Insights

Last month, Congress passed a resolution to overturn a controversial Consumer Financial Protection Bureau (CFPB) rule on overdraft fees and disclosures. Its demise will have significant implications for the financial services sector and for the wider debate around debanking in the US.

In a “significant move for the industry”, firms across the UK payments ecosystem have set up a new company dedicated to the initial phase of funding for commercial variable recurring payments (cVRPs).

The Australian Competition and Consumer Commission (ACCC) has granted interim authorisation to Australian Payments Network (AusPayNet) and Australian Payments Plus (AP+) to coordinate industry efforts on the future of account-to-account (A2A) payments.

Following media speculation, the US Consumer Financial Protection Bureau (CFPB) has confirmed that it will not be enforcing its buy now, pay later (BNPL) rules.

Companies across Europe are set to take part in the European Central Bank’s (ECB) innovation platform for its digital euro project, as the central bank continues to woo the market with its divisive retail payments vehicle.

The European Payments Council (EPC) has released onboarding and registration guidelines for its EPC Directory Service, allowing payment service providers to move a step closer to compliance with the EU’s Instant Payments Regulation.

The US Securities and Exchange Commission’s (SEC) statement on stablecoin regulation provides an opportunity for cross-border payments innovation.

On December 26, 2024, South Korea’s National Assembly passed the Act on the Development of Artificial Intelligence and Establishment of Trust (AI Basic Act), which establishes a structured framework for AI governance. The legislation introduces regulatory measures to oversee AI implementation, promote industrial innovation and address risks associated with the deployment of AI.

In recent months, the future of the US Consumer Financial Protection Bureau (CFPB) has become thoroughly uncertain. Navigating the whirlwind of political changes has been overwhelming for policy specialists and compliance experts alike, as everyone tries to piece together what to comply with, and what to prepare for.

On December 26, 2024, South Korea’s National Assembly passed the Act on the Development of Artificial Intelligence and Establishment of Trust (AI Basic Act), which establishes a structured framework for AI governance. The legislation introduces regulatory measures to oversee AI implementation, promote industrial innovation and address risks associated with the deployment of AI. A key provision of the act is the creation of a National AI Committee that’s responsible for supervising AI-related societal integration and industrial development. Additionally, the Minister of Science and ICT must develop and execute an AI Basic Plan every three years, in order to ensure a coordinated and forward-looking approach to AI policy. The law provides support for the construction of testing facilities, equipment and systems to facilitate AI validation and performance testing. AI system developers must maintain detailed documentation on safety and reliability measures, while national and local governments are encouraged to assist private sector projects in the testing and validation efforts.