Compliance

The Office of the Comptroller of the Currency's plan to offer a national charter for fintech firms immediately sparked a battle between consumer advocates and state regulators, who see it a dangerous move, and fintech firms and certain banks, which hailed it as the future.

Alliance is the third Texas credit union to convert to private share insurance in the last 18 months.

Much like rival Mastercard, which recently took its Decision Intelligence AI product out of pilot, Visa wants to make sure that it isn't turning away legitimate customers when it finds signs of potential fraud.

Federal Reserve Gov. Daniel Tarullo strongly defended bank regulators’ responses to the 2008 financial crisis and faulted competing Republican proposals to replace the Dodd-Frank Act with a simpler, single leverage requirement as shortsighted.

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.

Wells Fargo is making an exception to its retirement policy for its longtime general counsel, who plans to remain with the company indefinitely to deal with the fallout of the fake-accounts scandal.

Steven Mnuchin's confirmation hearing is likely to be dogged by stories of homeowners who claim his bank, OneWest, illegally foreclosed on them. While the stories are unlikely to prevent President-elect Donald J. Trump's pick from being confirmed, it could weaken Mnuchin politically and rehash grievances from the financial crisis.

The consumer watchdog group cautioned FIs to beef up their compliance management systems, but some observers questioned whether credit unions — which generally have more consumer-friendly business practices — are in the clear or if there is still work to be done.

With Visa and Mastercard extending their EMV compliance deadline to 2020 for fuel pumps, EMV is less likely to overshadow anti-fraud technology that is faster and more practical to implement.

Visa's growth beyond plastic cards relies heavily on tokenization, a strategy that should get a major boost from its planned acquisition of CardinalCommerce.