Compliance

It was a bad year for the CEO of Equifax, the founder of a high-flying fintech and the regulatory agency bankers love to hate.

Over the last few weeks the SEC has clamped down on two initial coin offerings — and in doing so, raises questions about whether shady ICOs are a byproduct of other avenues for cryptocurrency fraud being closed down.

One of the indirect offshoots of Brexit is a government program that's designed to keep the U.K. relevant by lending a hand to new companies.
The program, FCA Innovate, may have a global effect by nurturing companies that aim to retire static authentication modes such as usernames and passwords.

Germany joined European governments pushing for global bitcoin regulation amid mounting alarm that the world’s most popular digital currency is being used by money-launderers, drug traffickers and terrorists.

The credit union was conserved in order for the regulator to help "correct operational weaknesses."

The holding company structure makes sense for large banks with complex business models and small banks looking to bulk up through acquisitions. But for a large swath of banks in the middle, the benefits are harder to spot.

The Community Home Lenders Association wants Mick Mulvaney, the acting director of the CFPB, to delay implementation of the Home Mortgage Disclosure Act that goes into effect on Jan. 1.

India’s income tax officials are investigating transactions at various illegal bitcoin exchanges, a week after the country’s central bank cautioned users of the virtual currency about potential risks.

The best course of action is to not focus advocacy efforts on the CFPB; rather, focus efforts on those members of Congress who support small business, deregulation and free enterprise, writes Rozanne Anderson, vice president and chief compliance officer for Ontario Systems.

The U.S. is taking steps to stamp out the practice of servicemembers and veterans being pressured into taking mortgages they don't need, a move that officials say will lower consumer costs and could lead to financial penalties for lenders.

Visa has reportedly terminated Jim McCarthy, EVP in charge of innovation and strategic partnerships.

Document preparation providers can help credit unions stay compliant and ease the lending process for institutions and members alike.

Not so fast, bitcoiners. Randal Quarles, the Federal Reserve official who oversees Wall Street, says central banks are a long way off from embracing cryptocurrencies as a means of paying for things.

Google was sued by a group of U.K. consumers over claims that the company improperly collected personal data from millions of users of Apple Inc.’s iPhone.

U.S. and European banks are spending a total of as much as $20 billion a year on technology to enable fixed-income dealers to comply with new regulations such as MiFID II, according to a report.

Nobel Prize-winning economist Joseph Stiglitz said “bitcoin is successful only because of its potential for circumvention, lack of oversight.”

Uber Technologies Inc. said information from 2.7 million U.K. customers was taken in a 2016 security breach that hit 57 million riders and drivers globally and that the company kept secret from the public and authorities until recently.

Norwegian banks have been keenly aware of — and concerned about — the prospect of mobile wallets developed in Silicon Valley affecting their own services. So much so that a group of banks has begun preparing to merge their payments systems into one platform and have it up and running by next August.

Hoping to streamline the payment options across Europe, the European Payments Council has launched the SEPA Instant Credit Transfer scheme.

Facebook's introduction of mobile payments in the U.K. and France is accompanied by the complexity of having to adapt as Brexit unwinds the U.K. from the European Union.