Compliance

Smart rulemaking starts with consolidating multiple agencies into one body with a clear mandate.

Gone are the Wild West days of Facebook, when the company could do whatever it wanted with little worry of regulatory or earnings repercussions. And as the social network embarks on its Libra currency project, its toughest days loom ahead.

Russia and its BRICS partners are developing cross-border alternatives to U.S.-dominated payments systems such as Swift, driven by the rise in cross-border trade and a desire to find non-dollar alternatives to international payments systems vulnerable to sanctions by the U.S. government.

The timing of the settlement serves as a warning to other companies of the risks they face in an increasingly data-focused economy.

After FASB's decision to give most credit unions and banks extra time to prepare, lobbying groups are pushing for more.

The system has made it easier for mobile wallets and other technology providers to enter India's payments market, and will push the next steps toward real-time payments and cash reduction, says Somya Patnaik, senior product manager at ACI Worldwide.

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited.

Indian consumers and businesses would be best served if New Delhi confined itself to discrete interventions to reduce structural barriers to payments competition, rather than imposing price controls, dispensing subsidies and promoting national favorites, says Eric Grover, a principal at Intrepid Ventures.

The half-dozen institutions all hold less than $50 million in assets – some less than a half-million – and will collectively pay a total of about $5,000 to the U.S. Treasury.

As Congress and the SEC were taking steps to regulate alternative currencies, they required a deep knowledge of the cryptocurrency market and technologies. For those who put off their crypto education, Facebook's Libra is a wake-up call.