Payment-System Decision Process May Begin Today

Today’s Federal Register includes the Fed’s final payment-system access guidance (see FSM Report PAYMENT25).  The guidelines are thus effective immediately.  As noted, the final three-tier process for Reserve Bank deliberations sets out a process for streamlined, “intermediate,” and additional scrutiny based on an applicant’s charter, regulation, risk-profile, and numerous other, possibly discretionary factors.

CFPB Plans New Credit-Card Fee Disclosure Requirements

Following its ANPR on credit-card fees (see FSM Report CREDITCARD35), the CFPB today published a rationale for its campaign to control them and – despite the early stage of its rulemaking – a plan to do so via a data-collection proposal published yesterday in the Federal Register.  Comments on the proposal are due by October 17 and the details now provided on the Bureau’s plans suggest it will get more than a few.  The post argues that APR transparency would spur competition and empower consumers.

FDIC Goes After Crypto Companies for False Advertising

Based on its earlier warning and recent rule re advertising FDIC insurance, the FDIC today issued cease-and-desist orders against five cryptocurrency companies it claims are advertising that several of their crypto-related products are FDIC-insured.  The order expressly instructs these companies to remove any reference that suggests products carry FDIC coverage within fifteen days and makes clear that a failure to comply will result in further FDIC action, the nature of which is not specified.

Daily081922.pdf