Compliance

The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.

Most agencies use electronic benefit transfer to deliver funds to prepaid cards, but recipients who need access to cash are often caught in a bind, with fewer convenient or free ATMs available in an increasingly digital payments landscape.

Regulators should proceed with removing one of the margin requirements for trading swaps.

Smart rulemaking starts with consolidating multiple agencies into one body with a clear mandate.

Gone are the Wild West days of Facebook, when the company could do whatever it wanted with little worry of regulatory or earnings repercussions. And as the social network embarks on its Libra currency project, its toughest days loom ahead.

Russia and its BRICS partners are developing cross-border alternatives to U.S.-dominated payments systems such as Swift, driven by the rise in cross-border trade and a desire to find non-dollar alternatives to international payments systems vulnerable to sanctions by the U.S. government.

The timing of the settlement serves as a warning to other companies of the risks they face in an increasingly data-focused economy.

After FASB's decision to give most credit unions and banks extra time to prepare, lobbying groups are pushing for more.

The system has made it easier for mobile wallets and other technology providers to enter India's payments market, and will push the next steps toward real-time payments and cash reduction, says Somya Patnaik, senior product manager at ACI Worldwide.

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited.

Indian consumers and businesses would be best served if New Delhi confined itself to discrete interventions to reduce structural barriers to payments competition, rather than imposing price controls, dispensing subsidies and promoting national favorites, says Eric Grover, a principal at Intrepid Ventures.

The half-dozen institutions all hold less than $50 million in assets – some less than a half-million – and will collectively pay a total of about $5,000 to the U.S. Treasury.

As Congress and the SEC were taking steps to regulate alternative currencies, they required a deep knowledge of the cryptocurrency market and technologies. For those who put off their crypto education, Facebook's Libra is a wake-up call.

The SEC is paying close attention to cryptocurrency, though its efforts may be counter to its priority to foster innovation and capital formation in the U.S., contends Bill Martin, a lawyer in the New York office of O'Melveny & Myers.

The Gramm-Leach-Bliley Act is a successful privacy law that ought to govern all financial services providers, not just banks.

The U.S. card brands are already pushing Indian regulators to relax their data storage rules, and a new quirk in the country’s tax code creates a battle on an entirely different front.

Lawmakers have just three weeks before their August recess to make a host of decisions on issues related to credit unions.

The latest skepticism to Facebook Inc.’s plans for its new cryptocurrency called Libra comes from India as Asia’s third-largest economy is not keen on allowing the digital currency in the country.

The CFPB did not file any fair-lending enforcement actions in the 2018 fiscal year and did not refer any Equal Credit Opportunity Act violations to the Department of Justice.

India’s soaring digital payments market has prompted Mastercard and Visa to increase their investments in India, targeting one of the world’s largest cash displacement opportunities while complying with local regulations such as expensive data store requirements.