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NewsBriefs

This article contains excerpts from news stories recently posted under There are no monthly fees or balance requirements. The
Breaking Industry News on our homepage. For links to these and other service targets small businesses that may not need the full
full news stories, please visit www.greensheet.com/breakingnews. suite of QuickBooks accounting tools but require a simpli-
php. fied solution for payment processing and money manage-
ment.

David Talach, senior vice president at Intuit, stated that
QuickBooks Money aims to expand the company's fin-
CFPB criticizes big tech over mobile pay apps tech platform's reach and provide more small businesses
with cash flow management tools. Future enhancements
The Consumer Financial Protection Bureau (CFPB) ex- will include bill pay, in-person payments and lending op-
pressed concerns over big tech's influence on the mobile tions, Talach added. This move aligns with Intuit's effort
payments market, particularly focusing on Apple's iOS to become a one-stop shop for merchant services, banking
and, to a lesser extent, Google Android. CFPB Director Ro- and financial management, competing with other fintech
hit Chopra stated that big tech companies have expanded firms offering similar bundled solutions.
into the payments sector, potentially exploiting transac-
tion data and traditional financial sector fees. The CFPB NY court blasts group of MCA lenders
found that Apple and Google exert significant influence The New York State Supreme Court ordered three mer-
over popular contactless payment options in the United chant cash advance (MCA) companies, Richmond Capital
States. Apple's iOS is on 55 percent of U.S. smartphones, Group, Ram Capital Funding, and Viceroy Funding Capi-
with three in four of the 130 million iPhone users activat- tal, to repay millions of dollars to thousands of small busi-
ing Apple Pay. Google Pay is expected to have 35 million nesses that took out "predatory" loans, some with effective
users by 2025. interest rates far exceeding legal limits. The court ruling,
in a case filed by New York Attorney General Letitia James,
Chopra explained that big tech's regulations impact con- also held the principals of these firms liable for harming
sumers' ability to use third-party apps for payments, re- small businesses with loans that were "in fact illegal, high-
ducing choice and hindering progress toward a more open interest loans with astronomical and illegal rates."
banking system. The CFPB is working on a new rule to
clarify consumers' rights regarding personal financial The court noted that despite being described as MCAs,
data as the retail payments system evolves.
these loans were actually "a total sham." Additionally, the
ETA digs into policy with industry leaders in DC court ordered the cancellation of tens of millions of dollars
of existing loan agreements, the repayment of late fees, and
The ETA Fintech Policy Forum held on Sept. 13, 2023, cov- the termination of any liens or judgments secured against
ered various topics, including cryptocurrencies, financial borrowers. The case reflects efforts to protect small busi-
inclusion, identity protection and the role of AI in inter- nesses from predatory lenders, with some loans carrying
national commerce. The event, hosted by the Electronic annual interest rates of nearly 4,000 percent, in violation of
Transactions Association, brought together public and New York's usury laws, which define interest rates exceed-
private sector leaders to discuss business-friendly poli- ing 25 percent as criminal usury.
cies. Congressman Darren Soto emphasized the need for a
national standard for crypto policies and urged payment Similar settlements had been reached between the Federal
leaders to educate lawmakers on technology. Trade Commission and some of the involved parties, with
judgments and permanent bans on small business lending
The forum also discussed financial inclusion strategies, and debt collection.
focusing on making financial offerings accessible to un-
derserved populations through mobile apps and geoloca-
tion technologies. Another panel addressed identity and Also find us on Facebook,
fraud challenges in the digital world. AI's transformative LinkedIn & Twitter for the
impact on various industries was highlighted, with a fo-
cus on responsible regulatory guidelines. The event un- most up-to-date stories,
derscored the importance of collaboration and responsible can’t miss events and newest
innovation in the payments industry. industry announcements.
Intuit amps up competition

Intuit, the company behind QuickBooks, introduced
QuickBooks Money, an all-in-one electronic payments and
banking solution for small businesses. QuickBooks Mon- https://www.facebook.com/TheGreenSheetInc
ey combines two existing services, QuickBooks Checking
and QuickBooks Payments, offering invoicing, payment https://www.linkedin.com/company/the-green-sheet
requests, same-day funding and more. https://twitter.com/The_Green_Sheet
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