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NewsBriefs

This article contains excerpts from news stories recently posted under But Sheffield quickly put the brakes on the rumor instead,
Breaking Industry News on our homepage. For links to these and other insisting that as far as Visa is concerned, the news story is
full news stories, please visit www.greensheet.com/breakingnews. inaccurate. Recent announcements from Visa, as well as
php. Mastercard, seem to back this up. The crypto market has
been in a free fall, with failures of big shots like FTX and
Block FI shaking markets and prompting calls for regula-
tion.
CFPB not yet ready to regulate BNPL

A new report from the Consumer Financial Protection
Bureau revealed that consumers using buy now, pay later
(BNPL) schemes are heavy users of other forms of credit—
like credit cards and payday loans—and are more likely
to exhibit signs of financial distress than non-users. But it
remains unclear whether regulations specific to BNPL are
necessary, the consumer watchdog agency said.
UK moves on BNPL regulations
"A common misconception of Buy Now, Pay Later borrow-
The United Kingdom is moving toward regulating the ers is that they lack access to other forms of credit," stated
fast-growing buy now, pay later (BNPl) market. Draft leg- CFPB Director Rohit Chopra. "Our analysis shows that
islation published recently by the UK government would these borrowers are more likely to use other credit prod-
render BNPL agreements subject to rules established by ucts. Since Buy Now, Pay Later is like other forms of credit,
the Financial Conduct Authority, a non-governmental we are working to ensure that borrowers have similar pro-
body that regulates financial services firms there.
tections and that companies play by the same rules." But
Chopra and the CFPB stopped short of calling for outright
Under a game plan set out by HM Treasury, the UK eco- regulation of BNPL.
nomic and finance ministry, BNPL service providers will
be required to perform affordability checks, determining U.S., UK regulators address SVB fallout
if a customer has the means to repay the money. Rules
pertaining to marketing also will be amended to ensure
BNPL advertisements are fair, clear and not misleading. Following the collapse of Silicon Valley Bank on March
10, 2023, financial and tech communities are applauding
ETA, Discover recognize 40 next-gen leaders swift measures by UK and U.S. regulators to avert an in-
ternational banking crisis. After working all weekend, the
The ETA announced its 2023 Forty Under 40 payments UK Treasury and Bank of England disclosed Mon., March
industry leaders. Chosen by the Electronic Transactions 13, that HSBC will acquire SVP's UK subsidiary, which
Association and Discover Global Network for their contri- holds 6.7 billion pounds, the equivalent of $8.1 billion in
butions to a variety of sectors, the new fast-tracked leaders customer deposits.
were commended by ETA and Discover for their innova-
tive contributions to payments technology. ETA CEO Jodie As reports of the transaction circulated, media sources
Kelley stated, "The honorees of ETA's annual Forty Under noted the United States has yet to find a buyer for the
40 represent the exciting possibilities of payments. Santa Clara, Calif.-based bank. SVB, a leading commercial

bank and major bank for tech startups with $209 billion
The future of innovative payments is bright in their in reported assets in 2022, is the largest bank to fail since
hands." Kevin Jordan, head of U.S. and Canada strategic Washington Mutual closed its doors in 2008.
client management at Discover Global Network and ETA
executive sponsor, agreed the 2023 class of Forty Under 40
reflects a diverse, evolving industry.
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Despite reporting to the contrary, Visa remains commit-
most up-to-date stories,
ted to the cryptocurrency market, according to Cuy Shef- mos t u p-t o-d a t e s t o ri es,
field, Visa's chief crypto honcho. And Visa, it appears, is can’t miss events and newest
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named sources, that both Visa and Mastercard have put industry announcements.
the brakes on plans to forge new partnerships with crypto
firms. And several other news outlets picked up the story
and ran with it.
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