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NewsBriefs

This article contains summaries of news stories recently posted under and data privacy protections. BNPL usage is expected
Breaking Industry News on our homepage. For links to these and other to exceed $122 billion this year, raising concerns about
full news stories, please visit www.greensheet.com/breakingnews.php. overextension and hidden fees. The Consumer Financial
Protection Bureau’s 2024 push to treat BNPL like credit
cards was quashed under the Trump administration. New
York’s law fills that gap, though industry groups warn
some language may limit access to responsible credit. Still,
it signals growing state-level regulation of fintech lending.
Mastercard, MoonPay team up
to support stablecoin payments
Mastercard and MoonPay formed a global partnership
enabling stablecoin payments using Mastercard-branded
Zelle outage halts payments nationwide, cards. The cards convert stablecoins to fiat currency
instantly and are usable at over 150 million locations, the
raises reliability concerns partners stated. MoonPay’s API-driven infrastructure and
A major Zelle outage on May 2, 2025, froze payments crypto platform integrations will help launch stablecoin-
nationwide, disrupting transfers at major banks due to a powered products for merchants and consumers. The
Fiserv system failure. Millions of people couldn’t complete partnership targets payouts for contractors, creators and
transactions, affecting rent, bills and payroll. Frustrated gig workers, offering faster, cost-effective global transfers.
users flooded social media, while banks urged customers Mastercard aims to extend its trusted payments network
to try alternatives like Venmo and Cash App. The outage into the crypto space, while MoonPay seeks to mainstream
spotlighted the fragility of digital payment systems and stablecoin use. With 20 million wallets transacting in
raised concerns about reliance on third-party vendors. stablecoins monthly and 120 million holding balances,
Experts warned that greater vendor diversification and demand is growing. Both companies expect the partnership
contingency planning are needed to improve resilience. to accelerate adoption and enhance connectivity between
Although service resumed by late afternoon, many faced traditional finance and digital assets.
lingering delays. As Zelle processes hundreds of billions BEC fraud drains $8.5 billion
annually through over 1,800 banks, the outage was a over three years, FBI reports
significant stress test that revealed systemic vulnerabilities
in the growing digital payments infrastructure. The FBI’s Internet Crime Complaint Center reported that
SMBs, consumers grapple with uneven economic business email compromise (BEC) scams cost U.S. firms
nearly $8.5 billion from 2022 to 2024. In 2024 alone, BEC
indicators caused $2.8 billion in losses. BEC attacks spoof emails,

Recent reports show a mixed U.S. economic picture. often via vendor impersonation, to trick employees into
SmartBiz Bank found small businesses remain loyal to wiring money to fraudsters. Recovery success dropped:
banks but face funding challenges. Consumer confidence only 22 percent of firms reclaimed most stolen funds,
plunged in April, with The Conference Board’s index down from 41 percent in 2023. Wire transfers remain
falling for the fifth straight month. Expectations of fewer top targets. Nacha’s new rules, effective in 2026, aim to
job openings surged, echoing Great Recession-era fears. improve fraud detection and recovery in ACH payments.
Bankruptcy filings rose slightly, up 7.8 percent year- Experts stressed prevention, including dual approvals
over-year, especially in western states. Still, April’s ADP and vendor callbacks. As BEC evolves, coordinated tech,
report showed modest job growth, with strong hiring policy, and training are essential.
in construction and hospitality. However, sectors like
education lost jobs, and wage gains slowed. Economists
cited an uneasy balance: decent labor numbers amid rising Also find us on Facebook,
financial stress. The result is cautious optimism from
small business owners and continued uncertainty among LinkedIn & Twitter for the
consumers navigating conflicting economic signals. most up-to-date stories,
NY to license, supervise BNPL providers can’t miss events and newest
industry announcements.
New York moved to begin licensing buy now, pay later
(BNPL) lenders after federal regulators backed away from
oversight. Governor Kathy Hochul included the law in
the fiscal year 2026 budget, alongside other consumer
protections like subscription cancellation rules and limits
on overdraft fees. The law requires BNPL companies to
provide clear disclosures, dispute resolution procedures https://www.facebook.com/TheGreenSheetInc
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