Compliance

Compliance, security and data analytics were the themes at this year’s New York FinTech Innovation Lab demo day.

Regulators cited "unsafe and unsound" practices at the credit union, which has assets of more than $76 million and turned a small profit in each of the last two years.

The message to banks is loud and clear: A vendor’s mistake is your mistake. You can outsource a function, but not the responsibility for mishaps.

While Morgan Stanley is high on the blockchain technology that underpins bitcoin, analysts at the investment bank are a bit more cautious when it comes to the surge in the price of the virtual currency.

IBM is set to announce new tools on Wednesday aimed at reducing the compliance burden of financial institutions and sifting through the mounds of data they collect by using Watson, its cognitive computer.

Digital banking services should solve consumers' problems and offer them advice, and they must rely on artificial intelligence and other cutting-edge technology, bankers from TD, RBC and Bank of the West said.

The legal marijuana market has had difficulty establishing banking relationships, given the disparities in local and federal regulation of cannabis sales. SinglePoint Inc. is developing a bitcoin-based option to address this concern.

The bank agreed to improve anti-laundering controls deemed "unsafe" by the Fed, including oversight of so-called mirror trades that may have helped foreign customers hide large sums of money.

Big-box retailers have beat back banks’ latest attempt to kill a legislative provision that has cost lenders billions of dollars in lost revenue. Known as the Durbin Amendment, the measure was included in the 2010 Dodd-Frank Act to limit how much money banks can charge retailers when consumers use their debit cards.

Of those penalized, 11 had assets of less than $10 million and only one had assets of more than $250 million.

Target Corp. agreed to pay $18.5 million to settle state lawsuits over a 2013 hack of its database when the personal information of millions of customers was stolen, according to New York Attorney General Eric Schneiderman.

Apple Inc. and Visa Inc. are facing claims by Universal Secure Registry, a small Boston-area company, that their mobile-payment partnership infringes four of its patents.

The U.K.’s Payment Systems Regulator is escalating its inquiry into the role banks play in preventing money-transfer scams where consumers are tricked into sending funds to fraudsters.

U.S. payment companies frustrated by Chinese regulations blocking direct access to its vast consumer market could get a break under the terms of a new U.S.-China trade deal.

The company also said it believes there are no regulatory obstacles that will derail its planned acquisition of Astoria Financial.

In an attempt to show it went all out to help struggling homeowners, the embattled mortgage servicer Ocwen Financial provided an unusual level of detail about foreclosures it says regulators have deemed "inappropriate."

Second settlement of the week pushes recoveries by the regulator from MBS suits to $5.1 billion.

Regulator now has recovered nearly $4.8 billion in various suits related to the mortgage meltdown in 2008.

Money laundering in Latin America is said to be worsening and a corruption probe in Brazil adds to the worries, but Latin American banks are fighting hard to preserve business with U.S. banks.

The beneficial ownership regulation, meant to catch financial criminals, has produced data that is useful in making small-business loans, LexisNexis Risk Solutions says.