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Revolut and Visa Take Legal Action Against PSR’s Fee Cap Plan: A Financial Showdown
The UK’s Payment Systems Regulator (PSR) plans to impose a price cap on interchange fees charged by Visa and Mastercard to UK merchants for online transactions from European customers. This decision follows significant fee increases from 2021 to 2022—up to 1.15% for debit and 1.5% for credit card transactions—costing UK businesses £150-200 million annually. In response, fintech company Revolut is seeking a judicial review of the PSR’s authority, while Visa emphasizes its focus on ensuring a fair process. The PSR is committed to robustly defending its decision and addressing rising domestic transaction fees.
JPMorgan Chase CEO Urges Washington to Reevaluate Financial Regulations for a Stronger Economy
Jamie Dimon, CEO of JPMorgan Chase, voiced concerns about the future of the Consumer Financial Protection Bureau (CFPB) amid the Trump administration’s efforts to reduce its regulatory powers. Changes include halting the CFPB’s activities and potential mergers of banking regulators without Congressional approval. Dimon emphasized that other agencies, like the SEC and Federal Reserve, also play vital roles in consumer protection. He discussed the issue of debanking, noting that regulatory pressures, especially around anti-money laundering, have led banks to withdraw services from certain clients. Legislative interest is rising, with calls for clearer definitions on banking service refusals, highlighting the need for fair banking practices.
Luxembourg Banks Choose LuxHub as Their Premier VoP Provider
The VoP scheme, launching on October 5, aims to transform the European payment landscape by enabling Payment Service Providers (PSPs) to verify payees during instant credit transfers. LuxHub, formed by four major banks in Luxembourg, is integrating this scheme to enhance the payment experience across SEPA channels. CEO Claude Meurisse emphasized the importance of partnerships in increasing security, efficiency, and trust in financial transactions. The VoP scheme promises reduced fraud risk, faster transactions, and wider bank acceptance. LuxHub is actively seeking more key financial players to join, further strengthening the platform for secure and verified credit transfers.
ABN Amro’s Neobroker Hit with €1.6M Fine for Paying Financial Influencers: What You Need to Know
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Robinhood Faces $45 Million Penalty for Major Regulatory Violations
Robinhood is facing scrutiny from the SEC over significant compliance violations that jeopardize investor protection and market integrity. The SEC identified several key failures, including inadequate investigation of suspicious transactions, poor customer protection measures, cybersecurity vulnerabilities, and recordkeeping violations. Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, emphasized the importance of compliance in safeguarding investors. Robinhood also faced criticism for inaccurate trading data and legal issues related to fractional share trading. As investigations continue, the company’s commitment to compliance will be closely monitored, urging investors to stay informed about potential impacts on their investments.