PayThink

Attempts to legislate or regulate innovative payments treat consumers, who have affirmatively selected to use prepaid accounts or some other emerging access device to access their money, much differently than consumers who have decided to open a traditional bank account with an associated debit card, writes Brian Tate, president and CEO of the NBPCA.

Bankers should resist the urge to skirt financial regulations, including know-your-customer and lending standards, to make a sale. The danger of penalties and a possible reputational hit is too great.

Retailers must decide if they will heed this call and do the right thing by investing in the security we need today and the innovation of tomorrow, contends Jeff Tassey, executive director of the Electronic Payments Coalition.

Credit unions remain committed to their central missions as they grow, says PenFed’s chairman.

Due to regulations that are designed to thwart money laundering, anyone attempting to transact on a global scale will encounter a patchwork of complex laws and local requirements that make payments anything but borderless, writes Brandon Spear, president of MSTS.

The acting director’s proposal to subject the agency’s rules to congressional approval provides an important and overlooked check on administrative power.

Even though much of PCI data is stored and maintained on mainframes, many are currently not being evaluated or scanned accurately for PCI DSS compliance, writes Ray Overby, co-founder and president of Key Resources.

Good times end eventually. And it is inevitable that some new approach to banking will cause financial institutions to fall flat in a downturn.

A credit union targeted in a recent opinion piece is striking back against inaccurate claims.

Banks need to be prepared for increased regulatory scrutiny as they adopt artificial intelligence technologies.