Regulation

The prospects for a bill that would extend a program that provides a federal guarantee for certain business deposits are rapidly fading as Republicans prepare to offer a point of order designed to kill the measure.

Tax incentives and penalties drive behavior regardless of whether or not they represent sound economic reality. And banks will be asked to provide lending and investment support accordingly.

While some may suggest the practice is warranted so agency attorneys can address deficiencies hurting consumers, ultimately everyone loses when opportunities for frank discussion are lost.

With more plastic in circulation than any other payment network — 2.9 billion cards, or 45 percent of the world’s total last year — UnionPay is now accepted in 135 countries. Its rise is causing friction as the firm grabs market share from Visa Inc. as well as MasterCard Inc., which UnionPay surpassed in customer spending in the first half of the year.

The Senate passed two small but critical industry measures late Tuesday involving ATM fee disclosures and information sharing with the Consumer Financial Protection Bureau, paving the way for the bills to be signed into law by the president.

An EMV Migration Forum committee studying the complex details surrounding the conversion of PIN debit networks to handle EMV chip-card payments in the U.S. has "the highest level of urgency" of any of the forum's study groups.

The Senate passed two bills by unanimous consent Tuesday night involving fee disclosure requirements for ATMs and information sharing with the CFPB, paving the way for the bills to be signed into law.

Two community banks have repaid the Troubled Asset Relief Program.

The Federal Reserve Board has terminated enforcement actions against Community Bankers Trust (BTC) in Glen Allen, Va., and Northwestern Bank in Chippewa Falls, Wis.

HSBC's record-setting $1.92 billion penalty for a slew of anti-money laundering problems surprised many in the financial industry, who warned it could set a new precedent for targeting other institutions.