Risk

The Biden administration’s yet-to-be-named comptroller of the currency is widely expected to invalidate the GOP-backed measure that bars banks from shunning gun makers, fossil-fuel producers and the like. But another option is to recast it to promote investment in underserved communities.

The enforcement action, which concerned deficiencies in the auto lender’s compliance risk management program, was the last remaining regulatory matter Santander had to resolve.

Over the past 10 months the payment industry has seen several products and services of bygone eras that have been reconstituted, repackaged and positioned to help customers and small businesses to manage their finances and cash flow, says Avenue B Consulting's Maria Arminio.

Citigroup’s incoming CEO, Jane Fraser, created a new global operating team aimed at improving accountability among its top executives, as the firm continues to address a litany of concerns raised by regulators last year.

Continuity and speed are just two benefits of payment automation, says VPay's Elisa Logan.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

Compliance is expensive and complicated, though there are some emerging solutions, says Adflex CEO Pat Bermingham.

Opening up universal payments and authentication methods that feel familiar, for both online and face-to-face transactions, could unlock a world of possibilities when it comes to redefining how businesses engage with consumers, says MYPINPAD's Justin Pike.

By holding themselves accountable and following smart standards, organizations will be able to provide consumers with strong security and peace of mind the next time they swap those paper menus for a set of scannable squares on their phone, says Nok Nok's Phil Dunkelberger.

The Maryland company agreed to improve its risk and compliance controls, estimating that it will cost $2 million to make changes.

Under a proposed rule change, credit unions would no longer need to seek pre-approval from the regulator before entering into interest rate swaps, speeding up transactions for some of the industry’s biggest institutions that already hold over 80% of total assets.

It would force national banks to make loans to high-risk industries that often pose dangers to vulnerable communities. The next comptroller of the currency should instead promote equal credit availability for consumers who need it most.

The decentralizing of business payments staff requires agility that's permanent, says Nvoicepay's Lauren Ruef.

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

Fake card numbers are 'tested' at online sites for validity, producing real and dangerous results, says Acqra Limited's Jessica Lenung.

While fintech's advancement creates a pathway for innovation, it also expands exposure to unintended risk, says Flywire's Mike Massaro.

Issued in the final days of the Trump administration, the regulation has united banks, gun-control advocates and environmentalists in opposition. It could be blocked by Congress or a comptroller chosen by the new president.

The Office of the Comptroller of the Currency finalized a rulemaking Thursday morning opposed by the industry that forces the largest banks to provide services to gun businesses and other sectors to which banks have curtailed lending.

U.S. financial institutions should prepare for potential new regulations around data privacy and protection, digital identity verification and the use of biometrics, says OneSpan's Michael Magrath.