Compliance

Citibank has agreed to pay $55,000 to settle a complaint by the Connecticut attorney general that the bank was aware of a security flaw in its online banking service that resulted in hackers obtaining payment card data and stealing about $2.7 million.

Doomsayers conveniently forget that the business case for introducing debit cards was one of cost avoidance for the banks, not revenue.

Banks can do business with Internet-based lenders that don’t violate the law, the nation’s primary payment system said in a letter that followed warnings from regulators about the online firms’ practices.

The Affordable Care Act was meant to spark a major increase in electronic payments, yet progress has been slowed by confusion and lack of interest.

Tradehill Inc., a Bitcoin exchange, has ended its relationship with Internet Archive Federal Credit Union—announced only a few days earlier—and has suspended trading, blaming regulatory issues.

It’s easier to sell a person something he wants than to scare him into buying protection from something he wants to avoid. That’s particularly applicable when it comes to selling payments security.

A new Jack Henry program can speed EMV-chip card migration for card issuers by up to a year — but only for credit cards, since ongoing legal issues hamper the use of EMV for debit cards.

The Financial Crimes Enforcement Network, by hosting the Bitcoin Foundation in Washington D.C. this week, demonstrated its commitment to learning more about the disruptive virtual currency.

Virtual currency operators in Idaho are subject to state money transmission laws if they service Idaho residents, according to a letter from Jim Burns, investigations chief at the Idaho Department of Finance.

The U.S. Federal Reserve’s rules for debit-card transaction fees and processing should remain in place while the central bank appeals a decision throwing out the regulations, according to retailers who oppose the new directives.

WASHINGTON – The recent swearing in of Richard Metsger to the NCUA Board puts the helm of the agency back up to its full complement of three board members – just in time for the regulator to tackle a host of critical issues, including everything from its derivatives proposal and the agency’s budget to CUSO oversight and risk-based net worth.

Lawyers for clothing retailer Genesco Inc. last week requested summary judgment on its request to dismiss $10,000 in data breach fines from Visa Inc.

The U.S. Federal Reserve asked that its rules on debit-card transaction fees and processing be left in place while it appeals a decision that they are illegal.

The Financial Crimes Enforcement Network will continue discussions with the Bitcoin community after meeting with the Bitcoin Foundation and a host of regulators and law enforcement officers in Washington D.C. today.

A Bitcoin trade group will meet today with the U.S. Treasury Department's Financial Crimes Enforcement Network and an array of law-enforcement officials and regulators to discuss oversight of the digital currency.

Tradehill Inc., an exchange for virtual currencies such as Bitcoin, is moving customer accounts to a U.S. credit union, a shift designed to make it easier for clients to complete transactions.

WASHINGTON – A litany of new mortgage rules has been issued this week by the Consumer Financial Protection Bureau.

With the fate of debit interchange rates wrapped tightly in legal red tape, the payments industry is facing uncertainty at a time it can least afford it.

Several money transmitters are offering their state licensing portfolio to emerging payments agents, allowing them to get to market quicker — but startups lose some autonomy if they go this route.

The Federal Reserve Board will appeal a court ruling that calls for the central bank’s debit swipe fee cap to be invalidated, its top lawyer said.