Regulation

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

The Supreme Court appointed Paul Clement to represent the agency after the bureau’s current director questioned its constitutionality.

The Bay State is the latest to push its lawmakers to modernize how CUs do business in order to help state charters remain competitive with federal charters.

The specific impetus for the Federal Trade Commission's inquiry into Visa and Mastercard's debit transaction routing processes is not entirely clear, but it likely stems from the effect that advanced payments technology has had on Durbin amendment compliance.

As the regulatory agencies have struggled to reach a consensus, a proposal championed by Office of the Comptroller of the Currency has divided lawmakers and been assailed by community groups.

The Colorado Bankers Association says Elevations Credit Union's purchase of Cache Bank & Trust doesn't comply with state statutes.

Open banking and identity services are both still evolving to meet the needs of the new digital economy. These communities will need to connect at the hip to prevent fraud, avoid identity theft and to deter other financial crimes, like money laundering.

Lawmakers advanced legislation that would require financial regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.

Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.

The proposal announced Tuesday is aimed at attracting younger voters.