The proposed rule includes numerous provisions applying to checking and prepaid card accounts established by colleges or universities on behalf of students or parents for disbursing financial aid.
The International Swaps and Derivatives Association has launched UTIPrefix.org, a service that enables counterparties to obtain a unique trade identifier (UTI) prefix for derivatives trade reporting.
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
The head of the Senate Banking Committee reportedly is readying a bill that would restructure the Federal Reserve and lead to fewer midsize banks being deemed “too big to fail.”
Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.
European lawmakers, following years of discussion, believe improved competition, more innovation and enhanced consumer protections in cross-border payments will be the result of an informal agreement on a revised Payment Services Directive (PSD2) reached this week.
Ripple Labs Inc. acted as a money services business and sold its virtual currency without registering with FinCEN.
The integrity of data in capital markets – be it, for example, price data, trade facts, collateral balances, or other key business information – has long been a fundamental concern of technologists and business stakeholders. But how do we define integrity?
Notes from a business law meeting with speakers from the CFPB, FTC and New York Department of Financial Services.
The U.S. Court of Appeals for the District of Columbia Circuit recently rejected a lawsuit by Morgan Drexen Inc., a provider of services to consumers through debt-relief lawyers, against the CFPB by a vote of 2-1.
In a letter sent to Congress and other federal agencies, an ad hoc group of four consumer and technology organizations called for broad action to require PINs—not signatures—for all U.S. EMV card transactions.
Apple Inc. is spending more time on Capitol Hill meeting with lawmakers on topics that include mobile payments, new lobbying expense data suggest. During the first three months of this year, Apple’s expenses for lobbying rose 16 percent compared with the same period a year ago.
The Object Management Group has formed a new working group to study issues of documenting and controlling data across distributed cloud environments, a big inhibitor of cloud for those with strict data sovereignty requirements such as banks and financial services firms.
Spoiler alert: A bill approved yesterday by the U.S. House of Representatives basically will be dead on arrival as President Barack Obama has vowed to veto any legislation that tries to touch the purse strings of the CFPB.
The CFPB is holding a conference next month that it says will focus on high-quality consumer finance research, with academic and government experts presenting data.
Some of the most significant changes to Canada’s Code of Conduct for the Credit and Debit Card Industry affect the rights of merchants regarding mobile and contactless payments. Will the updated Code have the unintended consequence of disincenting investment in and adoption of innovative payment technologies in Canada?
Several U.S. senators used income tax season to promote new legislation that takes aim at program providers that enable consumers to receive their tax refunds on prepaid cards.
CounterpartyLink, a provider of legal entity intelligence for buy- and sell-side institutions and law enforcement agencies, has announced CPL Hierarchy Profile, a new product designed to provide a single view of the client across complex client groups.
A former head of the UK Security Service better known as MI5 says banks need to beware the danger of state agencies and others stealing or destroying confidential information.
Canada’s Financial Consumer Agency this week has released amendments to Canada’s code of conduct for credit and debit card transactions that extend to mobile payments.
A banking book requires a number of careful deliberations on the use of derivatives. In particular, the introduction of EMIR, Dodd-Frank and their brethren across the world has a number of important consequences for this market.
Both political parties again are backing problematic payroll card legislation from New York Attorney General Eric T. Schneiderman that could squeeze margins and force some providers to pull programs from the state.
Two agents involved with the investigation of Silk Road, a Website that backed bitcoin transactions and was shut down by the FBI, face federal charges of money laundering and wire fraud, among other alleged crimes.
A coalition of bitcoin entrepreneurs and advocates are backing a petition that would exclude companies supporting the bitcoin infrastructure, as well as smaller startups, from the scope of New York’s BitLicense proposed regulations.
After several weeks of speculation, Sen. Robert Menendez (D-N.J.) was indicted yesterday on federal corruption charges over allegations he accepted bribes from a donor in exchange for political favors.
In the wake of the financial crisis, the industry has been hit hard by an almost continuous stream of conduct related issues and fines; including PPI, Libor, and more recently, Forex fixing. With high levels of media and political exposure, the industry has seen its reputation suffer
More than half (51 percent) of mobile banking users in the U.S. had deposited a check using their mobile phones last year, up from 38 percent in 2013, according to the Federal Reserve’s latest study, “Consumers and Mobile Financial Services 2015.”
An industry group is calling 2015 the “year of the prepaid economy” in the U.K., as consumers there increasingly adopt prepaid cards for everyday spending, online shopping and transit.
Tanzania is taking steps to tighten up electronic payments against fraud, with the government working to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems, according to Finance Minister Saada Mkuya Salum.
Long-term investors are deeply concerned about their ability to find liquidity, with nearly 90% afraid that predatory high-frequency traders are preying on their flows, according to a new survey by block-trading network Liquidnet.
The CFPB received nearly 5,800 comments on its proposed prepaid regulations before yesterday’s deadline.
A quartet of congressmen has formed a group to explore and support emerging payment technologies.
The NBPCA is calling on the CFPB to limit the scope of its proposed prepaid regulations to focus on primary transaction accounts and to, among other things, simplify disclosures rather than adding complexity for consumers.
The CFPB is finalizing its consumer narrative policy and, 90 days after the policy is published in the Federal Register, consumers who have opted in will be able to make their complaints about financial products and services in the bureau’s Consumer Complaint Database public.
The Colorado congressman suggests having too many disclosures is a disservice to consumers.
The CFPB will be holding a field hearing concerning payday lending at noon EDT, Thurs., March 26, in Richmond, Va.
The U.S. Treasury’s Direct Express prepaid benefit card program earned a 95 percent satisfaction rating from cardholders in 2014, marking the sixth consecutive year of near 100 percent customer satisfaction.
Financial market regulations across the globe are increasingly focusing on risk management. This includes ensuring it is clear who firms are trading with and for, and confirming that firms can identify the instruments being traded. As a result, the field of reference data is increasingly held under the regulatory microscope and that lens extends to the standards used to identify financial instruments, writes Chris Pickles.
The Supreme Court is backing the authority of regulators to reinterpret their own rules without seeking industry input.
The CFPB is considering next steps in weighing new regulations for arbitration agreements widely used in financial services businesses to settle consumer disputes, following today’s release of the 728-page “Arbitration Study: Report to Congress 2015.”
