Compliance

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.

Technology is rapidly changing payments, turning it into something that more closely resembles a layered ecosystem like an electrical grid than a traditional financial service.

The Consumer Financial Protection Bureau announced Tuesday that it's seeking public comment ahead of a second study on the credit card market that could pave the way for new regulations or enforcement actions.

The Consumer Financial Protection Bureau announced Tuesday that it's seeking public comment ahead of a second study on the credit card market that could pave the way for new regulations or enforcement actions.

A top Justice Department prosecutor said the U.S. is prepared to punish banks for violating criminal settlements, an unprecedented move designed to crack down on repeat offenders.

An expected rush of refinancings of Federal Housing Administration loans could force some mortgage servicers to take writedowns in the first and second quarters, but they have more incentive than ever to keep borrowers in the FHA program instead of letting rivals lure away their customers.

As the implementation of new anti-fraud measures for debit and credit cards looms, community banks must work with their processors and sharpen their customer service skills to ensure a smooth transition.

Innovation must be tamed. Let it run wild and risk serious economic consequences, not to mention hefty fines.

Hencorp Becstone Capital in Miami has agreed to pay $3.8 million to settle allegations that it provided inaccurate statements and claims to the Export-Import Bank.

Washington — CUNA officials continue to insist NCUA lacks statutory authority to implement a two-tiered risk-based capital rule.

When it comes to protecting sensitive payment data, call centers are often the forgotten operation, and card data leaks out unintentionally. Protected data spoken in one cubicle can be overheard by 20 nearby reps, along with any customers on the phone with those reps.