Compliance

Senate Banking Committee Chairman Richard Shelby announced Friday he was pushing back a planned vote on regulatory relief until May 21, a week after it was initially scheduled.

Visa Inc., the world's largest payments network, is in preliminary talks to buy former subsidiary Visa Europe Ltd. in a deal that may be valued at as much as $20 billion, people with knowledge of the matter said.

WASHINGTON — All 10 Democrats on the Senate Banking Committee sent a joint letter Friday that said they plan to oppose a regulatory relief bill scheduled for a panel vote next week since Republicans have not yet provided legislative language to all members.

While startups across the globe focus on building new payments technology, countries may fare better by recycling their old technology when building a national infrastructure for faster payments.

The good news is that EMV is very effective at preventing the use of counterfeit credit/debit cards at the point of sale (POS), commonly referred to as card-present (CP) fraud.

Payments technology tester and certifier Fime will serve a one-year term to represent the technical associates program on the EMVCo board of advisors.

A statement by a foreign regulator that it might penalize banks that drop businesses due to heightened supervisory risk has spooked U.S. institutions who worry domestic agencies could follow suit.

The regulators have spelled it out: If a bank wants relief from onerous compliance requirements, a path to get there is to use simple, basic practices for credit risk management.

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations, Financial Crime Enforcement Network Director Jennifer Shasky Calvery said May 6.

The CFPB found that more than 26 million consumers are effectively "credit invisible" because they have no credit record and another 19 million are "unscored" because they have an insufficient or stale credit history. But it's unclear how the CFPB plans to tackle the issue.

Digital currency firm Ripple Labs just made history—but not the kind it's been hoping for.

U.S. authorities have fined the San Francisco startup $700,000 over violations of the Bank Secrecy Act, according to the Financial Crimes Enforcement Network's Tuesday press release.

Visa is providing merchants with an online information and resource center to prepare for their transition to using chip-enabled credit and debit cards.

Though concerned about diluting NCUA's efforts to help small CUs survive and thrive, credit unions largely support the agency's proposal to increase asset-size definition from $50 million to $100 million, with most pushing for going all the way up to $550 million, in keeping with the FDIC's definition.

Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.

NCUA Board Member Mark McWatters said the agency's risk-based capital proposal punishes credit unions for sins they did not commit during the financial crisis.

Regulators' latest guide for examining AML lacks wholesale changes, but some minor changes still could pack a major punch.

Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by Obama administration bureaucrats to pressure banks to end relationships with businesses they consider objectionable or "high risk."

China may be removing UnionPay's regulatory monopoly over card payments clearing, but loosening its grip on the market is another matter.