Compliance

MoneyGram has purchased Advanced ChronoCash Services (ACCS) and signed an agreement to acquire MoneyGlobe Payment Institution, both Athens, Greece-based money transfer companies.

Just hours after agreeing to pay $910 million in regulatory fines related to the London Whale trading scandal, JPMorgan Chase agreed Thursday to repay $309 million in restitution to customers harmed by its credit card practices as well as face an additional $80 million more in civil money penalties.

Many banks consider money transmission to Somalia too risky because of concerns about terrorism. But U.S. Bancorp continues to pursue a relationship with Dahabshiil, the largest Somali money transmitter, whereas Barclays dropped the business citing the risk.

The Bitcoin Foundation, a trade group, is urging the Federal Election Commission (FEC) to allow bitcoins to be used for federal political contributions.

COEUR D’ALENE, Idaho – NCUA said today its Office of National Examinations and Supervision is drafting a proposed rule to require annual stress tests at credit unions with assets exceeding $10 billion.

The latest revelations about the National Security Agency confirmed what many in the payments industry had long suspected: the agency is watching electronic transactions along with communications.

Kiind, a business-to-business rewards startup, is the latest to offer a gift card platform in which senders don't pay for the gift until the recipient uses it.

ARLINGTON, Va. – A new survey by NAFCU found that 24.5% of credit unions believe the NCUA examination process is better than it was in the past – twice as many (12.2%) as those who believe the process is worse.

The U.S. Consumer Financial Protection Bureau said it will police employer usage of payroll cards to ensure workers don’t face hidden fees or other abuses.

The antitrust complaint against Visa Inc. and MasterCard Inc. will continue, prolonging the eight-year battle, after both proponents and defendants were heard during the fairness hearing Sept. 12.

Payments technology company TIS will work with SAP to streamline Single Euro Payments Area [SEPA] compliance.

If you stop by bar Room77 in Berlin's Kreuzberg neighborhood for a beer, you can leave the euros in your wallet and instead pay with the digital currency Bitcoin—a growing phenomenon in Germany and other countries that are changing their views on the currency.

JPMorgan Chase & Co. may settle regulators’ probes into the bank’s credit-card debt collection practices and sales of identity-theft products as early as next week, said two people with knowledge of the matter.

WASHINGTON -- The Justice Department and federal regulators will help clear the way for credit unions and banks to transact business with the legitimate marijuana industry without fear of prosecution, Deputy Attorney General James Cole told Congress yesterday.

As more financial institutions and other companies turn to cloud-based services to maintain customer contact centers, Echopass Corp. says it has strengthened its position to assure data handled in those centers remains secure.

U.S. District Judge John Gleeson has an opportunity this week to put an end to an antitrust complaint against Visa Inc. and MasterCard Inc. that dates back to 2005. But the courtroom battle may continue past the Sept. 12 fairness hearing.

Buttercoin wanted to be a Bitcoin exchange, but after being discouraged or outright rejected by over 76 financial institutions, it chose a different path.

California’s legislature has voted to reform a money-transmission law that has come under fire for stymying payments innovation.

NCUA last week warned credit unions about advertising that anyone can join, without limitation, saying such an offer may be in violation of laws and regulations.

One day after six federal agencies issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions, insiders questioned if the changes do much to help credit unions.