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NewsBriefs

This article contains excerpts from news stories recently posted under CFPB IDs risks in virtual game land
Breaking Industry News on our homepage. For links to these and other
full news stories, please visit www.greensheet.com/breakingnews. The CFPB is investigating the growing financial risks and
php. data privacy issues within gaming environments, aiming
to protect consumers from scams, fraud, and financial
losses. The bureau warned of potential risks due to the
integration of banking and payments features. Americans
spent around $57 billion on gaming in 2023, including
transactions converting real money into virtual curren-
cies. The report identified a trend toward gaming-related
financial services resembling traditional products, such
as JPMorgan Chase's development of an embedded pay-
ment ecosystem for gaming. However, researchers noted
Policymakers, business leaders address AI threats a lack of consumer redress for fraud and theft in virtual
worlds, with gaming companies providing inadequate
An April 2024 joint initiative between U.S. and UK poli- support.
cymakers underscored mounting concerns about the po-
tential risks posed by artificial intelligence (AI). The bilat- Jawboning begins over interchange settlement
eral agreement aims to evaluate and regulate AI models
in the private sector, reflecting a shared urgency among The proposed legal settlement between Visa, Mastercard,
lawmakers to address evolving AI technologies. Securi- and merchants, promising to reduce interchange fees and
ty experts cautioned financial institutions to adopt best allow payment steering, faces criticism from the Mer-
practices in deploying AI to combat fraud, emphasiz- chants Payments Coalition and the National Retail Fed-
ing the need for partnerships and vigilance. Also, Elon eration. Richard Crone, who is among the experts favor-
Musk's lawsuit against OpenAI GP LLC, filed in February, ing the settlement, said the settlement would be a "seismic
addresses the same concerns, particularly regarding the shift" favoring merchants, who could steer consumers to
threat of artificial general intelligence to humanity. lower cost payment methods and collectively bargain
for lower interchange. The agreement addresses claims
that interchange rates were artificially
inflated and hindered merchants from
directing customers to cheaper payment
methods. However, concerns persist re-
garding other fees, with indications of
increases, prompting calls for passage of
legislation like the Credit Card Competi-
PAYMENT FORM GENERATOR tion Act (CCCA).
Nacha starts year 50 with a bang
The Automated Clearing House (ACH),
EASY TO USE: now celebrating its 50th year, is gaining
popularity as a preferred method for
We Host Page transferring funds quickly. Same-day
ACH payments surged by 47 percent in
Pay Link the first quarter of 2024, with a notable
10.8 percent increase in business-to-
business payments. Consumer-initiated
Embed Code debits, also known as "push payments,"
rose by 7.4 percent, compared with 2022,
Inventory comprising 56.6 percent of all ACH deb-
its. In total, 8.2 billion payments worth
Level Ill $801 trillion were processed through the
ACH in the first three months of 2024,
ACH with 4.6 billion debits and 3.6 billion
ACH
credits. B2B payments amounted to 6.59
billion transactions totaling $54.20 tril-
lion. This growth signifies a shift in the
C A L L F O R T R A I N I N G ACH's role from primarily consumer-
8 0 0 - 2 9 6 - 4 8 1 0 focused to encompassing faster payment
needs, propelled by the introduction of
same-day ACH.
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