New Exec Director for NBPCA (July 23, 2014)
The Network Branded Prepaid Card Association announced today that Doug Bower will join the association as executive director and president, effective August 5, 2014.
The Network Branded Prepaid Card Association announced today that Doug Bower will join the association as executive director and president, effective August 5, 2014.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, the legislation born from the economic crisis a half-decade ago, turned 4 years old this week. The shockwaves from the law, which has significant impact on the prepaid industry, likely will be felt for years to come.
New York State’s Department of Financial Services is seeking public comment on a recently proposed “BitLicense” regulatory framework for digital currency businesses in the state.
The CFPB wants to expand its Consumer Complaint Database to enable consumers to provide a narrative with their complaints about financial services.
The merchant plaintiffs in a lawsuit against the Federal Reserve Board of Governors have been granted another extension to petition the U.S. Supreme Court to hear the case.
With the Canadian government planning to phase out paper checks by 2016 for federal benefits recipients, half of Canadians who are unwilling to use direct deposit would be willing to try receiving their benefits on a reloadable prepaid card, according to a public opinion report released earlier this year and commissioned by the Public Works and Government Services Canada (PWGSC).
Regulators across the globe appear divided on the question of whether tighter control of algorithmic trading is necessary: the Australians are pretty laid back about it, the Germans are ahead of the game, while political debate rages in the US …
The IRS has announced new procedures, effective January 2015, limiting the number of tax refunds electronically deposited into a financial account or prepaid card account to three, in an effort to combat fraud and identity theft.
Visa and MasterCard may be able to dodge paying massive security deposits to continue operating in Russia, under new legislation that took effect July 1.
Cole Taylor Bank has been ordered to pay more than $4.1 million by the Illinois Department of Financial and Professional Regulation (IDFPR) and the Fed for failing to properly monitor the activities of its third-party “agent” Higher One Inc.
Australian broker Macquarie Futures has begun using a cloud-based reconciliation service from Gresham Computing and Amazon Web Services, which the broker says will help it to make its North American derivatives business more efficient.
The Supreme Court ruled today to throw out President Obama’s recess appointments to the National Labor Relations Board (NLRB) as unconstitutional. CFPB Director Richard Cordray was appointed the same day but has since been confirmed by the Senate, suggesting the ruling will have little or no effect on the CFPB.
A consortium of merchant groups has been given more time to decide if it will try to take a long-running lawsuit against the Federal Reserve Board of Governors to the U.S. Supreme Court.
While digital currency has received a frosty reception from many national governments, it has been greeted a bit more warmly in Canada.
NJ S 2235 was introduced in the State Senate, offering hope that New Jersey’s attempt to grab unclaimed funds that otherwise may be owed to another state finally might be put to rest.
Fund managers are showing a “significantly more positive attitude” to the imminent Alternative Investment Fund Managers Directive. Initial fears appear to have subsided, the challenges and predicted costs have significantly reduced and the industry is realising the opportunities.
CFPB Director Richard Cordray headed to the House yesterday to present his bureau’s semi-annual report to the House Financial Services Committee, headed by Jeb Hensarling (R-Texas).
The FDIC has issued another consent order for a company with significant prepaid business and again the focus is on Bank Secrecy Act (BSA) compliance.
One company grateful for the flurry of publicity given to the practice of front-running orders by the publication of Michael Lewis’s book Flash Boys earlier this year is New York-based Trillium, whose Surveyor market manipulation detection tool can be used to detect the practice.
In April, US post-trade utility the DTCC called for the US settlement cycle to be moved to T+2, to bring it into line with what’s happening in the rest of the world, which is converging on T+2 settlement cycles – at different speeds.
Firms looking to adopt cloud-based services should consider the security and data privacy implications associated with moving critical systems into the cloud, and not let vendors drive their technology strategies for them, according to Bank of England CIO John Finch.
Tullett Prebon has launched an aggregated swap data repositories data feed for the interest rate swaps market, aiming to increase price transparency in accordance with the Dodd-Frank Act.
The Consumer Financial Protection Bureau is turning its attention to mobile financial services and is seeking information from the industry and consumers.
New York State lawmakers, along with Attorney General Eric Schneiderman, came out with guns blazing last week—their target: payroll cards.
Congressman Steve Stivers (R-Ohio) stressed the importance of the prepaid card industry continuing its work of getting to know federal rulemakers and explaining to them the value the industry’s products provide to consumers, businesses and state and local governments.
Could the establishment of an enhanced outsourcing oversight capability do more for asset managers than simply satisfy the FCA? A more mature set of oversight metrics could be used to provide foresight into how the outsourcer might perform in the future.
The Bancorp Bank, a wholly owned subsidiary of The Bancorp Inc., this week revealed in an 8K filing with the SEC that it’s stepping up its Bank Secrecy Act (BSA) compliance efforts in accordance with an FDIC consent order that went into effect June 5.
The Consumer Financial Protection Bureau (CFPB) has bumped plans to release its proposed rule on prepaid cards to “the end of the summer,” according to Richard Cordray, the agency’s director.
The past month has been a busy one for G-SIBs – global systemically important banks – as they confront the challenges of “what full compliance looks like” in the context of the Basel Committee on Banking Supervision and its Principles for Effective Risk Data Aggregation and Risk Reporting.
A rare chance to trim back certain redundant financial regulations that seem to spread like ivy has arrived.
Canadian ‘challenger’ exchange Aequitas, which plans to favour long-term investors by discouraging HFT, has chosen a trading engine and several other tools from MillenniumIT, the Sri Lanka-based technology company owned by the London stock Exchange.
Visa isn’t waiting for regulators to help simplify prepaid products for consumers.
There may be one more round to go in the dispute between merchants and the Federal Reserve over interchange fees and debit routing requirements.
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
Collateral management as it is currently known will no longer exist within a few years as increased regulatory demands, rising levels of automation and growth of industry tools to optimise collateral transform the industry, according to a new survey and report by Sapient Global Markets.
The Consumer Financial Protection Bureau could release its long-awaited rules for GPR prepaid cards next month.
If proposed changes to simplified due diligence go through as drafted, it will drive out a whole section of the prepaid market from Europe.
In a post-2008 crisis landscape dominated by regulatory reform, compliance is only part of the issue. If firms can address how they manage multiple data sets and deploy a truly enterprise-wide model, they can capitalise on the real opportunity – achieving a competitive advantage.
Looked at from a data perspective, many new regulations have overlapping requirements that come back to customer data. Banking Technology joined forces with Markit І Genpact KYC Services and regulatory specialist JWG to look at how firms are approaching the challenges this poses.
GPR and payroll providers may be eager to take advantage of what the CFPB estimates will be $17 million in annual saving across the financial services industry. The proposed rule, however, may not be a real option for prepaid providers.