Compliance

The Nashville-based institution is still awaiting regulatory approval on a proposal to operate as a subsidiary of Fortera Credit Union.

The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.

A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month.

An internally built system called Advanced Listening analyzes phone calls, emails, text messages and more, identifying possible compliance violations, systemic issues and opportunities to improve processes, products and customer service.

Hong Kong’s leader said she’s having trouble using her credit cards after the U.S. imposed sanctions targeting Chinese officials and their allies in the city.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order.

An obscure government initiative tied to Obamacare’s troubled online rollout could position Sen. Kamala Harris, Joe Biden's running mate, as a key figure in modernizing government stimulus and disbursement payments.

Kyle Hauptman is not likely to be confirmed to the National Credit Union Administration board until after Labor Day, though the regulator is not scheduled to meet again until mid-September.

Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.

The key word is "temporary" with the FHA's quality control waiver expiring and not likely to be renewed.

Many in the industry support the National Credit Union Administration’s attempts to streamline regulations governing corporate credit unions, but critics claimed some elements could make it tougher to compete with fintechs.

In the same manner as its previous plans for a fintech charter, the Office of the Comptroller of Currency is getting some pushback from banking trade groups on its idea to establish a payments charter.

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

Republicans and Democrats are negotiating a new coronavirus stimulus package, but there’s still no law on the books designed to erase the problems that prevented many stimulus payments from getting directly to recipients.

The bill, backed by the New York Credit Union Association, has cleared the Senate, but a companion bill is stuck in committee in the Assembly.

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

Longtime executive Christine Lowthian had been serving as interim chief compliance officer at HSBC Bank USA since April.

Kyle Hauptman pledged to focus on capital reform and expanding access for the underserved if confirmed to the credit union regulator's board, but one senator questioned whether the nominee was even qualified to serve.

Eric Grover, principal at Intrepid Ventures, talks to PaymentsSource senior editor Kate Fitzgerald about how the high-flying German fintech fell to scandal — and whether it could happen again.