Compliance

Nestled among the waves of tourists and commuters near Grand Central Terminal is a spot were a “no cash” store is working, free from political pressures. But its success still suggests that paperless payments are a niche play.

The Office of the Comptroller of the Currency announced Friday that it has lifted restrictions relating to U.S. Bank's flawed efforts to prevent money laundering and Citi's deceptive marketing and billing practices.

Google Payment, a company owned by Alphabet Inc., obtained an e-money license in Lithuania, joining a growing number of fintech firms that have secured permission from the Baltic nation to offer financial services across the European Union.

Former McKinsey & Company associate partner Liz Oakes has been named Mastercard's executive vice president of market development for the New Payments Platforms division.

Hostilities toward the legal U.S. cannabis industry are softening considerably, with signs of further removing cash and digital workarounds from a market that has long been shunned by traditional payment cards.

The digital ID market has massive potential, but many fundamental problems that must first be overcome. Among them: The companies best positioned to provide a viable digital ID platform are not the ones best positioned to benefit from it.

The Massachusetts senator and critic of Trump administration policies sent the new CFPB director an expansive list of to-do items for her first month on the job.

The battle between Apple Pay and the Swiss banks' payment app, TWINT, is nearing a conclusion with Apple agreeing to no longer interfere at the point of sale when a consumer is attempting to make a purchase with TWINT.

Former CFPB chief Mick Mulvaney had claimed the agency could not supervise firms for Military Lending Act compliance, but lawmakers want his successor to go in a different direction.

The fintech Robinhood did not contact the Securities Investor Protection Corp. to discuss protection for deposits, according to SIPC CEO Stephen Harbeck.

Two U.S. senators demand an investigation into the German bank over security, criminal risks; the Treasury has proposed rules to help foreign banks deal with last year’s tax law.

Traditional compliance data handling tools and procedures are mostly not efficient enough to handle the mounting data in the right way, which makes the analysis extremely difficult, writes Srinivasan Pandurangan is senior manager of business consulting at Virtusa.

The legislation follows passage of a similar bill in the House and would push back implementation of NCUA’s risk-based capital rule to 2021.

Three different methodologies will be tested in the pilot program, which is expected to last about three years.

The National Credit Union Administration will hold its final open board meeting of 2018 this week, amid a host of other regulatory and legislative activity.

The former head of Heritage Oaks Bancorp says she relishes a chance to reinvent Luther Burbank, a thrift that wants to make more commercial loans — a shift she has deftly orchestrated before.

The regulator claimed Congress has already granted it the authority to define field-of-membership areas.

The advent of this is particularly unwelcome, coming, as it does, at a time when many people not only question the role of a bank after the recent financial crisis and gradual digitization of banking services, but also when their relationship with technology has changed, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

The regulations for legal cannabis are slowly loosening, but whether they have loosened enough to support a “normal” online shopping experience in the U.S. is being put to the test by a new mashup of digital ordering and payment tools.

Creditors, governmental bodies, health care providers and third-party debt collectors alike need to embrace the consumer disclosure requirements of E-Sign if they want to save on postage expenses and satisfy the growing needs of consumers to manage their business using electronic communication methods, writes Rozanne Andersen, vice president and chief compliance officer at Ontario Systems.