Compliance

Bitcoin exchange Coinbase will offer instant purchases for users that supply identity information, with others having to wait four days for transactions to complete.

WASHINGTON – Senate Majority Leader Harry Reid threatened yesterday to pursue the so-called nuclear option as soon as Tuesday and bypass the Senate minority’s ability to filibuster presidential appointments, in an effort to move to a vote on the nomination of Richard Cordray to a five-year term as director of the Consumer Financial Protection Bureau.

Developers should consider incorporating rewards and other tools such as receipt tracking in new mobile payment applications to promote broad adoption.

WASHINGTON – A bipartisan group of senators proposed legislation that would reinstate the Depression-era Glass-Steagall Act, separating commercial banking from investment banking.

Financial institutions with at least $10 billion in assets knew they would take a hit to their revenue when the Durbin amendment capped interchange pricing. But smaller issuers, who were exempt from the cap, have seen a drop as well.

Fidor Bank AG, of Munich, has agreed to help Bitcoin Deutschland GmbH, an exchange operator, to speed trading of bitcoins and comply with regulatory requirements.

As EMV-chip card use spreads at the point of sale in the U.S., online merchants will have to change the way they handle payments online.

By July 2008, when Apple introduced the app store as part of the new iPhone 3G, the idea of mobile payments had largely flopped. The app store gave payments companies a second chance at creating the mobile wallet — but many still stumbled along the way.

CloudPassage, a cloud infrastructure security provider, is offering to address Payment Card Industry security standard compliance for cloud-based businesses.

WASHINGTON -- Republican members of the House Financial Services Committee expressed concern this morning that the Consumer Financial Protection Bureau is collecting personal purchasing information on tens of millions of Americans in contravention of privacy requirements contained in the Dodd-Frank Act, which created the new consumer agency.