With federal and state payments regulation in near-constant flux, compliance strategy continues to be of utmost importance, especially for issuers. Amid this landscape, The Bancorp has named Bill Neurohr to head its compliance operations and serve as the point man for the company’s interactions with regulators.
Life needs less noise. So here words are destroyed. A round-up of key events in fintech funding. Featuring Autobooks, University of British Columbia, Scotiabank and more. Michigan-based start-up Autobooks has raised $5.5 million in funding. This follows an earlier $2 million seed funding round. Draper Triangle Ventures led the latest round and was joined by […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Prepaid stakeholders scrambling to meet the Oct. 1, 2017, effective date for the CFPB’s final rule on prepaid accounts can take a breath. The CFPB has proposed delaying the effective date by six months—and has signaled it might be open to tweaking some aspects of the rule.
The International Standards Organisation (ISO) Financial Services Committee (TC/68) has unveiled its new global committee, the Fintech Technical Advisory Group (TAG), to act as a sounding board for data and technology standards. The group’s goal is to establish a “proactive dialogue” with financial institutions, their regulators, and supply chain and fintech firm. TAG’s objectives are […]
A deep dive into a packed panel discussion on disruption at the annual conference shows how payments providers are mapping the future with new technology, and how traditional players can endure.
Republicans have never liked the agency, but so far, their efforts to reform it and reduce its power—or eliminate it altogether—have appeared scattershot. Echoing what a former Secretary of Defense once said: Here’s what we know and what we know we don’t know about the bureau’s future.
The CFPB, on March 7, released a guide for preparing short-form disclosures for prepaid accounts, which is intended to assist providers with implementing the agency’s final rule on prepaid accounts issued last year and set to go into effect Oct. 1, 2017.
Late last year, Visa fired a volley – unlikely to be the last – over new rules that it and all providers of online transactions will soon need to follow as part of the EU’s revised Payment Services Directive (PSD2). It has some doom-laden predictions.
Banks are stumbling along amidst the cumulative financial penalties of $321 billion handed out to them since the financial crisis. In a new report by the Boston Consulting Group (BCG) – “Global Risk 2017: Staying the Course in Banking” – it says “prudent operations will be required to avoid the errors of the past” and […]
UK-based regtech and risk management vendor Lombard Risk has extended its “global strategic partnership” with Société Générale. The bank will roll out Lombard Risk’s collateral management system, Colline.
Complaints about prepaid products went down again from November 2016 through January 2017, with the CFPB reporting a monthly average of 206 prepaid-related complaints in that period, down from 237 per month during the same period a year earlier.
Congress is considering a joint resolution to repeal the rule, which was released last year. If that happens, what will be the result? Our readers respond.
See what’s hot on Paybefore.com this month, including Global Cash Card’s win against onerous payroll card regulations in New York; the CFPB fending off attacks on multiple fronts; a new Blackhawk same-day rebates program; and more.
One is the loneliest number that you’ll ever do… so three stories in one will do better. Here’s a round-up of key events to save you time. Featuring Macquarie Bank, Apple Pay and more. The European Banking Authority (EBA) has relaxed its planned rules for increasing choice in how consumers pay for services and products […]
Payroll card providers that operate in New York can breathe a huge sigh of relief. Global Cash Card tells Paybefore that its petition against the New York Department of Labor payroll card regulations due to go into effect on March 7, 2017, has been granted. The industry had been raising red flags about the regulations, which many feared would result in providers exiting the market, since first proposed in 2015.
In a Feb. 16 field hearing, the CFPB said it wants industry input on using alternative data to help thin- or no-file consumers build credit scores. It’s a challenge that many in the prepaid industry have been trying to solve for years to better serve cardholders who often are among the approximately 26 million U.S. consumers who don’t have a credit history and another 19 million consumers whose credit histories are insufficient to produce a credit score, according to CFPB estimates.
Life is a cabaret… and a fast one at that. Here’s a round-up of key events to save you time. Featuring KPMG, Microsoft, Hyperledger and more. Japan’s largest Bitcoin exchange Bitflyer has finished a new ¥200 million ($1.75 million) funding round from Dai-ichi Life Insurance Company, Mizuho Capital and SMBC Venture Capital. The banks’ backing […]
The case creates new issues surrounding standing and how to resolve and settle class action claims in the context of privacy and data protection suits, where some members of a group have not suffered concrete harm and thus may not be able to meet the concrete and particularized injury prong of the test for standing.
The CFPB is not required to comply with President Trump’s executive order limiting new regulations, according to a memorandum from The White House. Trump’s order—which requires covered agencies to repeal two regulations for every one new regulation adopted—does not apply to the CFPB, which is considered an independent agency.
Keeping current with the myriad and constantly changing rules and regulations in the payments industry is no easy feat. It takes special people who are sharp and determined to understand and navigate the legal minutiae and how they applies to their organizations or those of their clients. Paybefore is highlighting the achievements of these Compliance Titans, and we need your help.
The ringleader of three highly organized, global cyberattacks on ATMs resulting in $55 million in losses was sentenced Feb. 10 to eight years in prison and ordered to pay more than $55 million in restitution.
With regulators opening up the payments infrastructure and consumers and business clients demanding á la carte but interoperable financial services from a variety of players, the industry and its would-be disruptors must adapt.
The CFPB’s final prepaid rule is turning out to be unpopular with the current U.S. Congress: A U.S. representative has followed the lead of a Senate colleague and filed a joint resolution to repeal the rule, which has attracted criticism from industry groups since the agency released it last year. But consumer groups, who lobbied for the rules, are attacking the effort, arguing that it would put consumers at risk.
Efforts by three different parties to defend the CFPB were thwarted Feb. 2 when a federal appeals court denied the motions to submit briefs on behalf of the CFPB in PHH Corp., et al.v. Consumer Financial Protection Bureau.
The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.
Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services.
For those disappointed that President Trump’s regulatory relief executive orders wouldn’t extend to prepaid providers—and others covered under the CFPB’s final prepaid accounts rule—Sen. David Perdue (R-Ga.) may be coming to the rescue. On Feb. 1, Sen. Perdue, along with six co-sponsors, introduced joint resolution 19 that provides “congressional disapproval” for the rule, and which says that “such rule shall have no force or effect.”
The CFPB is “putting the prepaid industry on notice that companies will face the consequences if consumers are denied access to their money or to the services they pay for and on which they have the right to depend.” In its first enforcement action against prepaid providers, the bureau on Feb. 1 announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.
Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
The FDIC has appointed 30-year veteran Kathy Moe regional director for the San Francisco region.
Mastercard can put a notch in the win column after a High Court judge ruled in the payment card network’s favor regarding a lawsuit brought on by retailers disputing cross-border interchange fees on debit and credit cards.
The U.K.’s Financial Conduct Authority has fined Deutsche Bank £163 million (US$204.7 million) for failing to maintain adequate anti-money laundering controls between Jan. 1, 2012, and Dec. 31, 2015, according to Paybefore sister publication Banking Technology.
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.
A 2-year-old Federal Reserve plan to improve the speed, efficiency and security of the U.S. payments system has made significant strides toward those goals, but there’s more work to do, according to the Fed’s latest progress report on the initiative. First announced in a January 2015 document titled Strategies for Improving the U.S. Payment System, the plan includes several strategies to enhance the U.S. payment system to “meet the changing demands of American consumers and businesses.”
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
Fintech zeitgeist! Welcome to the third in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week we welcome the views of guest writer Soumik Roy. Last week, […]
There was an interesting discussion at the recent Finance Disrupted event in London, organised by The Economist, that highlighted the opportunity for regtech to support financial inclusion.
TSYS-owned NetSpend is negotiating with the Federal Trade Commission over the agency’s allegations that the prepaid provider deceived cardholders and denied or delayed their access to funds, TSYS Chairman and CEO Troy Woods told analysts this week in a fourth-quarter earnings call. TSYS also announced that NetSpend is working on diversification, including the launch of a demand deposit account later this year.
