Compliance

The Consumer Financial Protection Bureau is drunk on power. Let’s return the agency’s regulatory responsibilities to the states and those agencies covering the relevant industries.

Documents filed in connection with a $586 million settlement reveal how certain agents for the global money transmitter enabled extensive fraud and money laundering.

The Consumer Financial Protection Bureau on Thursday sued TCF National Bank for what the bureau said were deceptive and abusive practices in selling overdraft services.

The global money transmitter will pay $586 million and implement an anti-fraud program in order to resolve allegations that it enabled widespread misconduct by some of its employees.

Once a relationship built on deceit, U.S. marijuana businesses and banks have begun opening up to one another to smooth the compliance burden of processing payments for the legal cannabis industry.

Representatives from CUs in the U.S., Ireland, Brazil and Canada were on-hand to discuss a potential carve-out for FIs and other cooperatives.

Once a relationship built on deceit, U.S. marijuana businesses and banks have begun opening up to one another to smooth the compliance burden of processing payments for the legal cannabis industry.

Mastercard's deal for a controlling stake in VocaLink represented the largest transaction value in payments in 2016 for an industry that saw an 18% increase in acquisition volume.

Mastercard’s $920 million acquisition of VocaLink hasn’t cleared all the regulatory hurdles yet, but it’s closer to the finish line now that the U.K. Competition and Markets Authority (CMA) has said it will consider a strategic solution Mastercard has proposed to offset potential threats to competition.

The Obama administration took two last-minute swipes at JPMorgan Chase, accusing the lender in separate lawsuits of discriminating against minorities in home lending and against its own female employees by paying them less than their male counterparts.

Mastercard Inc. preyed on more than 46 million unknowing consumers by unfairly charging card fees over a 16-year period, lawyers seeking to bring a 14 billion-pound ($17.2 billion) class-action lawsuit told a London court.

The embattled company's new incentive pay plan appears to resemble those used by other banks, which suggests that regulators are unlikely to demand big changes throughout the sector.

Bitcoin exchange and digital wallet provider Coinbase has received a virtual currency and money transmitter license — commonly known as a BitLicense — from the New York State Department of Financial Services.

The U.K.’s Competition and Markets Authority (CMA) is on the verge of announcing its decision in its regulatory review of Mastercard’s acquisition of VocaLink, the London-based agency said.

Violations of Bank Secrecy Act and anti-money-laundering compliance remain a hot topic for financial institutions as regulators can bar them from branch building and bank acquisitions. Here are some notable regulatory actions that are still unresolved.

The regulator is also evaluating relocating one regional office and scaling back from five regional offices to as few as three.

Payment companies' efforts to modernize by connecting systems through partnerships and acquisition has invariably caused a chain reaction of competitive issues in the eyes of regulators.

Sen. Elizabeth Warren rallied progressives on Tuesday night to launch a campaign to defend the Consumer Financial Protection Bureau and the Dodd-Frank Act.

Documents from Massachusetts complicate the narrative that marijuana businesses either can’t get bank accounts or are only being served by small institutions.

Simple innovations -- such as those that would bring the underbanked into the financial mainstream -- are often stymied by regulation, says Bank of America CEO Brian Moynihan.