Compliance

For the past two weeks, Visa, MasterCard and Discover have been meeting with each other and with regional debit networks to hammer out the business agreements necessary to route debit transactions on EMV-chip cards in the U.S.

WASHINGTON – The Senate this evening finally voted to confirm Richard Cordray to a five-year term as director of the Consumer Financial Protection Bureau, 17 months after President Obama bypassed intransigent Senate Republicans and appointed Cordray to an abbreviated recess appointment

Have you ever imagined starting your own bitcoin exchange? Soon, Vancouver-based Bex.io will make that possible by deploying exchange functionality under a Software as a Service (SaaS) model.

Kipochi, an African online service launched this month, is looking for a way to connect the digital currency Bitcoin to M-Pesa, Kenya's widely-used mobile payments system.

Businesses that provide payments services to companies that collect or use consumer data should closely watch the FTC’s recent lawsuits against two processors and fully assess the legal risks that might be associated with their business relationships.

Payments and marketing are getting closer than ever, and several companies are blurring the line between where the payment ends and where the pitch begins.

JPMorgan Chase, reporting a 31% increase in its second-quarter net income driven by investment banking, also reported that its credit-card business is stabilizing.

Bitcoin exchange Coinbase will offer instant purchases for users that supply identity information, with others having to wait four days for transactions to complete.

WASHINGTON – Senate Majority Leader Harry Reid threatened yesterday to pursue the so-called nuclear option as soon as Tuesday and bypass the Senate minority’s ability to filibuster presidential appointments, in an effort to move to a vote on the nomination of Richard Cordray to a five-year term as director of the Consumer Financial Protection Bureau.

WASHINGTON – A bipartisan group of senators proposed legislation that would reinstate the Depression-era Glass-Steagall Act, separating commercial banking from investment banking.

Financial institutions with at least $10 billion in assets knew they would take a hit to their revenue when the Durbin amendment capped interchange pricing. But smaller issuers, who were exempt from the cap, have seen a drop as well.

Fidor Bank AG, of Munich, has agreed to help Bitcoin Deutschland GmbH, an exchange operator, to speed trading of bitcoins and comply with regulatory requirements.

By July 2008, when Apple introduced the app store as part of the new iPhone 3G, the idea of mobile payments had largely flopped. The app store gave payments companies a second chance at creating the mobile wallet — but many still stumbled along the way.

WASHINGTON -- Republican members of the House Financial Services Committee expressed concern this morning that the Consumer Financial Protection Bureau is collecting personal purchasing information on tens of millions of Americans in contravention of privacy requirements contained in the Dodd-Frank Act, which created the new consumer agency.

WASHINGTON – The Consumer Financial Protection Bureau this morning is expected to tell Congress it will be carefully protecting individuals’ privacy as it builds a massive database on consumer financial behavior and on home mortgages.

Credit unions are being urged to get ready for January 2014, when a host of new rules enacted by the Consumer Financial Protection Bureau will take effect.

Credit unions deciding whether they will "play or pay" under the new Obamacare rules will now be able to delay that decision one year.

WASHINGTON – NAFCU called on the Consumer Financial Protection Bureau on Wednesday to extend the two-day hold period on personal checks for another day, in order to better detect fraud.

NEW YORK – Credit unions need to plan for January, when a host of new rules enacted by the Consumer Financial Protection Bureau take effect, according to compliance experts speaking at CUNA’s annual America’s CU Conference.

The Consumer Financial Protection Bureau is breaking up its searchable, online consumer complaint database by state-allowing onlookers to better drill down into the data.