The Green Sheet Online Edition
March 3, 2025 • 25:03:02
News Briefs
Numerous state AGs join actions to keep CFPB doors open <- click to read full story
A coalition of 22 state attorneys general filed amicus briefs to oppose a potential closure of the Consumer Financial Protection Bureau (CFPB), warning of severe consequences for consumer protection and financial regulation. The attorneys general argued that shutting down the CFPB would create a regulatory vacuum, allowing large banks and nonbank lenders to operate without oversight, disadvantaging small community banks. The briefs were filed in support of lawsuits by the City of Baltimore and the National Treasury Employees Union, seeking to halt the shutdown.
The attorneys general highlighted the CFPB's crucial role in enforcing the Dodd-Frank Act, which was enacted to prevent the financial abuses that contributed to the 2008 financial crisis. They also stressed the importance of the CFPB's consumer complaint system, which processes 25,000 complaints weekly. Maryland Attorney General Anthony G. Brown emphasized that the CFPB protects consumers from deceptive financial practices, underscoring the broad support for keeping the agency operational.
BNPL usage surges among younger consumers, J.D. Power finds <- click to read full story
A J.D. Power study revealed that buy now, pay later (BNPL) services saw record adoption in 2024, particularly among Gen Y and Gen Z consumers. The study found that 42 percent of these younger consumers used BNPL services, compared to just 21 percent from older generations. For the first time, Gen Z consumers reported using BNPL more frequently than traditional credit cards during the holiday season. The trend is driven by competitive repayment terms and a preference for flexible financing options. Customer satisfaction varied by provider, with American Express's Plan It leading at 706 points, followed by Chase (675) and Citi Flex Pay (663). Meanwhile, satisfaction with Zip and PayPal declined significantly, contributing to an overall 13-point drop in industry-wide satisfaction.
The study underscores the growing influence of younger consumers in the BNPL market and highlights the advantage traditional financial institutions hold in offering trusted, secure and well-integrated BNPL options compared to newer fintech firms.
Proposed bill would crack down on crypto ATM scams <- click to read full story
Senator Dick Durbin, D-Ill., introduced the Crypto ATM Fraud Prevention Act to combat rising scams targeting older Americans via cryptocurrency ATMs. Fraudsters trick victims into depositing funds into crypto wallets under false pretenses, such as fake jury duty fines. With approximately 30,000 crypto ATMs nationwide, these scams have become a growing concern. The FTC reported that losses from crypto ATM fraud jumped from $12 million in 2020 to $114 million in 2023, with older adults being the primary victims.
The proposed legislation would require ATM operators to warn users of fraud risks, develop anti-fraud policies, register machines with the U.S. Treasury Department and provide transaction traceability. Additionally, it would implement consumer protections such as transaction limits, full refunds for fraudulent payments and live verbal confirmations for large transactions. Sen. Durbin emphasized the urgency of regulation in the largely unregulated crypto industry and advocated for transparency and safeguards to protect consumers from financial exploitation.
Tap to Phone transactions up 200%, Visa reports <- click to read full story
Visa reported a 200 percent year-over-year increase in Tap to Phone transactions, highlighting its role in expanding payment accessibility for businesses of all sizes. The largest adoption spikes were in the United States, U.K. and Brazil, with overall usage growing by 234 percent. Tap to Phone technology enables smartphones to function as POS terminals, making it particularly beneficial for small businesses and mobile sellers. Entrepreneurs like Ariel Davis, who runs an upcycling studio in New York, praised the tool for eliminating the need for a traditional register setup.
Similarly, Reuthe's, a U.K. event venue, leveraged the technology to streamline transactions across its large property. Visa expanded tap functionalities with features like Tap to Add Card, Tap to Confirm, and Tap to Send and Request Money, to make digital transactions faster and more secure. Mastercard offers a similar feature, Tap on Phone, exemplifying the growing competition in the contactless payment market. 
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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