Compliance

Banking regulators will never conclude that regulation is actually hurting community banks until they study the issue and come to that conclusion on their own.

WASHINGTON — House lawmakers clashed this week over a bill making changes to the Consumer Financial Protection Bureau that would cap the agency's budget in coming years.

As banks have largely ceded the market for government-backed loans to nonbank lenders and servicers, it's fallen on Ginnie Mae to be sure that these nonbanks can meet their obligations to bondholders. It's a huge concern for President Ted Tozer, who says the company does not have the resources or manpower to examine these firms' finances.

Rules published by China's State Council, which take effect June 1, clear the way for Visa and MasterCard to gain a foothold in an industry that the Central Bank said handles 449.9 trillion yuan ($73 trillion) a year.

The National Pawnbrokers Association argues that its members have been unfairly swept up in the Justice Department initiative known as Operation Choke Point. But banks say Choke Point's not to blame: they're closing the accounts of cash-intensive businesses in order to ensure compliance with anti-money-laundering rules.

Rep. Patrick McHenry said Democrats' resistance to passing certain regulatory relief measures is due to a leftward shift.

New York bank regulator Benjamin Lawsky said his investigation into currency trading could go on for months, even after settlements with the U.S. Justice Department. Lawsky spoke at a conference in New York today.

Google Wallet is making a significant change in how it handles funds, in the latest of a series of moves that gives Google a stronger footing against Apple Pay's rising tide.

NCUA Board Member Mark McWatters drew a big crowd to a discussion of regulatory relief during the Cornerstone Credit Union League's recent Annual Meeting here, so Credit Union Journal asked attendees what reg relief they would most like to see.

EMV will require new payment processes that, while seemingly small to those instituting the change, require a shift in behavior that could feel monumental to consumers.