Newsroom
CFPB releases report on big tech in mobile payments
The CFPB Thursday released a report highlighting the impact Apple and Google have on the mobile payment ecosystem. According to the report, “restrictions imposed by the dominant operating systems – Apple’s iOS operating system and Google’s Android operating system – will have an outsized effect on access to payments systems and may hinder the development of a truly open ecosystem.”
The CFPB added that it will continue to take steps to ensure Apple, Google, and other large tech companies “do not impede the development of open ecosystems for digital payments.” Additionally, the bureau noted it will assess roadblocks, drive competition, and promote consumer benefits.
The bureau closed the report by claiming that open banking has created many consumer financial products and services that compete with traditional banking services, adding the products “could benefit from access to NFC functionality and simultaneously compete with dominant mobile wallets and the card networks by facilitating low-cost ACH payments powered by open banking.”
Of note, NAFCU wrote to the CFPB in response to the bureau’s request for comment on this issue. In the letter, the association called on the bureau to use its larger participants authority to place big tech companies offering payment platforms under their supervision.
NAFCU will continue to engage the bureau and fight for a level playing field.
Share This
Related Resources
The Looming Government Shutdown
Operations
Blog Post
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
Understanding Credit Card Portfolio Sales & Agent Programs
Credits: NCCO, NCRM, CPE
Webinar
Building a brighter financial future with consumer trust
Strategy
preferred partner
TruStage
Blog Post
Get daily updates.
Subscribe to NAFCU today.