More U.S. banks are dropping Somali money transmitters as regulators crack down on the risk of terrorist financing at remittance houses serving the war-torn East African nation. Banks are familiar with regulatory tight spots, but rarely do their responses have life and death consequences, as is the case here.

Top Stories

The Justice Department's recent $16.6 billion deal with Bank of America over crisis-era mortgage fraud has raised fresh questions over a perceived lack of transparency in the settlement process.  more »
Fintech startup Stockpile has partnerships in place with several financial companies to sell stock gifts through bank branches or offer them as part of a rewards program alongside retailer gift cards.  more »
An examination of the details in the B of A settlement shows many examples of risky behavior, including mortgage applications that were underwritten with "shadow" guidelines that allowed exceptions to approve almost any loan.  read more »
A large cybertheft against JPMorgan Chase and other big New York banks is said to have started with a break-in on an employee's computer at home. It serves as a reminder that big problems can start in small places and that banks need to take more steps to minimize the damage from hacker attacks.  read more »
Disruptors
Apriva Aims to 'Future-Proof' Point of Sale Payments
Apriva says it has "future-proofed" its services for merchant acquirers by connecting to a digital currency gateway and developing a universal point of sale application that will handle upgrades on EMV-enabled terminals.  read more »
Partner Insights
All banks, regardless of size, must invest more in technology despite shareholder pressure to cut costs, said Victor Nichols, a former CIO at Wells Fargo and current director at Bank of Hawaii.  read more »
BBVA Compass will likely face restrictions on M&A and branching after issues turned up in its recent CRA exam. Though a CRA rating downgrade is bad, some believe the foreign-owned bank is better off than banks that have had compliance issues arise after submitting a merger application.  read more »
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