Compliance systems

Complying with legal and credit bureau criteria for data furnishers is just one of the compelling reasons why a marketplace lender may take a pass on reporting credit data.

Asset growth drove the Pennsylvania bank to create software that helps it vet and monitor vendors, with automated tracking of contracts and deadlines and storage of supporting documents.

A trip to London reveals how far ahead British and other European regulators are in streamlining the licensing process for payments providers and other fintech firms.

Services are cropping up that help banks analyze bitcoin transactions for signs of criminal behavior such as money laundering. But such services come with their own risks.

The number of startup companies opting out of the State of New York — more than a dozen — since the financial services department's BitLicense regulation was finalized is troublesome.

Swift CEO Gottfried Leibbrandt talks about how the global messaging network is looking to stay relevant to its bank members; the potential and limitations of blockchain technology; and his views on the startups looking to disrupt banking.

The collaboration between financial institutions and technology firms runs deep, but banks' recent criticism of lax regulatory oversight for nonbanks reveals fissures.

Trunomi, a startup that aims to simplify account sign-ups and know-your-customer compliance for banks, has raised $3 million.

Symphony, the instant messaging service supported by fifteen large banks, says it will be ready to roll on Sept. 15 despite the objections of Sen. Elizabeth Warren and regulators who fear its encryption technology will impede supervision.

San Diego-based Mitek, a firm that specializes in capturing mobile data for customer acquisition, has acquired Dutch identity verification company IDchecker.

Bank regulators plan to release their self-assessment tool later this quarter to gauge institutions' cyber readiness, but many see it as sign of more prescriptive measures down the road.

The heightened regulatory environment for servicers has also prompted a wave of process improvements.

Orrstown Bank in Pennsylvania has introduced two-way text messaging between customers and its service agents. It's the latest effort in the banking industry to make communication easier for mobile-first customers.

Financial industry reforms place too much emphasis on risk control systems, missing the importance of influencing people's behavior, says Stephen Platt, author of "Criminal Capital: How the Finance Industry Facilitates Crime." He also discusses why clawbacks of banker pay, bonus caps and large fines against institutions that fail to deter to reckless conduct.

New disclosure rules from the Consumer Financial Protection Bureau don't go into effect until this summer, but lenders are already worried about compliance and fearing it may make the closing process far more difficult.

Peer-to-peer and institution-to-small business loan marketplace Funding Circle launched a new fractional loan marketplace today, the San Francisco company announced.

A new push by President Obama to tighten cybersecurity at banks and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws.