Compliance

In the headlong rush to revolutionize modern finance, blockchain enthusiasts are overlooking one potentially costly problem: their applications, built on open-source code, may actually belong to someone else.

A total of $9,364 in penalties will be forwarded to the U.S. Treasury.

The Federal Reserve and Federal Trade Commission investigated Visa for debit practices, a move that enhances competition in the marketplace for merchants.

Flagstar Bancorp in Troy, Mich., said that the Office of the Comptroller of the Currency has terminated its 2012 consent order with its Flagstar Bank on Monday.

The Consumer Financial Protection Bureau is facing renewed pressure by consumer groups and think tanks to move forward with a plan that would rein in overdraft programs, but that product has been a boon to credit union revenue streams in recent years.

Tim Pawlenty, the head of the Financial Services Roundtable and former Minneosta governor, sent a letter Monday to President-elect Donald Trump requesting that he take steps to harmonize government cybersecurity requirements.

Ameris Bancorp in Moultrie, Ga., has entered into a consent order with regulators tied to the Bank Secrecy Act.

As global e-commerce proliferates, payment platforms are stepping up to cater to U.S. merchants eager to sell their wares in emerging markets. But there can be as many risks as there are opportunities when entering a new market.

The transition team for President-elect Donald Trump is considering several candidates to fill key spots at the Department of Housing and Urban Development and Federal Housing Administration, including a home builder and former lender.

The largest denomination of Venezuela’s crippled currency was pulled from circulation before the new, larger-denomination bills were able to enter it, ATMs and wallets are mostly empty, and Christmas is just a little more than a week away.

Although Steven Mnuchin has close ties to Wall Street and was involved in some contentious deals, Democrats face an uphill battle making the case that those connections disqualify him to serve as Treasury secretary.

Several cabinet-level or advisory positions in the Trump administration have gone to executives with ties to Wall Street and for-profit banking, and observers offered a mixed forecast on how that might impact credit unions.

Much of regtech focuses on automating compliance functions, but the human eye is still needed in some cases. Royal Bank of Canada and D+H have developed an assessment tool designed to help employees do their jobs better.

A federal judge heard arguments from ICBA and NCUA on whether to dismiss the banking group's legal challenge to the credit union regulator's changes to the member business lending rule. A decision on the dismissal could come as early as January.

The bulk of NCUA's December board meeting was used to detail the current status of the Corporate System Resolution Program and any potential assessment refunds to be paid to credit unions — though those monies won't show up for several years still.

The Credit Union National Association this week asserted the National Credit Union Administration should wait before instituting a premium to support the National Credit Union Share Insurance Fund.

In response to a series of cyber bank thefts, Swift has developed new guidance. It's a necessary first step, though banks for now are still left to fend for themselves.

WASHINGTON — Senate lawmakers are putting pressure on the Treasury Department's financial crimes unit to clarify to banks that businesses hired by marijuana growers and dispensers should not be treated like pot firms themselves.

Federal Reserve Chair Janet Yellen said she is advising the incoming Trump administration not to roll back the improvements in bank safety and soundness enshrined in Dodd-Frank, but acknowledged that recent scandals "certainly suggest there is room for improvement" when it comes to bank culture.

The industry finally sees a bit of an opening in its effort to roll back the 2010 law that capped fees on debit card transactions. But opposition from the retail sector will be fierce.