Compliance

Fast-developing technologies are dumping fresh risk on a payments industry already reeling from a parade of data breaches, placing more pressure on cross-industry efforts to improve security.

WASHINGTON — The Consumer Financial Protection Bureau on Thursday finalized a controversial policy allowing consumers to describe their banking experiences more fully on the agency's complaint portal.

Large banks and card issuers are ready for the U.S. shift to chip-and-PIN technology, according to a report issued Wednesday. But the drop in fraud that is expected to result is unlikely to come any time soon.

Bank of New York Mellon will pay $714 million to settle allegations by the U.S. and New York state that it defrauded clients in foreign-exchange transactions for as long as a decade.

The agency's interpretation of a Respa rule could put an end to the long-standing practice of mortgage lenders paying real estate agents and homebuilders to send business their way.

Four House lawmakers announced Thursday that they had formed a bipartisan group to focus on "the new and innovative technologies in the payments industry."

Some "friendly fraud" is more manipulative than friendly. Global Risk Technologies wants to help merchants appeal more chargebacks and get back some of the billions of dollars lost to friendly fraud.

WASHINGTON — The Consumer Financial Protection Bureau finalized a contentious policy Thursday allowing customers to describe their banking experiences more fully on the agency's complaint portal.

In a unanimous vote, the NCUA Board moved to eliminate a restriction that limited federal credit unions' investment in fixed assets to 5% of assets.

Target Corp. agreed to settle with more than 100 million customers whose personal information may have been breached in a database hack in 2013, among the biggest to hobble retailers and banks in recent years.