Compliance

Throughout the U.S., many companies are still not covering the essentials when protecting their systems, but the enemy is getting increasingly sophisticated and relentless, Visa's risk chief said.

WASHINGTON — The House Financial Services Committee approved nearly a dozen regulatory reform bills for credit unions and community banks on Thursday, though Democrats signaled they remain concerned about efforts to roll back the Dodd-Frank Act and consumer protection measures.

After releasing successive studies on the payday industry over the past two years, the Consumer Financial Protection Bureau is finally set to unveil Thursday sweeping proposals that could fundamentally change the business of short-term loans and other products.

The Justice Department's Clifford White is putting all mortgage servicers on notice that they too will be punished if they flout bankruptcy rules.

Subprime auto lending has become a top priority for the CFPB, said Steve Antonakes, the agency's deputy director on Wednesday. He also revealed that it was open to making changes to its complaint portal, which the agency recently said would allow consumers to post detailed narratives of their problems with financial institutions.

Under tough questioning on Capitol Hill, Federal Deposit Insurance Corp. Martin Gruenberg said the agency accepts blame for fallout over its "high risk" businesses list as an internal FDIC watchdog is still investigating.

M&T Bank and Hudson City Bancorp plan to mail ballots this week to shareholders asking for approval of the companies' planned merger.

Regulatory approval of Primary Bank in New Hampshire does not make a trend, but observers are hopeful it signals a more promising near future for the chartering of new banks.

An employee's careless tweet or Facebook status update can pose big risks to financial firms, but social media is still a necessary tool for engaging with younger customers.

Fast-developing technologies are dumping fresh risk on a payments industry already reeling from a parade of data breaches, placing more pressure on cross-industry efforts to improve security.

WASHINGTON — The Consumer Financial Protection Bureau on Thursday finalized a controversial policy allowing consumers to describe their banking experiences more fully on the agency's complaint portal.

Large banks and card issuers are ready for the U.S. shift to chip-and-PIN technology, according to a report issued Wednesday. But the drop in fraud that is expected to result is unlikely to come any time soon.

Bank of New York Mellon will pay $714 million to settle allegations by the U.S. and New York state that it defrauded clients in foreign-exchange transactions for as long as a decade.

The agency's interpretation of a Respa rule could put an end to the long-standing practice of mortgage lenders paying real estate agents and homebuilders to send business their way.

WASHINGTON — The Consumer Financial Protection Bureau finalized a contentious policy Thursday allowing customers to describe their banking experiences more fully on the agency's complaint portal.

In a unanimous vote, the NCUA Board moved to eliminate a restriction that limited federal credit unions' investment in fixed assets to 5% of assets.

For the most part, big banks and trade groups have run the conversation on deploying a faster payment system in the U.S. But Nacha's recently proposed 8.2-cent fee for same-day Automated Clearing House payments has merchants taking notice.

The House Financial Services Committee renewed its look at regulatory relief for small financial institutions Wednesday, pressing bankers and credit union representatives for details about their compliance burdens.

Payment solutions provider Global Payout has designed an electronic, closed-loop payment system to address the challenges faced by the medical and recreational marijuana industries.

When financial firms emphasize the need to put customers first, they offer employees a simple way to navigate daily dilemmas while short-circuiting self-interest and tribal behavior.