Compliance

The federal agency expressed skepticism about industry-developed standards Thursday, suggesting that there is currently no way to enforce the rules or punish bad actors.

The clock is ticking to amend Dodd-Frank Act regulations before consumers in rural communities run out of borrowing options, community bankers from Kansas and Oklahoma told a House panel on Thursday.

When it was created in 2006, the Payment Card Industry Security Standards Council was billed as an independent body to manage the data security standards process for the payments industry. It has been under fire from merchants ever since.

Highlands Bancorp in Vernon, N.J., has raised $7.5 million to exit the Small Business Lending Fund.

Lenders are questioning the legal justification for the Consumer Financial Protection Bureau's putting a 36% annual percentage rate threshold in its payday proposal, claiming loans made at that rate are unprofitable. That figure has been the subject of intense debate in the past decade.

China has officially opened its doors to payment companies from beyond its borders, this week unveiling the formal rules for foreign companies applying for bank-clearing privileges.

Advocates of free trade and fighting protectionism are more likely to focus on industries like steel and agriculture, but they should also pay attention to the payments sphere.

Federal regulators issued a statement Tuesday reminding banks how they can protect themselves from cyberattacks.

Sen. Dick Durbin, D-Ill., wrote to Visa on Tuesday to denounce an alleged new fee assessed by the company on credit and debit card issuers that see their business shift to a competing card network.

With Democrats already opposing a bill by Rep. Jeb Hensarling, R-Texas, to roll back Dodd-Frank, his chances of long-term success depend on support by Donald Trump. The two met to discuss the plan on Tuesday.