Josh Gordon-Blake

To the likely surprise of providers of buy now, pay later (BNPL) financing, the #CFPB recently issued an interpretative rule stating that BNPL products are actually "credit cards" under the Truth in Lending Act and BNPL providers are "card issuers" and therefore "creditors" under, and subject to, Regulation Z. Scott Pearson, Bryan Schneider and Eric Knight explain the significance here:

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ICYMI, there is new open banking regulation expected this fall, and we don’t want you to get left behind. pst - banks, fintechs, finserv providers, we’re talking to you. To keep you up to date, we're releasing a limited series featuring legal, policy, and product experts from around the industry, sharing what you need to know about open banking regulation this fall. In our first full episode below, find topics like where this regulation originated, how institutions should prepare for the challenges of compliance, and the opportunities of open banking. Like what you see?  📰 Subscribe to Plaid’s new newsletter to catch all the new updates on this upcoming regulation: https://lnkd.in/e6QY8nCz 🎥 Find the full series dropping on our YouTube: https://lnkd.in/esN94wgf 🤝 See how Plaid can partner to help stay in compliance: https://lnkd.in/ep5RrusV 📌DISCLAIMER: The final rule has not yet been released. Plaid is continuing to invest in and update our open finance solution with the evolving regulatory landscape in mind.

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For those of us waiting for the release of 1033, it appears we have some insight over what will be included. While the Consumer Financial Protection Bureau (CFPB) plans to release its final open banking rule today, details were provided in advance to American Banker. Here's a summary: The CFPB is releasing its final open banking rule, expanding its scope to include payment apps and other financial products. The rule, named after Section 1033 of Dodd-Frank, requires banks to safely share financial data on various accounts and products, including Apple Pay, Google Pay, PayPal, Zelle, and Venmo. It aims to increase competition, enhance consumer choice, and establish strong data security and privacy standards. Key aspects of the rule include prohibiting data harvesting, allowing some secondary uses of consumer-authorized data, and extending the compliance period for large banks to April 1, 2026. The CFPB emphasizes that consumers have the right to know what data is collected, where it's stored, with whom it's shared, and to revoke access at any time. The rule is expected to encourage the adoption of secure APIs and potentially reshape how consumers use their personal financial data. My thoughts: This final open banking rule will likely significantly impact banks by requiring them to safely share a broader range of financial data, including payment app information, with third parties. While this may increase competition and consumer choice, it also presents challenges for banks in terms of data security, potential liability for third-party breaches, and the need to implement costly oversight measures for Fintech companies accessing consumer data. If banks are to stay ahead of the curve, banks should focus on partnering with those Fintechs that have robust API infrastructures while enhancing their data security measures. Additionally, banks could consider partnering with Fintech companies to create innovative products and services that leverage open banking capabilities, potentially turning this regulatory challenge into a competitive advantage. #banking #1033 #CFPB #bankingindustry #payments #creditunions #fintech #financialistitutions

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In a Banking Dive article, Mark Gould weighs in on the value of the FedNow® Service and popular use cases: https://lnkd.in/d7WPCEtz #payments #FedNow #instantpayments #paymentsindustry #FederalReserve

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Come meet Jorge J Negron at our table during the 2024 MSUG Annual Conference! He's there to share how our solutions can help you modernize your payments. (Make sure to enter our giveaway while you're there.) #paymentsinnovation #fintechsolutions #payments

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Unit21 Brings New ACH Fraud Prevention Measures to FIs, Payments Companies and Fintechs Using AI https://lnkd.in/eGQfYQXu #Unit21 #ACHFraudPrevention #Fintech #AI #Payments #FinancialServices #FraudDetection

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Mbanq CUSO is transforming the way credit unions operate. Check out this video of Natalia Tapia, Mbanq's Banking COO, who shares insights into our Credit Union-as-a-Service (CUaaS) platform.    Mbanq partners with credit unions and delivers state-of-the-art digital financial technology to help them stay competitive and future-ready.    #CreditUnions #BankingInnovation #CUaaS

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Macha, Inc. and PaymentsFirst, Inc. to Merge Combination Creates Dynamic Payment Association Macha, Inc. ("Macha") and PaymentsFirst, Inc. ("PFI") announced today that their respective Boards of Directors have approved a merger agreement under which the two payment associations will combine. Macha's wholly-owned subsidiary, Payment Advisory Resource ("PAR"), will continue to offer audit and consulting services under the combined payment association. "Our organizations have very similar cultures and approaches to education, advocacy, and member-oriented service, and this merger gives us the strength and resources to remain competitive going forward.," said Mary Gilmeister, President and CEO of Macha. Rich Leary, President and CEO of PFI added, "I am excited to partner PaymentsFirst’s, education, member services, proprietary audit and risk assessment software, and industry leading AI utilization with all the exceptional services Macha offers to their members." Gilmeister will serve as the CEO of the resulting entity, and Leary will serve as the President. Leary noted, "I’ve collaborated with Mary Gilmeister on many industry initiatives over the past 30 years and am truly looking forward to bringing our teams together to serve our combined members." Gilmeister observed that "Rich Leary and his team have built a legacy with PFI that makes it a perfect fit for Macha and we look forward to working together and carrying that forward." The merger is subject to approval by the members of both Macha and PFI in accordance with their respective bylaws. The votes are expected to occur in the 3rd quarter of 2024 with consummation to follow shortly thereafter. Reinhart Boerner Van Deuren s.c. served as Macha's legal advisor. Adams and Reese LLP served as PFI’s legal advisor. ### About Macha Macha was formed in 1975 and has more than 500 members. Macha, directly and through PAR, offers its members support on all payment systems, education, audit, risk and consulting services. www.macha.org. Contact Mary Gilmeister at (262) 345-1245 or [email protected]. About PFI PFI was formed in 2015 and has more than 650 members. PFI offers its members support on all payment systems, education, audit, risk, and consulting services. www.paymentsfirst.org. Contact Rich Leary at (678) 528-3234 or [email protected]. View the full press release here: https://lnkd.in/ec2g97Ak

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A Guide to Understanding ACH Do you ever wonder how your paycheck gets deposited directly into your bank account? 👉🏻 The ACH network, a robust system facilitating electronic bank transfers in the US. This comprehensive guide dives deep into ACH, explaining its functionalities and various transfer types including international transfers. Gain valuable insights on: ✅ What ACH is and how it operates ✅ Different ACH transfer types ✅ The mechanics of international ACH transfers ✅ Potential vulnerabilities Read the full guide in the comments ➡️ 

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Unveiling GiveCard Bank Payments 🪄 We're talking about the incredible power of ACH and instant bank transfers via Fednow/RTP. Send bank payments that zip through, completing in mere moments. ⚡ No more conjuring up endless paperwork or waiting for days on end. With these magical instruments, disbursing funds becomes a breeze – swift, secure, and trackable every step of the way. 👣 ACH: A trusted tool for dependable, bulk payments to bank accounts. Instant Transfers: Instantaneous bulk disbursements, for when speed is crucial. GiveCard amplifies the magic further with effortless setup. Get started in minutes, no need to navigate complex mazes. Ready to embark on this financial quest? Join us in Givetopia, a realm where payments flow flawlessly, and organizations wield the power of instant disbursement ✨ Explore your options & enter Givetopia today: https://lnkd.in/g6CTNfVZ #ACH #Fednow #RTP #InstantPayments

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🎉 Celebrating FedNow's 1st year! Despite an ironically slow start to the instant payments service, FedNow is on track to become a strong competitor to the RTP® network which recently announced a record of $1 billion in daily transactions. Bottomline's Jessica Cheney weighs in on the two networks and how they can and will improve business payments. Read her insights here ➡️ https://ow.ly/Kaly50SFue7. #BankingTechnology #InstantPayments #FedNow #Payments

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What happens when #BigTech meets financial #regulation? Google has filed a lawsuit against the Consumer Financial Protection Bureau (#CFPB), challenging its decision to place Google Payment Corp. under federal supervision. The case highlights growing #tensions between regulators and tech giants as companies like Google, Apple, and Samsung Electronics expand into financial services. With claims of "government overreach" and disputes over consumer complaints tied to a discontinued payment service, this legal battle could reshape the future of regulatory oversight for #nonbank financial institutions. 👉 How might the ruling impact compliance for digital payments? Read the full story on #Bobsguide and join the conversation! 📖 https://lnkd.in/dwn6kfaG #PayTech #RegTech #Fintech #DigitalPayments

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Federal Reserve representatives will provide insights on a variety of payments topics at conferences this week. Details: https://lnkd.in/gW2ePZxC #paymentsindustry #banking #FedNow #fasterpayments #instantpayments #fintech #payments #FederalReserve

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Looking to elevate workflow efficiency? Shastic's AI-Workflow-Automation platform is what your credit union needs to revolutionize operational efficiency and member engagement. Why Choose Shastic? -Streamline Processes: Automate to save time and minimize errors to focus on high-value tasks. -Enhanced Member Experience: Deliver personalized, digital-first services that exceed member expectations. -Drive Efficiency and Growth: Leverage predictive analytics for data-driven decisions, enhancing your competitive edge. -Seamless Integration: Effortlessly connects to your existing systems in minutes with minimal IT lift. 🔍 Transformative Impact From loan processing to member services, witness a tangible improvement in productivity, satisfaction, and ROI. Join the leaders who are already redefining the credit union industry with Shastic. 🌐 Schedule Your Demo Today Don't just keep pace with technology—lead the charge. Request your Shastic demo today and take the first step toward a smarter, more responsive, and member-focused future. https://hubs.ly/Q02Py-7B0 #AI #workflowautomation #efficiency #automation #creditunion #banking #workflow

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