Law and regulation

While some may suggest the practice is warranted so agency attorneys can address deficiencies hurting consumers, ultimately everyone loses when opportunities for frank discussion are lost.

With more plastic in circulation than any other payment network — 2.9 billion cards, or 45 percent of the world’s total last year — UnionPay is now accepted in 135 countries. Its rise is causing friction as the firm grabs market share from Visa Inc. as well as MasterCard Inc., which UnionPay surpassed in customer spending in the first half of the year.

The Senate passed two small but critical industry measures late Tuesday involving ATM fee disclosures and information sharing with the Consumer Financial Protection Bureau, paving the way for the bills to be signed into law by the president.

An EMV Migration Forum committee studying the complex details surrounding the conversion of PIN debit networks to handle EMV chip-card payments in the U.S. has "the highest level of urgency" of any of the forum's study groups.

The Senate passed two bills by unanimous consent Tuesday night involving fee disclosure requirements for ATMs and information sharing with the CFPB, paving the way for the bills to be signed into law.

Two community banks have repaid the Troubled Asset Relief Program.

The Federal Reserve Board has terminated enforcement actions against Community Bankers Trust (BTC) in Glen Allen, Va., and Northwestern Bank in Chippewa Falls, Wis.

HSBC's record-setting $1.92 billion penalty for a slew of anti-money laundering problems surprised many in the financial industry, who warned it could set a new precedent for targeting other institutions.

A bank's decision to balk at paying dividends to a private investor that bought its Troubled Asset Relief Program shares may reduce investor interest in future such offerings and make it harder for the government to make a decent return.

The chief executives of two New York banks will serve on a panel charged with recommending changes to the state's tax code.

Regulators need to create an environment where firms are not afraid to speak out. Banks need to come up with clearer explanations of their business models to prevent the creation of unnecessary rules.

The Obama administration released a statement of policy Tuesday in favor of a bill to extend the TAG program, just hours before the Senate passed a motion to limit debate on the legislation, the first procedural step towards a final vote.

The FDIC signed off on an 18% cut in funding for 2013, but it is still dealing with elevated numbers of troubled banks and Dodd-Frank-related workload.

Home Depot Inc. and other retailers lost their bid to appeal a judge’s preliminary approval of Visa Inc. and MasterCard Inc.’s proposed $7.25 billion settlement of a merchant fee price-fixing case.

MasterCard is confident that the proposed $7.25 billion settlement of allegations that it and Visa engaged in merchant fee price fixing will receive final approval, according to Nomura analysts who recent met with key executives of the card network.

Ensuring that corporate boards include a diverse set of skills, backgrounds and personalities helps against groupthink's dislocation of corporate and shareholder interests.

The U.K. banking giant has agreed to pay $1.9 billion to settle U.S. money-laundering charges. Unsettled is whether global banks have the controls to avoid a repeat.

HSBC Holdings Plc, Europe's largest bank, agreed to pay $1.92 billion to settle U.S. probes of money laundering in the largest such accord ever.

The Treasury Department is scheduled on Tuesday to auction warrants to purchase 1.2 million shares of common stock in M&T Bank.

Bitcoin-Central, a French digital currency exchange that handles the largely unregulated Bitcoin currency, now operates under French regulation after parent-company Paymium partnered with payment services provider Aqoba.