The Green Sheet Online Edition
March 3, 2025 • 25:03:01
News Briefs
As CFPB goes, so goes Big Tech payments oversight <- click to read full story
The Trump Administration shut down the Consumer Financial Protection Bureau, leaving Big Tech payment services with fewer regulatory constraints than traditional financial institutions. Sen. Elizabeth Warren, the CFPB’s chief architect, fiercely opposed the move, calling it a gift to corporations like Elon Musk’s X Money. Speaking at a protest in Washington, D.C., she argued the CFPB has returned $21 billion to scammed consumers and should not be dismantled.
The CFPB’s new rule, finalized in November 2024, would have allowed oversight of large digital payment apps processing over $50 billion annually. Warren claimed that shuttering the agency is an attempt to shield X Money, Musk’s new payment service, from scrutiny. The Trump Administration halted CFPB operations, but Warren insists only Congress can eliminate it.
Valentine's Day spending hits record high <- click to read full story
Valentine’s Day spending is set to hit a record $27.5 billion, surpassing last year’s $25.8 billion and the previous high of $27.4 billion in 2020, according to the National Retail Federation. Consumers plan to spend an average of $188.81, with 56 percent celebrating the holiday, up from 53 percent last year. Men, in particular, are more engaged, with 55 percent planning to participate.
Popular gifts include candy (56 percent), flowers (40 percent), and greeting cards (40 percent), while dining and entertainment spending is projected at $5.4 billion. Jewelry remains the most lucrative category at $6.5 billion. Beyond romantic partners, spending on family, friends, co-workers, and even pets, is increasing.
Powell says emphatic no to CBDC <- click to read full story
Federal Reserve Chairman Jerome Powell confirmed that a U.S. central bank digital currency (CBDC) will not be developed under his leadership. During his semi-annual report to Congress, Powell was asked directly if the Fed would commit to not creating a CBDC and responded with a definitive "yes." This aligns with President Trump’s recent executive order overturning a 2022 directive from President Biden that explored digital asset regulation and CBDC development.
CBDCs, digital forms of fiat currency issued by central banks, have been adopted by fewer than a dozen countries, mostly in the developing world. While they offer potential benefits like financial inclusion and improved payment efficiency, concerns remain over monetary stability, privacy and illicit use. A recent survey found that while most central banks are exploring CBDCs, issuance timelines are often delayed due to implementation challenges.
Zelle shatters records with unrivaled growth <- click to read full story
Zelle, the person-to-person payment network operated by Early Warning Services, processed over $1 trillion in transactions last year, a record for any P2P payment service. Its user base grew to 151 million, up 16 million from the previous year. The fourth quarter 2024 was Zelle’s strongest ever, fueled by holiday gifting and rising adoption.
Owned by major banks like JPMorgan Chase and Wells Fargo, Zelle connects over 2,200 financial institutions, with 95 percent being community banks and credit unions. Small businesses increasingly rely on Zelle, with one in four senders making payments to them, totaling $283 billion in 2024's fourth quarter.
However, Zelle has faced scrutiny over fraud issues. The Consumer Financial Protection Bureau sued Zelle and three owner banks over $870 million in fraud losses, but the case may stall as the Trump Administration moves to shut down the agency.
Mastercard simplifies checkout with new digital credential <- click to read full story
Mastercard introduced One Credential, a digital payment solution that allows consumers—especially Gen Z—to manage multiple payment methods in one place. Designed for digital natives, it enables users to personalize their transactions by selecting debit, credit, prepaid or installment payments.
Mastercard research shows that nearly 70 percent of Gen Zers are working to improve their credit scores, yet many lack guidance. One Credential offers structured credit options, helping them build financial health. Users can set preferences online or via an app. Key U.S. partners include Galileo Financial Technologies, Marqeta and Lithic. 
This article contains summaries of news stories recently posted under Breaking Industry News on our homepage. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php.
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