Today in TechREG, the Consumer Financial Protection Bureau (CFPB) has encouraged buy now, pay later (BNPL) providers and credit report agencies to standardize BNPL payment data for the benefit of consumers.
Meanwhile, Fabio Panetta, board member of the European Central Bank (ECB), has said financial institutions (FIs) and payment service providers should quickly adopt European Union instant payment solutions to be able to implement Europe’s retail payment strategy.
Plus, the EU Parliament endorsed an agreement on the Digital Services Act (DSA), paving the way for final approval in July.
CFPB Wants Credit Reporting Standards in BNPL Sector
The CFPB said Wednesday (June 15) that BNPL lenders and Nationwide Consumer Reporting Companies (NCRCs) may need to work more closely together to standardize BNPL payment data to ensure adequate credit reports. The CFPB said when BNPL payments are provided, it is important to provide both positive and negative data. The agency encouraged the industry to adopt standardized BNPL furnishing codes and formats appropriate to the unique characteristics of the product.
ECB’s Panetta Urges Firms to Adopt EU Instant Payment Solutions
Europe should continue working on a pan-European payment solution based on instant payments and a digital euro to avoid relying on United States credit card networks and Big Tech companies for retail payments. This is the main message that the ECB’s Panetta, delivered Thursday (June 16) at the European Payment Council’s 20th anniversary conference.
EU Parliament’s Committee Endorses Agreement on Digital Services Act
The EU Parliament’s Internal Market Committee endorsed Thursday the provisionally reached agreement with EU governments on the DSA with 36 votes in favor, five against and one abstention. The DSA, together with its sister proposal, the Digital Markets Act (DMA), sets landmark standards for a safer and more open digital space for users and a level playing field for companies. Very large online platforms and search engines (with 45 million users or more) will have to comply with stricter obligations to protect users from illegal content and goods.
Facebook Owner Meta Makes Antitrust Commitments Over Online Advertising
France’s antitrust watchdog said Thursday that it has approved commitments made by Facebook owner Meta Platforms regarding the French online advertising sector, Reuters reported. Meta has committed to giving access over a five-year period to advertising inventories and campaign data to so-called advertising technology companies on transparent, objective and predictable conditions, the French regulator said.
Meta, Google, Twitter Sign EU’s Disinformation Code to Fight Fake News
Big Tech companies agreed Thursday to take a tougher line against disinformation under an updated EU code of practice. The signatories of the EU code, more than 30 companies, including advertising bodies, agreed to do more to tackle deep fakes, fake accounts and political advertising. If the companies fail to comply with the code, they could face fines as much as 6% of the company’s turnover.
Commissioner Peirce Pushes Back on SEC Spot Bitcoin ETP Stance
Securities and Exchange Commission (SEC) Commissioner Hester Peirce delivered a speech Tuesday (June 14) at a conference about crypto regulation where she stepped up her criticisms on how the SEC is not providing adequate solutions to the crypto community. She used the refusal to approve a spot bitcoin exchange-trade product (ETP) as an example.
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