Insights Archive

October 23, 2024

Regulatory Influencer: FDIC Proposed Rulemaking Addresses Recordkeeping for Non-Bank Companies

As the US financial landscape continues to evolve, regulatory changes are being introduced to safeguard consumer deposits and increase transparency. In September 2024, the Federal Deposit Insurance Corporation (FDIC) approved a notice of proposed rulemaking aimed at strengthening recordkeeping for bank deposits received from third party, non-bank companies accepting those deposits on behalf of consumers and businesses.

October 23, 2024

FSB Criticises Lack Of Cross-Border Payments Progress

The Financial Stability Board (FSB) has issued a call for intensified global efforts to improve cross-border payments, emphasising the need for more effective collaboration across both public and private sectors.

October 23, 2024

US Finalises Open Banking Rule

The US Consumer Financial Protection Bureau has finalised its framework for open banking, known as the Personal Financial Data Rights rule, with firms beginning to come into scope from 2026.

October 23, 2024

US Fintech Association Sues CFPB To Overturn 'Unlawful' BNPL Rule

A major US fintech association is opposing a new Consumer Financial Protection Bureau (CFPB) rule that equates buy now, pay later (BNPL) products with credit cards.

October 23, 2024

Daily Dash: UK Regulator Cracks Down On Finfluencers

The UK’s Financial Conduct Authority is targeting individuals illegally promoting financial services on social media, Swift is rolling out an AI-powered tool for tackling cross-border payments fraud, Portugal is taking a more interventionist approach to payment services fees, and the ECB is revising the oversight requirements for systemically important payment systems (SIPS).

October 23, 2024

Swedish Audit Office Demands Gambling Regulator Improvement

A report by Sweden’s National Audit Office has savaged the Swedish Gambling Authority, saying it does a poor job of controlling the black market and is arbitrary in the way it handles its licensees.

October 23, 2024

US Court Orders Chinese Giant To Pay Baha Mar Creator $1.6bn

Baha Mar casino-resort developer Sarkis Izmirlian has been awarded $1.6bn in restitution after a US court found Chinese contractor China Construction America defrauded the entrepreneur and sabotaged the project’s opening.

October 22, 2024

U.S. Sportsbooks Agree To Prohibit Certain NBA Prop Bets

The National Basketball Association’s sports-betting partners will no longer offer “under” prop bets on any players subject to a two-way or ten-day contract, a result of the gambling scandal that led to the lifetime ban of Toronto Raptors player Jontay Porter.

October 22, 2024

Tax Rate, Regulator Pose Portugal's Greatest Challenges, Says Local Lawyer

Long a trendy tourist spot and now the host of one of Europe’s largest gambling conferences, Portugal has struggled to replicate this success in its online gambling market. Vixio sat down with Pedro Cortés, managing partner of law firm Rato, Ling, Lei & Cortés, to discuss the market’s biggest obstacles.

October 22, 2024

Regulators Upskilling, Collaborating To Address Global Challenges

Gambling regulators around the world say they are facing a host of new challenges due to the fast-paced changing nature of the gambling industry and require innovative solutions to keep up.

October 22, 2024

Regulatory Influencer: A Transparent and Simplified Market — Australia's Proposals to Address Concerns Over Merchant Payment Fees

The Reserve Bank of Australia (RBA) is seeking feedback on its issue paper on merchant payment costs and surcharging, with a view to addressing its concerns about interchange fees, scheme costs and merchant surcharging.

October 22, 2024

New Open Banking Feature Adopted By 94 Percent Of Virgin Money Credit Card Users

Although open banking is struggling to gain a foothold in the UK, many Virgin Money customers are using pay by bank to pay down their credit card balance.

October 22, 2024

UK Regulator Seeks Feedback From Merchants On Card-Acquiring Remedies Implementation

The UK’s Payment Systems Regulator (PSR) wants merchants to provide feedback on its card-acquiring remedies, which it introduced to help merchants save money by simplifying the process of comparing prices and switching providers.

October 22, 2024

Dutch Regulator's First PSD2 Intervention Addresses Rabobank Complaints

Rabobank has agreed to lift access restrictions for payment institutions following discussions with the Netherlands Authority for Consumers and Markets (ACM).

October 22, 2024

SPAA Scheme 'Pre-Compliance' For Open Finance Rules, Say Payments Firms

Payments players believe the European Payments Council’s SEPA Payment Account Access (SPAA) scheme should be viewed as a ramp-up towards compliance with the proposed Financial Data Access framework.

October 22, 2024

Daily Dash: G7 Wants Urgent Action On Quantum Computing Risks In Financial Sector

The G7 is calling on financial institutions to prepare for a world of quantum computing risks, while Commonwealth Bank has paid another major fine for breaking Australia’s anti-spam laws.

October 22, 2024

Regulatory Influencer: BNPL Rules Come To the UK

The UK’s new Labour government has launched a public consultation on proposals to regulate buy now, pay later (BNPL) companies under the Financial Conduct Authority (FCA). The plan aims to apply the Consumer Credit Act to these services, ensuring that consumers receive clear information, avoid unaffordable borrowing, and have stronger rights in case of disputes.

October 22, 2024

Italy's Online Tender Delayed By Malta Intervention

The tender for new Italian online gambling concessions is to be delayed after Malta submitted a detailed opinion to the European Commission on legislation needed to issue new licences.

October 21, 2024

Ecuador Lifts Ban On Sports-Betting Advertising

With little fanfare, the President of Ecuador has removed a ban on sports-betting advertising from the country’s communications law.

October 21, 2024

New York Congressman Campaigns For Federal Oversight Of Sports Betting

U.S. Representative Paul Tonko took his campaign to pass federal sports-betting legislation to upstate New York last week where he heard college athletes and coaches offer details of the social-media harassment they have received from gamblers.

October 21, 2024

Wise Becomes First Non-Bank To Gain Direct Access To Japan's Payment System

Wise has received a coveted regulatory approval in Japan, becoming the first non-bank firm to gain direct access to the country’s domestic payment system.