The White House Considers a Broad-Reaching Push for Crypto Oversight
According to persons familiar with the topic, the Biden administration is considering an executive order on crypto as part of an effort to establish a government-wide strategy to the white-hot asset class. Federal authorities would tasked with studying and making suggestions on important aspects of crypto, including financial regulation, economic innovation, and national security. The approach would compel departments that have paid little attention to cryptocurrency to do so. Additionally, officials have contemplated establishing a White House crypto czar to serve as the issue’s point person.
Why Is Debit Use Growing in the Restaurant and Hospitality Industry?
The disease not only forced establishments to close in March 2020, but it also removed cash. At the epidemic outbreak, 8% of US firms went cashless; by the end of April, that figure had risen to 31%. By September 2020, the cash ban had reduced to 20%. But the impact on debit cards, the primary beneficiary of the move away from paper money, was profound. According to a Federal Reserve research, debit cards were use payment device last year, accounting for 28% of payment volume. Additionally, when demand for takeaway from dine-in restaurants increased, consumers were more likely to use non-in-person payments at a broader variety of restaurants and for a broader range of payment values.
Credit Card Companies Are Becoming Reluctant Web Regulators
Who should be in charge of internet policing? While social media companies spend billions policing content put on their sites, they continue to face criticism for not deleting enough poisonous content or suppressing free speech. Banks and credit card companies are more involved in public discourse to their customers’ dismay. The censoring barrier is being pushed deeper, into the pornography business. Adult websites globally will be required to validate the age and identity of anyone included in a photograph or video. As well as the identity of the person posting it, beginning October 15th. They will be required to maintain a rapid response to complaints and vet all content before publishing. These rules are being imposed by Mastercard, not by regulators.
Chase Announces Instacart Express Benefits for the Largest Number of Cardholders, Including a $10 Discount
Chase announced a new relationship with Instacard, a supermarket delivery service. The majority of Chase credit cardholders now qualify for a complimentary Instacart Express membership through April 2022, as well as a $10 discount on their next Instacart order of $35 or more. As more people began utilizing the convenience of grocery and meal delivery during the epidemic, many card issuers responded by giving additional benefits to their clients.
80% of Consumers in the United States Have at Least One Subscription
Consumers are increasingly relying on automated payments to manage their subscriptions. This coincides with a record number of subscriptions. Consumers, according to a new survey, expect such payments to be frictionless. And if those expectations are not met—in a world where 80% of US consumers have at least one subscription, up from 72% a year ago—churn looms. Around 27% of consumers who subscribe to various services reported experiencing a reduction in subscription payment in the previous year. More than a quarter of customers who experienced a decline discontinued their subscriptions or switched services.
The United States Bank Introduces Two New Secured Credit Cards with Reward Points
US Bank has introduced two new secured credit cards with pleasantly generous rewards programs. The Altitude Go Visa Secured Card and the Cash+ Visa Secured Card from US Bank offer the same rewards rates as their unsecured equivalents. Users can obtain a credit limit of $300 to $5,000 with either card, equal to their upfront security deposit. In both circumstances, responsible card use over time may result in the card upgraded to an unsecured form, at which point the deposit refunded. Neither of these cards has an annual fee.
Industry scrambles to comply with the Consumer Financial Protection Bureau’s debt collection rules
Banks, credit card firms, and debt collectors have lobbied for a rewrite of federal debt collection guidelines, and they stand to benefit from limitless communication with consumers via email and text messages. However, with the Consumer Financial Protection Bureau’s guidelines slated to take effect Nov. 30, many creditors and collectors are scrambling to implement changes that will need a high degree of collaboration. While the guidelines do not expressly apply to banks and other lenders attempting to collect debts, they require technological upgrades and information sharing for third-party debt collectors to take advantage of certain “safe harbors” that shield them from legal liability.