Compliance

Australia's government says the country's large banks cannot collectively bargain with Apple over terms of support for Apple Pay, ending a public battle between Apple and the banks that has lasted at least a year.

The subprime auto lender funded loans through a group of car dealers that it knew had track records of high default rates and fraud, authorities in Massachusetts and Delaware said.

If the European Commission's revamped Payment Services Directive had a goal of enticing more innovation and, thus, more startups to enter financial services, Modulr Finance Ltd. CEO Myles Stephenson got the message.

The U.S. Supreme Court ordered closer scrutiny of a New York law that bars merchants from imposing surcharges on credit card purchases, giving a group of retailers a partial victory by saying the measure might violate their free-speech rights.

The settlement, which requires judicial approval, will cover customers' fees and other costs related to about 2 million unauthorized accounts.

Ocwen Financial is a step closer to the day when it can resume purchases of mortgage servicing rights.

Large merchants are re-energized in their conflict with Visa and Mastercard on the issue of swipe-fee costs, following the U.S. Supreme Court’s refusal to reinstate a class-action settlement that deeply divided many of the plaintiffs.

The U.S. Supreme Court refused to revive a $5.7 billion settlement of retailer claims that Visa and Mastercard improperly fixed credit card swipe fees, in a rebuff that could mean years of additional litigation.

Mastercard has hired Sandra Arkell as its new executive vice president, corporate controller and principal accounting officer.

Banks are asking Hong Kong property agents to stop accepting China-issued UnionPay cards, as mainland authorities escalate their crackdown on capital flows out of the country.