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'Venmo and Zelle May Not Be Free For Much Longer'
An anonymous reader quotes an op-ed, written by former hedge fund manager Marc Rubinstein: With new technologies come new rules governing how they are used. Often, policy is framed via analogy: Are social media platforms publishers or are they town squares? Are instant messages water-cooler chatter ...
According to the majority staff report(PDF) filed by the Permanent Subcommittee on Investigations, which convened the July 23 hearing, the banks reimbursed only around $100 million of that, leaving consumers to shoulder the rest. Its report recommends extending purchase protections standard in credit and debit-card markets to commercial P2P payments, and amending the Electronic Fund Transfer Act to make fraudulently induced transactions subject to reimbursement. "We need to be thoughtful and think about unintended consequences," Adam Vancini, Wells Fargo's head of payments for Consumer, Small & Business Banking, said at the Senate hearing.
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