ApplePay Later has risks; The Senate bill could regulate cryptocurrencies

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A bipartisan pair of U.S. senators unveiled a bill on Tuesday that would establish new rules for cryptocurrency, and hand the bulk of their oversight to the Commodity Futures Trading Commission (CFTC). The bill marks one of the most ambitious efforts yet by lawmakers to place clear guard rails around rapidly growing and controversial cryptocurrency markets. The measure would stipulate that the CFTC, not the Securities and Exchange Commission, play the primary role in regulating crypto products, most of which the senators said operate more like commodities than securities. The smaller CFTC is generally seen as a friendlier regulator for cryptocurrency, as the SEC has typically found that crypto products must adhere to a host of securities requirements. [Reuters]

Apple’s New Pay Later System’s Dirty Economics With its new Pay Later service integrated into Apple Pay and Apple Wallet, Apple is going into the purchase now, pay later game. While Apple claims that the service is “built with consumers’ financial health in mind,” BNPL is a practise that has been criticised by government regulators as possibly harmful to customers. Apple’s Pay Later service, which has been in development since at least last year, allows consumers to make an Apple Pay purchase and then pay for it in four equal payments over the period of six weeks. There is no interest on these payments, but it’s unclear whether Apple would levy a late fee, and if so, how much it will cost.

Highlights

  • Most customers are dissatisfied with their credit card mobile apps and online options, according to the results of recent studies by J.D. Power. Overall satisfaction with most digital channels has declined as usage has increased. Many customers are financially stressed, and they want their bank and credit card providers to help them manage their finances via online tools. In delivering personalization through high-touch digital channels, however, most banks and credit card providers are missing the mark. [ABA Banking Journal]

  • 1 in 3 Americans Earning $250,000 or More Say They Live Paycheck to Paycheck More than one in three Americans who earn at least $250,000 say they live paycheck to paycheck, according to survey by PYMNTS and the LendingClub. To be exact, 36% of Americans taking home a quarter of a million dollars or more claim to be running out of money again by payday. More than 40% of those earning at least $100,000 say the same. The big picture is bleaker. The report found that 61% of Americans overall were living paycheck to paycheck in April 2022. In other words, almost two-thirds of the U.S. population, or about 157 million people, have little to nothing left over at the end of the month, a nine percentage point increase from April 2021. And most people earning less than $50,000 (just under 80% of them) are living paycheck to paycheck. [MarketWatch]

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