Compliance

In the same manner as its previous plans for a fintech charter, the Office of the Comptroller of Currency is getting some pushback from banking trade groups on its idea to establish a payments charter.

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

Republicans and Democrats are negotiating a new coronavirus stimulus package, but there’s still no law on the books designed to erase the problems that prevented many stimulus payments from getting directly to recipients.

The bill, backed by the New York Credit Union Association, has cleared the Senate, but a companion bill is stuck in committee in the Assembly.

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

Longtime executive Christine Lowthian had been serving as interim chief compliance officer at HSBC Bank USA since April.

Kyle Hauptman pledged to focus on capital reform and expanding access for the underserved if confirmed to the credit union regulator's board, but one senator questioned whether the nominee was even qualified to serve.

Eric Grover, principal at Intrepid Ventures, talks to PaymentsSource senior editor Kate Fitzgerald about how the high-flying German fintech fell to scandal — and whether it could happen again.

The credit union regulator revised its summary of what examiners will focus on to reflect legal and regulatory changes that have taken place since the COVID-19 outbreak began.

Unity Bancorp must improve its policies and procedures and increase staff training on following Bank Secrecy Act and anti-money-laundering laws.