SANTA ANA, Calif. - (04/13/05) -- Orange Count Teachers FCU said itexpects to save as much as $200,000 a year by implementing anonline compliance training program provided by OutStart. OutStartStudio completes training faster for compliance on the Bank SecrecyAct, USA Patriot Act, Office of Foreign Asset Controlled otherregulatory requirements, providing an average cost savings of$4,000 per course, according to the $5 billion credit union. Sinceimplementing Studio, the credit unions aid it has reduced trainingtime from an average of four months per course to just onemonth.
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As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
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Hope Bancorp's acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
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The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.
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Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.
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The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
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Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
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