Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
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Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
The CFPB asserted that restrictions imposed by dominant operating systems on point-of-sale payment methods may have an "outsized effect" and hurt the development of a "truly open ecosystem."
Two Florida resorts agreed to settle with the DOJ for conspiring to fraudulently obtain loan funds provided under the Paycheck Protection Program.
The CFPB reopened the comment period on a Request for Information issued to Amazon, Apple, Facebook, Google, PayPal and Square regarding how each firm uses personal payment data and manages data access.