Regulation

WASHINGTON — World's Foremost Bank, a $2.9 billion-asset institution in Sidney, Neb., will pay fines of more than $10 million to settle allegations of unfair and deceptive practices, the Federal Deposit Insurance Corp. said Tuesday.

South Korea’s Financial Supervisory Service is warning of a crisis, similar to the one that rattled the country in 2003, from the growing competition in the country’s credit card market.

ORLANDO, Fla. — The general consensus among attendees here at the Prepaid Card Expo is that, while the industry continues to experience growth, potential state and federal government regulations are casting a storm cloud over the sector.

WASHINGTON — Acting Comptroller of the Currency John Walsh warned Tuesday that a Federal Reserve Board proposal to limit debit interchange fees could hurt banks of all sizes.

WASHINGTON – Hundreds of neighborhood business are calling on the Federal Reserve to proceed with the debit interchange provisions of the Dodd-Frank Act in hopes of passing on the savings back to their communities.

Many consumers still are not familiar with the Credit Card Accountability, Responsibility and Disclosure Act and believe it has not had any effect on them, new research suggests.

“No dogs, no bare feet … no community bank debit cards”?

Freedom Debt Relief, a debt settlement agency based in San Mateo, Calif., will pay $1.1 million to refund more than 5,000 New York residents who were misled about the amount of money they would save, according to New York Attorney General Eric T. Schneiderman's office.

Credit-union and bank groups plan to file a brief as early as March 7 asking a federal court to block implementation of the debit-interchange fee provisions of the Dodd-Frank Financial Reform Act.

WASHINGTON – Credit unions and banks are urging the Federal Reserve to exclude ATMs transactions from the new rules setting price caps on debit fees.