Compliance

As payments technology evolves, some are urging the Federal Reserve Board to take a leadership role in establishing guidelines and standards — whereas others are quick to argue against the notion.

Visa Inc. and MasterCard Inc. won a tentative court ruling they don’t infringe a patent owned by SmartMetric Inc., a technology development company that seeks $13.4 billion in damages.

WASHINGTON – NCUA and the banking regulators on Tuesday issued a new directive saying if credit unions or banks suspect financial exploitation of one of their elderly members/customers they can report the suspected abuse without violating the consumer’s privacy under Gramm-Leach-Bliley.

Few people ever sympathize or even empathize with federal and state regulators when it comes to compliance.

In addition to NCUA's proposal to stress test large credit unions, the agency is also rolling out new initiatives related to investigating fraud.

The U.S. Federal Reserve’s rules for debit-card transaction fees and processing will remain in place while the central bank appeals a decision throwing out the regulations, a judge said.

Groupon Inc. lost a bid for dismissal of a lawsuit complaining the company misled investors about its financial performance before its initial public offering in November 2011.

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.