Compliance

In response to a series of cyber bank thefts, Swift has developed new guidance. It's a necessary first step, though banks for now are still left to fend for themselves.

Yahoo! Inc. disclosed a second major security breach that may have affected more than 1 billion users, another blow to the company's reputation as it nears the sale of its main web businesses to Verizon Communications Inc.

WASHINGTON — Senate lawmakers are putting pressure on the Treasury Department's financial crimes unit to clarify to banks that businesses hired by marijuana growers and dispensers should not be treated like pot firms themselves.

Federal Reserve Chair Janet Yellen said she is advising the incoming Trump administration not to roll back the improvements in bank safety and soundness enshrined in Dodd-Frank, but acknowledged that recent scandals "certainly suggest there is room for improvement" when it comes to bank culture.

The industry finally sees a bit of an opening in its effort to roll back the 2010 law that capped fees on debit card transactions. But opposition from the retail sector will be fierce.

The Federal Open Market Committee agreed unanimously Wednesday to raise the federal funds rate by 25 basis points, a move that was widely anticipated by markets and credit union economists. The committee's expectations for interest rates in 2017, however, were more varied.

The percentage of EMV transactions in the United States is miniscule compared to other parts of the world, but the migration to chip cards in the U.S. is lifting the technology's global growth — now at 42.4% of all card transactions.

Russian authorities have handed over an American fugitive who the U.S. accuses of conspiring to organize the largest known cyber attack on Wall Street, according to people familiar with the matter, resolving months of negotiations at a moment of high tension over hacking between Moscow and Washington.

Roughly 24 hours ahead of a planned rollout of much awaited -- and much needed -- larger-denomination bolivar bills in Venezuela, banks had yet to receive the new tender on Wednesday, nor was it clear whether the banknotes had even arrived in the country.

Banks should embrace artificial intelligence so that they can more easily navigate policy shifts that will affect their compliance resources and processes.