Technology and third-party relationships — with service providers and digitally-focused FinTechs — have helped transform banks’ operations. Banks have been able to pivot fully into the digital age, serving a broader swath of customers than they otherwise might have if those partnerships had not been...
The Federal Trade Commission took legal action against child and older adult care platform Care.com. The FTC alleged that Care deceived caregivers about the availability of jobs and the amount they could expect to earn, while also failing to offer families looking for care a...
Uber was fined a record 290 million euros (about $324 million) for failing to protect European driver data. The fine from the Dutch Data Protection Authority (DPA) stems from an investigation that found that the ride-hailing/delivery giant transferred personal data of its drivers to the...
The Biden administration’s anti-junk-fee campaign is targeting the restaurant sector. But as CNBC reported Sunday (Aug. 25), restaurateurs are trying to avoid this fight. The report, citing data from the National Restaurant Association, said that 15% of restaurant owners added surcharges or fees to checks...
The head of England’s financial watchdog has reportedly been accused of violating a whistleblower’s confidentiality. Ashley Alder, chair of the Financial Conduct Authority (FCA), allegedly forwarded correspondence featuring a whistleblower’s name, address and concerns without redaction, the Financial Times (FT) reported Friday (Aug. 23). The...
As the regulatory gaze sharpens on FinTechs, the companies themselves are mindful that they need new tools and a new approach to operations, in order to stay on the right side of the regulators. “The cost of fraud is high,” Ryan Dew, SVP, Product Solutions...
Great Britain’s payments regulator has taken another step in its variable recurring payments (VRP) project. In December, the Payment Systems Regulator (PSR) put forth a “call for views,” which included proposals for how it could support an expansion of VRPs. On Thursday (Aug. 15), the...
Telecommunications company T-Mobile was fined $60 million by a U.S. regulator that said the company failed to prevent and report unauthorized access to sensitive data. The Committee on Foreign Investment in the United States (CFIUS) said in an announcement of the enforcement action that T-Mobile...
European banks reportedly have issues with the U.K.’s plan to cap international digital transaction fees. A pair of trade organizations — the European Banking Federation and Payments Europe — say the proposal by the British Treasury was “potentially discriminatory” and a “risk to the integrity of national payments and...
