Compliance

Visa is adding more fintechs to a platform that puts the card network in the role of a network-agnostic payment technology company to support open banking.

The fintech firm, which had made prior attempts to offer a federally insured consumer account product, said it has “no plans at this time” to become a bank.

The Bank of England fined Citi $57 million for failing to properly report capital and liquidity levels at its European investment bank and other global operations.

Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.

A new National Credit Union Administration proposal would raise the threshold for residential mortgages that require appraisals. However, the final rule is by no means a done deal.

The National Credit Union Administration board pushed back against criticisms about its rising budget by noting its oversight is still cheaper than that provided by other financial agencies.

The charter may provide greater confidence for digital currency investors; bank expects to make large-scale job cuts in its global banking and markets unit.

The National Credit Union Administration is funded by the institutions it oversees and insures. Some of them are pushing back against spending trends at the agency.

The National Credit Union Administration's public budget briefings are a step in the right direction, but the institutions it regulates still have too little say over how those monies are spent.

A prominent credit union blogger is calling for the National Credit Union Administration to follow the Federal Reserve and FDIC's lead on possibly revamping the risk-rating system.

Swift and EBA Clearing have started developing the process by which Europe's large-value payment system will migrate to use of the ISO 20022 messaging standard.

Service would help with compliance; JPM CEO sees more short-term lending rate spikes if no long-term solution implemented.

Germany’s Wirecard has taken a controlling stake in AllScore Payment Services, a Chinese company with a set of cross-border payments licenses Wirecard hopes will extend its reach to merchants with ties to China.

The case — the card issuer's third in six years — is an example of the legal peril that banks and other companies continue to face over the use of automated phone calls for debt collection and other purposes.

The National Credit Union Administration board member is requesting comment on a proposal to create new consumer compliance measures for "large, complex credit unions."

U.S. banks are trying to answer a key question about open banking: Can we share our data with payment companies and other fintechs without scrapping our legacy systems? The answer is yes, with an asterisk.

Mastercard is aggressively building a business payments ecosystem as it keeps an eye on political headwinds it has little control over.

Ripple isn't a part of Facebook's Libra. It's more likely to be a rival, and it must be careful to make sure that lawmakers see the distinction.

As the Federal Reserve prepares for its October meeting, many institutions are waiting to see how the board's actions might impact the ongoing war for deposits.

Regulatory bodies are making modifications to disclosure requirements with greater frequency, requiring issuers to spend time and money to make updates across what is often a complex mixture of products, communications and channels, says Messagepoint's Fred Harding.