Rohit Chopra, director of the Consumer Financial Protection Bureau feels it's high time regulators rein in big tech firms, particularly those involved in payments. Chopra, in an April 3, 2023, interview with Yahoo Finance Live described both systemic and individual user risks that he believes the Financial Stability Oversight Council needs to look into.
The FSOC was created by the 2010 Dodd-Frank Act to identify and propose steps regulators can take to quash threats to economic stability posed by financial services firms. It is organizationally part of the U.S. Treasury Department, is chaired by the Treasury Secretary and includes 11 financial regulatory agencies as voting members.
"We have to think about P2P [person-to-person payment] apps," Chopra said, noting that billions of dollars move through these networks. "[I]t's not necessarily clear if these funds are insured, and what would happen if there were a run," he added. "We want to make sure there are safeguards in place so people have the confidence that their money is always there for them."
As regulatory bodies and forensic investigators continue to assess investment banking and cryptocurrency failures, a new study by Paxos seeks to clarify causes and identify a path forward for fintechs, crypto advocates and the broader financial ecosystem. Published April 12, 2023, How the Crypto Winter May Help Save the Digital Asset Economy unpacks crypto industry fumbles from 2018 and late 2022, with commentary by experts from Paxos and cryptocurrency market data provider Kaiko.
Michael Coscetta, head of revenue at Paxos, stated the report is designed to help crypto industry practitioners employ blockchain technology best practices to drive positive business outcomes and regain consumer and investor trust.
"The market upheaval of late 2022 and 2023 had far-reaching impacts on every corner of the global economy," he said. "More importantly, this turbulence spotlighted several key shortcomings and opportunities that the world economy must reckon with – particularly when it comes to how blockchain has been used and how it should be used at an enterprise level ..."
Chargeback mitigation company Chargebacks911 is in the hot seat for "unfairly thwarting consumers" who were trying to use the chargeback process to dispute credit card charges, according to a complaint filed by the Federal Trade Commission and Florida's attorney general. "Chargebacks911 helped scammers stay in business and defeat chargeback attempts by consumers hit with fraudulent charges," said Samuel Levine, director of the FTC's Bureau of Consumer Protection.
The FTC and Florida's AG allege that Chargebacks911 "has, for numerous clients, used misleading information to contest chargebacks," and that the company "has ignored numerous red flags" that it was using faulty information to help merchants dispute chargebacks. They also took issue with a Value Added Promotions program the company ran from 2013 to 2019 that helped merchants with a large number of chargebacks evade scrutiny from the card networks, as well as avoid fines and terminations.
In response, Chargebacks911 stated the accusations are "inaccurate," and that the complaint was a product of government "overreach." "The complaint misunderstands Chargebacks911's role in the industry and makes a series of inaccurate accusations that are factually and legally wrong, setting a dangerous precedent for all SaaS companies that could interrupt the roles, rights and obligations of stakeholders industrywide," the company stated.
"We have always followed all the rules, laws and processes, and will aggressively defend the purpose of our business, the privacy of our clients, and our own corporate ethics and reputation against overreach by the government and its various policing bodies."
Consumers are stepping up credit and debit card usage and exploring faster payment methods, according to reports issued by the U.S. Labor Department, PSCU and the U.S. Faster Payments Council. Researchers attribute these spending behaviors to current economic headwinds, citing data from the Consumer Price Index (CPI) and Bureau of Labor Statistics. Jeremiah Lotz, managing vice president, digital and data at PSCU, stated that March 2023 showed softening, single-digit growth in consumer spend with credit and debit transaction growth surpassing purchases.
"In this month's Deep Dive, we provide a new perspective on the primary ways credit and debit cards are used by defining Digital Payments compared to Physical Card payments or true 'card in hand' uses," he said in a statement. "
As we reach the two-year anniversary of the PSCU Payments Index, we continue to evolve the report's data view and analysis to provide relevant insights in the changing financial landscape." PSCU researchers noted the CPI increased by 0.1 percent in March 2023 as the inflation rate dropped for the ninth consecutive month.
The New Jersey Women in Technology Forum, co-hosted by NextTech Communications, CoLab at Bell Works and TechUnited New Jersey, was held April 20, 2023, at the historic Bell Works campus in Holmdel, N.J. Designed to showcase New Jersey's heritage of tech innovation, inclusion and opportunity, the event attracted over 80 attendees and featured networking, refreshments and a panel discussion with female tech sector leaders.
Janine Savarese, founder and CEO of NextTech Communications, led discussions with panelists Amanda Pietrocola, president and CEO of Momentum Technology; Jenna Gaudio, co-president at Vydia; and Jasmine Ward, vice president, strategy and operations for TechUnited NJ.
In opening remarks, Savarese recalled Bell Works' prominent role in U.S. history, as "the best-funded lab of all time," that produced eight Nobel prize winners and helped win World War II. Today, the enormous building offers a variety of workplace options, she added, including headquarters for Fortune 500 companies and event space for private and public gatherings. While acknowledging improvements in workplace parity, Savarese noted women continue to face barriers.
"Over 50 percent of women have reported discrimination and inequality," she said. "In addition, only 9 percent of women-led startups have attracted venture capital investment and 26.7 percent currently hold tech-related jobs." 
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