On the heels of his own promotion to acting chairman, McWatters designated his senior policy advisor and former state regulator Sarah Vega to serve as NCUA chief of staff.

The Consumer Financial Protection Bureau on Wednesday ordered Mastercard and the prepaid debit card company UniRush to pay $13 million in restitution and fines for a service breakdown in October 2015 that left thousands of customers without access to their accounts.

Cannabis could become a national $100 billion industry within 10 to 15 years. The U.S. has a choice: responsibly regulate cannabis or allow cannabis to become a narco-state unto itself.

Cambridge Blockchain, a startup that bills its technology as a solution for banks to the competing regulatory imperatives of transparency and privacy, has raised $2 million through a convertible note.

The Mortgage Bankers Association is trying to jump-start discussions around housing finance reform even as political dysfunction on Capitol Hill is reaching new lows.

The initiative would add payments to the country's national identity system, but the government wants more time to review Mastercard's proposal.

The Consumer Financial Protection Bureau hit Prospect Mortgage with a $3.5 million fine for illegally paying kickbacks to two real estate brokers and a mortgage servicer.

PNC will add an extra $300 million to its stock buyback program, taking advantage of a little-known Fed rule.

President Donald Trump's plans to deregulate the financial services industry still lack detail, though Mastercard is betting on a more favorable legal environment in the future.

The Mortgage Bankers Association unveiled a new housing finance reform plan on Tuesday designed to kick-start congressional discussions over what to do with Fannie Mae and Freddie Mac.

To date, Ant's Alipay has been comparable to PayPal, seldom venturing beyond payments. The financial products Alipay plans to pursue as it enters new markets put it more firmly in direct competition with mainstream banks.

The Federal Reserve Board approved a proposal Monday designed to exempt most of the 33 banks subject to annual stress testing from the “qualitative” aspects of the test.

A federal appeals court ruled Monday that the Treasury Department will have to hand over more documents to investors of Fannie Mae and Freddie Mac related to its profit sweep of the two government-sponsored enterprises.

President Trump's order to eliminate two regulations for every new one does not apply to financial institution regulators, but may affect banks and credit unions in other ways.

The CFPB sued the attorneys and law firm that worked with now-bankrupt debt relief firm Morgan Drexen, alleging they continued a scam that charged millions in fees to thousands of consumers seeking debt relief.

Mastercard CEO Ajay Banga was among the financial services, payment and technology executives to express worry or opposition to President Trump's travel ban for certain Middle Eastern countries.

By cutting back on paperwork requirements and regulatory red tape, policymakers can unleash the power of community banks to spur lending and economic growth.

The CFPB several years ago announced plans to introduce formal rules for prepaid cards. Issuers were optimistic, but when the agency finally published its rules, they exceeded 1,600 pages and contained some surprises.

Congress has proposed repealing the Durbin Amendment, a move that would be costly to small businesses which have benefited from the reform.

If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.