Compliance

The Consumer Financial Protection Bureau’s final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from credit unions and consumer advocates.

Bankers already scrambling to comply with a number of different federal cybersecurity standards are raising concerns about a proposal from New York to layer on some additional state rules.

The biggest surprise for many who awaited the Consumer Financial Protection Bureau’s final rule for prepaid cards was discovering that its reach extends to some of the payments industry’s highest-profile tech firms, such as PayPal Inc.’s Venmo, Square Inc.’s Square Cash and Dwolla.

NCUA Chairman Rick Metsger has requested that the CFPB exclude all payday alternative loan products from the Bureau’s upcoming payday lending rule – a move cheered by both CUNA and NAFCU, who assailed the CFPB for continuing to increase the compliance burden CUs face.

Ballot initiatives in several states – along with growth projections in states where marijuana is already legal – could shift opinions on how to regulate banking services for the industry.

It's time not only to hold banks accountable for their security, but also to provide meaningful regulatory guidance on how to achieve security.

Banks are expected to spend more on technology in the coming year, with the cash earmarked for things like upgrading mobile apps and adding self-service tech in branches.

The Consumer Financial Protection Bureau's final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from both consumer advocates and bankers over how it treats overdraft fees.

Online fraud is on the increase, but the good news is emerging technology can protect digital identities.

Wells Fargo Chief Executive John Stumpf may get a third grilling by lawmakers over the fake account scandal that continues to embroil the San Francisco bank.