Compliance

The major card networks operate from a position of strength as among the first movers in providing tokenization, but they must move with the market if they want to hold that position.

Banks say the Consumer Financial Protection Bureau plan to ban arbitration clauses for individual claims will aid trial lawyers, while consumer advocates say the move is overdue and may not go far enough.

Fifth Third Bancorp has agreed to pay nearly $85 million to settle fraud charges related to undisclosed defective Federal Housing Administration-insured loans.

The Consumer Financial Protection Bureau’s impending proposal, to be reviewed by a small business advisory panel, would block companies from using arbitration clauses to avoid class actions but allow them for individuals.

It may not be an outright ban on arbitration clauses, but the Consumer Financial Protection Bureau’s impending proposal to enable more class-action lawsuits comes close.

The Consumer Financial Protection Bureau's impending proposal, to be reviewed by a small business advisory panel, would block companies from using arbitration clauses to avoid class actions but allow them for individuals.

The central bank originally established a 10-year time horizon for completing upgrades to the nation's aging electronic payment system. But a task force convened by the Fed thinks that's not ambitious enough.

Charleston, S.C. -- A devastating “once-in-a-thousand years” storm has led to the closing of various credit union branches in the most heavily affected parts of South Carolina.

A California company called NEFT wants to provide the online meeting place where debt-laden borrowers get together with lenders and credit bureaus to negotiate repayment plans. Backed by some prominent investors, NEFT says it offers carrots to get all the parties to participate.

Republicans and the financial industry face long odds in making structural changes to the Consumer Financial Protection Bureau this year, but the ultimate outcome of the battle is still far from certain.