The CFPB has scheduled a field hearing on arbitration clauses in Albuquerque, N.M., on May 5 at 11 a.m., MDT. Experts are anticipating the hearing will be the forum for the bureau to release its proposed rule on arbitration, and industry groups are bracing for restrictions or an outright ban on arbitration clauses in financial services contracts.
Paris-based Sopra Steria has been selected by the UK’s Financial Conduct Authority (FCA) to deliver a new digital regulatory market data processing platform in an “exclusive” six-year contract. The new platform will support the FCA’s on-going regulation of firms, as well as encompassing new requirements under the forthcoming Markets in Financial Instruments Directive (MiFID II). […]
Three Democrats are asking CFPB Director Richard Corday for an overdraft exemption as the agency finalizes its prepaid rules.
In advance of the CFPB’s proposed rule on payday loans, the bureau has released a new report critical of payday lenders’ practice of debiting borrowers’ checking accounts, which often leads to overdrafts, penalty fees and account closures, while failing to actually recover payments, according to the report, which is based on data from more than 330 lenders.
The Financial Stability Council Reform Act would give Congress funding power over the Financial Stability Oversight Council and the Treasury Department’s Office of Financial Research, which keep track of financial risks and conduct other research.
Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]
With the CFPB expected to release its long-awaited final rule on prepaid accounts sometime in the coming months, industry experts peered into their crystal balls last week during a panel discussion at Card Forum in Los Angeles, delivering predictions about the timing and potential effects of the looming regulation.
New Zealand’s central bank, Reserve Bank, is implementing Numerix’s Oneview for trade valuation and risk management analytics. The system will support risk pricing and risk analytics, market standard trade valuation, and position and collateral management. “We are improving our technology and analytics capability in our domestic and foreign market operations,” says the bank’s deputy governor, […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
The European Parliament approves new rules that can lead to fat fines related to data breaches and digital privacy violations.
Bolivia’s banking community has connected to Swift’s Know Your Customer (KYC) Registry, a centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance. Since December 2014, the KYC Registry has been adopted by more than 2,350 financial institutions globally to “complement” existing compliance programmes. In Latin America, the Registry […]
The European Commission (EC) wants to update the fourth Anti-Money Laundering directive so that it also covers virtual currencies, such as Bitcoin. In the UK, the Treasury has followed suit by announcing plans to subject virtual currency exchanges to the same regulations as banks. This isn’t surprising. Gunnar Nordseth, CEO and co-founder of Signicat, muses over the possible […]
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed PDQ ATS for its flagship Validus risk and surveillance platform. PDQ ATS, an independent alternative trading system for equity market participants, will use Eventus’ Validus platform for a centralised look at trading, operations, surveillance, compliance and risk management information for both buy- […]
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
On April 12, the CFPB announced the addition of several new members to leadership positions within the bureau for the external affairs division; the consumer education and engagement division; the student loan ombudsman and Office for Students and Young Consumers; the Office of Small Business Lending; the Office of Consumer Response; and the Office of Supervision Examinations.
The federal agency talks down a data breach that stemmed from an employee inadvertently downloading information about bank customers onto a portable storage device.
The Delaware Blockchain Initiative demonstrates the state’s commitment to ensuring this remains the case for the growing blockchain technology sector.
Edith Ramirez says Congress will have to craft laws to protect all the data and activities that stem from Web-connected appliances, cars and other devices. She also urges the industry to better protect that data.
NICE Actimize hopes to muscle into the mid-tier banking sector with the launch of AML Essentials, an anti-money laundering cloud-based platform. It will be delivered on the Amazon Web Services (AWS) cloud. The solution offers transaction monitoring, CDD (customer due diligence) and KYC (know your customer), and watch list filtering to reporting and SAR (suspicious […]
The CFPB has released its annual report on complaints received by the agency from military servicemembers, veterans and their families. Prepaid comprised just 1 percent of complaints from the military community—mirroring the tiny fraction of prepaid complaints to the CFPB from the general public.
Here’s a round-up of yesterday’s (5 April) panel discussions at Money 20/20 in Copenhagen. In “Knowing me, knowing you: Streamlining KYC, ID and customer onboarding” the issues of identity and how service providers are using new technologies for verification were examined. A question to the audience as to whether ID-based payments are dead received a […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
One of the most talked about issues in retail banking today is the emergence of the new entrant, or “challenger”, bank. “New” banks are being spun off from existing institutions and more than twenty organisations having applied for, or received, a banking licence over the past twelve months or so. Banking is becoming an ever […]
As the IRS and industry continue to fight identity theft-related tax refund fraud, the agency’s Criminal Investigation Program initiated 776 investigations into ID theft fraud during the 2015 fiscal year, according to the IRS’s newly released 2015 Data Book.
Lombard Risk Management and Oracle Financial Services have teamed up to deliver a global regulatory reporting solution. Called Oracle Financial Services Regulatory Reporting Solution (OFSRRS), it automates the end-to-end process and integrates Oracle’s Financial Services Data Foundation (FSDF) compute engines with Lombard Risk’s regulatory reporting solution AgileReporter. AgileReporter is the latest version of Lombard Risk’s […]
With the new era in global tax reporting, Thomson Reuters is conducting a survey to gauge the level of the industry’s readiness for FATCA and CRS. Evolving global regulations around tax transparency are challenging organisations around the world to implement new procedures. Are you ready? We are calling on you to help us create a […]
The IRS has concluded that a company can defer the recognition of advance payment income received from the sale of unredeemed gift cards that are redeemable for goods or services for up to two years.
The OCC will release a paper to start discussions on new regulations for financial startups, which banks reportedly want.
The U.S. Department of Justice has dropped its legal claim against Apple Inc. over the FBI’s request that the tech company help unlock the iPhone of one of the shooters in last year’s attacks in San Bernardino, Calif. According to a court filing, the FBI was able to access the device without Apple’s assistance.
Merchants have been challenging state surcharge laws, but the courts stand firm.
A Radio Shack gift card holder’s motion to get his legal fees and expenses paid first in the electronics retailer’s Chapter 11 case has been denied. Consumers with Radio Shack gift cards may file a claim by Dec. 2, 2016and if the claim is judged to be valid, claimants will receive 100 percent of the card balance, according to the Website.
Legal experts suggest that the investigation could provide insight on how the FTC might seek to influence the audit process going forward.
A U.S. Treasury Department lawyer gives tips about how to stay ahead of the curve when it comes to regulatory rulemaking.
Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP HANA platform. SAP says the bank has more than 70% of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments. It adds that Commerzbank is able to close its monthly books “significantly faster”, […]
Bank of Cyprus UK has selected Lombard Risk’s new AgileReporter for automated regulatory reporting to replace Hitec Labs’ PolicyHub. The bank says it wanted to “improve” on its existing solution which required a number of supplementary manual processes to deliver its reports. Andrew Michaelides, CFO of Bank of Cyprus UK, says: “As complex regulatory requirements […]
Craig James, CEO of London-based compliance consultancy Neopay, delivered a talk at the All Payments Expo in New Orleans on March 22 to help companies eyeing Europe as an international expansion market.
Federal financial institution regulatory agencies on March 21 issued guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks.
MiFID II is delayed yet again as the European Commission (EC) asks the European Securities and Markets Authority (ESMA) for a “rethink”. ESMA has received a letter from EC concerning certain parts of the regulation draft. EC wants a rewrite of three technical standards that govern trading on commodities, exemptions for companies providing support market […]
Poland-based Bank Pocztowy is implementing a new risk management system, OneSumX, supplied by Wolters Kluwer. The solution will support the following areas: asset and liability management (ALM), market risk, liquidity risk, and credit risk (for the Basel III capital charges calculation). The bank will also use Wolters Kluwer to provide funds transfer pricing (FTP) analysis […]
A recent report claiming that heightened anti-tax fraud efforts have led to taxpayers suffering delays in receiving refunds via prepaid cards mischaracterizes the situation, industry observers say.
