How To Lead The Charge On Chargeback Change

From: PYMNTS

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“One of the challenges in the system that needs ongoing improvement is that if the cardholder says it’s fraud and ‘I didn’t do it,’ because of Regulation E [of the Electronic Fund Transfer Act] and Regulation Z [of the Truth in Lending Act], the issuers have to give those cardholders back their money … it’s just the process,” Fergerson explained.

The Visa rule change, she said, “is an evolutionary improvement” that should improve the situation for issuers and merchants, but it is not a revolutionary change where the system is being overhauled and it is instantly clear who has the fraud liability.

Mick Mulvaney Taking a Closer Look at CFPB Investigations

From: ACA International

ACA International applauds Mulvaney’s efforts to review how the CFPB is using its enforcement authority and looks forward to greater clarity from the bureau on future enforcement actions.

ACA International welcomes news that Consumer Financial Protection Bureau Acting Director Mick Mulvaney intends to review more than 125 active investigations during a 30-day moratorium he placed on regulations.

Mulvaney, who also serves as the director of the Office of Management and Budget (OMB), said he is reviewing the investigations to “make sure that we are not going beyond the mandate, that we are not abusing our position, and that we are not getting in the way of the proper functioning of the financial services and capital markets,” according to The Washington Times.

The World of Financial Regulation Gets Weird…Again

From: Cato at Liberty

By Thaya Brook Knight

There’s yet more strangeness afoot in the world of financial regulation.  No, it’s not the CFPB this time.  It’s the generally more staid Securities and Exchange Commission (SEC).  Earlier this week, the Department of Justice weighed in on Lucia v. SEC, a case challenging the constitutionality of the SEC’s in-house judges, known as Administrative Law Judges (ALJs).  What is strange is that the DOJ sided with Raymond Lucia and against the SEC.  Seemingly in response, the SEC took action and ratified the appointment of its ALJs, a move it had been resisting for some time.