Law and regulation

Payments associations and organizations applauded Visa Inc.'s Feb. 4 move to address one of the most nagging EMV smart-card migration issues in the U.S., but they are not ready to say all their problems have been solved.

VeriFone Systems Inc. said Chief Executive Officer Douglas Bergeron’s trading was the subject of inquiries by the U.S. Attorney and Securities and Exchange Commission, which ended their probes without action.

Local merchants, especially those with credit card minimums, may find a small surcharge improves customer service. Alternately, all retailers should consider product-level surcharging, with fees only for high-cost cards.

The European Union may target banks with fines as high as 10 percent of their annual revenue if they fail to combat money laundering and terrorist financing.

McGraw-Hill and its Standard & Poor's unit were sued by the U.S. over claims S&P knowingly understated the credit risks of bonds and derivatives.

WASHINGTON — GOP Sens. Bob Corker of Tennessee and David Vitter of Louisiana have introduced legislation that would require the Federal Reserve to focus on price stability to keep inflation low as its top priority.

The Consumer Financial Protection Bureau is expected to be inundated with comments on how to rework the proposed 3% cap on loan origination points and fees.

The act clearly stipulates that the Senate be involved in appointing the CFPB. Recess appointments, constitutional or not, are impermissible.

The ABA is raising concerns about a credit union's potential plans to change its field of membership from just Lutherans to serve all Christian denominations.

Treasury Secretary Tim Geithner was clearly dedicated to making the Financial Stability Oversight Council work, despite doubts the group of financial regulators would prove unwieldy and ineffective. The question remains, however, whether his nominated successor, Jack Lew, will be as committed to the council.

The quality of lending for most types of loans is likely to remain fairly steady this year, according to a survey of loan officers released Monday by the Federal Reserve Board.

Dodd-Frank repealed the ban on paying interest on business checking accounts. No longer necessary to circumvent that restriction, sweep accounts with overnight repos can still protect and retain high-balance depositors.

The CEO of the country's largest bank sounded off once again, admitting mistakes and waving the banner for banks on Monday in Miami.

Sections of Dodd-Frank and the JOBS Act have made allowances for certain community banks but, whether by design or oversight, have left small thrifts to fend for themselves.

The month of January closed out on a week of surprises, with an unexpected change near the top of the OCC, and a lawmaker's unanticipated push for a new structure at that agency in addition to the CFPB. Following are the six stories you didn't want to miss:

Under pressure from consumer groups and regulators, Urban Trust Bank (UTB) of Lake Mary, Fla., has agreed to stop charging overdraft fees on its prepaid cards.

Net interest margins continued to come under pressure in the fourth quarter. Net interest income, aided by loan growth, held up better.

A unit of Palmetto Bancshares in Greenville, S.C., has shed an enforcement order with the Federal Deposit Insurance Corp.

Visa Inc. contravened Australia's consumer protection laws by preventing buyers from using a currency of their choice when shopping, the country's competition regulator said.

Visa Inc. says its EMV chip technology will be available to create a common code for debit transactions to allow merchants to choose networks as mandated by federal law — a move that could address a key obstacle in the U.S.