Rep. Keith Ellison, D-Minn.
COMPLEX PROBLEM: President Obama signed legislation in August to streamline regulation of money transmitters. Its sponsor, Rep. Keith Ellison, D-Minn., called the law "a good start" but not a "panacea" for the Somali remittance problem.

Top Stories

Citigroup CEO Michael Corbat reflected with Warburg Pincus CEO Joseph Landy and Paulson & Co. CEO John Paulson on the growth paradigm of tomorrow’s financial markets, the role of shadow banking within it and how the world for megabanks has become permanently smaller.  more »
By hiring former American Express executive Dan Schulman to lead an independent PayPal, the company is betting that his expertise — bringing innovation to a well-established international payments company — can ensure PayPal's survival.  more »
The Consumer Financial Protection Bureau's action against Flagstar Bank on Monday marked a series of firsts for the agency, including the first time it enforced its new mortgage servicing rules and the first time it banned a servicer from servicing new loans until fixes are made.  read more »
Community banks and credit unions have filed class actions against Home Depot and Target, using untested legal arguments to claim the retailers should pay banks’ expenses tied to recent data breaches. There is very little legal precedent here, and hundreds of millions of dollars could hinge on the court rulings in these cases.  read more »
Disruptors
'New' PayPal, Split from eBay, Gains Chance to Seek New Partners
EBay's planned spinoff of PayPal, announced today, is a necessary and inevitable response to the influx of disruption coming to the payments industry from unconventional sources. As companies like Amazon.com, Apple and Wal-Mart take a growing interest in the payments market, PayPal's status as a unit of a rival e-commerce company limited its role.  read more »
Banks, credit unions, payday lenders and installment lenders are likely to feel the impact of restrictions on loans to members of the military that the Defense Department has proposed.  read more »
The "Bash" bug is more dangerous than Heartbleed, because it exists in a lot more places and can be used to do greater harm. Here's what bankers need to know to protect their IT infrastructures.  read more »
The private equity firm of Texas billionaire Gerald J. Ford, is planning a tender offer for up to 65% of Mechanics Bank in Walnut Creek, Calif. If completed, the deal would be the first deployment of the $755 million that Ford's fund raised last year.  read more »
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