they would just set the debit interchange rate behind closed doors. Maybe this is their attempt to make up for the fact that this is the first time the board has revisited the fee cap since it was initiated in 2011. Whatever the reason, this is not the hallmark of good public policy. As the payments system evolves with new technology and business models, relying solely on transaction cost surveys may miss important information that public comments could bring to light. We know that merchants, large banks, and other payments providers are affected by changes in interchange rates, but so are consumers. The effect on consumers is downstream from the bottom line changes that banks and merchants might see. But even small banks will feel downward pressure on interchange from revised caps. Additionally, consumers could see their payments options change if the sustainability of traditional products declines. The Board should adhere to the Administrative Procedures Act’s requirements for notice and public comment before making any additional modifications to the interchange fee cap, so that all stakeholders have a chance to review and weigh in on this important topic. Gift cards are expected to make up a larger part of holiday shopping budgets, according to new research from Blackhawk Network.
In the latest episode of the IPA Payments Podcast , Jay Jaffin, chief marketing officer at Blackhawk, discusses the expected growth in gift card purchases, why cards benefit merchants and shoppers, and how banks and other companies can make use of the trend. This podcast was recorded on November 6, 2023. Things may have changed by the time you hear it. You can find the episode here, or wherever you get your podcasts. Please remember to leave a review and share it with your colleagues who might be interested. The payments industry could find itself in a whole new regulatory environment in the coming year.
A number of new regulations have been proposed that could shape how companies operate at the federal and state levels. In the latest episode of the IPA Payments Podcast, Brian Tate, the IPA’s CEO, and COO Ben Jackson discuss the latest proposed regulations that care coming out of Washington. They cover the Fed’s proposal to reduce the cap on debit interchange for issuers with more than $10 billion in assets. They cover the CFPB’s proposed open banking rules and look at a proposal to regulate earned wage access in California. The IPA is developing comment letters for all of these proposals and invites its members to weigh in on what they think regulators need to hear. This podcast was recorded on November 9, 2023. Things may have changed by the time you hear it. You can find the Podcast here or wherever you get your podcasts. Please make sure to subscribe, leave us a review, and share it with colleagues who may be interested. With the approach of the holiday season, people and companies begin thinking about donating to charitable causes, and nonprofits begin looking for donations.
This can be tricky for companies that want to be good corporate citizens. What causes should they support? Is it worth it for them to do so? How should they tell the world about their giving? In the latest episode of the IPA Payments Pod Heather McElrath, the founder of Sandbox Communications, discusses the ins and outs of corporate giving. We cover when and how companies should give money and other support to charitable causes, what the benefits and drawbacks are, and how companies should communicate about their giving. You can learn more and contact Sandbox Communications here: https://www.sandboxcomm.com/ This podcast was recorded on November 3, 2023. Things may have changed by the time you hear it. You can find the podcast here or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share it with friends and colleagues who might enjoy it. Baseball Season is over, but the game still has plenty of lessons for the payments industry.
In the latest episode of the IPA Podcast, the IPA’s CEO Brian Tate, and Chris Stromberg, the former director of government relations for the IPA, talk about Michael Lewis’s book Moneyball. The book describes how the Oakland A’s took new approaches to finding players, building a team, and playing the game. These changes led to innovation in the traditional sport of baseball. We look at what those changes were and what lessons they have for business innovation. This podcast was recorded on October 5, 2023. Things may have changed by the time you hear it. The next book on the IPA’s innovation reading list will be Outliers, by Malcolm Gladwell. If you would like to read along with us and discuss the book, e-mail bjackson@ipa.com. You can find the podcast here or wherever you get your podcasts. Make sure to subscribe, leave us a review, and share it with friends and colleagues who might enjoy it. Do you know what scams people fall for most often? Could you recognize a scam if someone were targeting you?
In the latest episode of the IPA Payments Pod, Melissa “Mel” Trumpower the Executive Director of BBB Institute for Marketplace Trust, discusses the findings from the Better Business Bureau’s Scam Tracker survey. She talks about the most common types of frauds, how different types of scams target different demographics, and why losing money is not the only risk for people. The research includes information on the demographics of the victims and the vectors of approach. You can find links to the research and to the reporting tool at: Find and Report a Scam | Better Business Bureau (bbb.org) This podcast was recorded on August 3, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Please remember to subscribe, leave us a review, and share it with your colleagues to help others benefit from this information. In the latest episode of the IPA Payments Pod, Brian Tate, The IPA’s CEO, and Chris Stromberg, the director of government relations, discuss both federal and state bills that could shape the payments industry.
They discuss a potential bill on earned wage access, legislation on how banks can work with cannabis businesses, and a bill in California to ban plastic gift cards. This podcast was recorded on October 12, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Please make sure to subscribe, leave us a review, and share it with colleagues who may be interested. Also, check out our other episodes, including a recent discussion with on the oral arguments at the Supreme Court around the Consumer Financial Protection Bureau’s constitutionality, and an interview with the investigative division of the Department of Homeland Security. Criminals don’t respect borders, so their crimes and the money they make often move internationally.
Whether it is human trafficking, antiquities smuggling, or just plain fraud, when crime crosses boarders, the Department of Homeland Security gets involved. In the latest episode of the IPA Payments Pod, Raul Aguilar, Deputy Assistant Director for the Financial and Fraud division for Homeland Security Investigations describes what his agency does. HIS is the principal investigative arm of the U.S. Department of Homeland Security and is responsible for investigating transnational crimes and threats. It falls under the director of U.S. Immigration and Customs Enforcement and was created in 2003 when U.S. Customs and the Immigration and Naturalization Service merged. In the podcast, Deputy Assistant Director Aguilar referred to operation Cornerstone. Links to its LinkedIn page and Web page are below: HSI Cornerstone: Overview | LinkedIn U.S. Immigration and Customs Enforcement (ICE) - Welcome! (govdelivery.com) Information on the guide to organized retail crime can be found at these links: HSI, ACAMS take aim at organized retail crime | ICE Organized Theft Groups and Organized Retail Crime | ACAMS This podcast was recorded on October 4, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. Please make sure to subscribe, leave us a review, and share it with your colleagues who might be interested. Arguments over the future of the Consumer Financial Protection Bureau came to a head this week at the Supreme Court.
The Court heard oral arguments in Consumer Financial Protection Bureau V. Community Financial Services Association of America. At issue is whether or not the CPFB’s funding is Constitutional. The IPA’s CEO Brian Tate was there and heard the arguments live. In this special episode of the IPA Payments Pod, he joins the IPA’s government relations director, Chris Stromberg, to talk about the arguments made and what the possible outcomes are. You can find a transcript of the arguments here: 22-448 (supremecourt.gov). This podcast was recorded on October 4, 2023. Things may have changed by the time you hear it. You can find the podcast here, or wherever you get your podcasts. |
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