The CFPB this month updated its Company Portal Manual, which explains in detail the process when consumer complaints are submitted to the bureau as well as the procedures companies must follow if they wish to respond to a complaint.
A settlement between MasterCard and Target stemming from the retail giant’s 2013 data breach has been scrapped after failing to earn approval by enough MasterCard-issuing banks.
Financial services firms should get a grip on their risk management and make more use of the data available to them as part of a two-way process in gaining user trust and building new revenue streams.
Regulatory compliance might be a fact of life for every financial institution, but it can be very challenging when competitive pressures come in to play. Software-based services are often now the primary means of contact between a company and its customers; IT is no longer a back-office support function
The UK’s Financial Conduct Authority’s study into competition in investment and corporate banking will focus on choice, transparency, bundling and cross-subsidisation in debt and equity capital markets, mergers and acquisitions and acquisition financing. It will also consider links between competition in these primary market services and related activities such as corporate lending and broking, and ancillary services.
PayPal, reportedly, has agreed to a consent order with the CFPB that would require the company to refund $15 million to consumers who were affected by alleged practices that included, among others, enrollment without authorization and deceptive advertising for its PayPal Credit program, previously known as BillMeLater.
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
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.
US post-trade utility the DTCC is reporting that almost half of the respondents in its most recent Systemic Risk Barometer Study cited cyber security as their top concern, making it the single largest fear and doubling its rating compared to just 12 months ago.
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?
Financial institutions will need to maintain records, report transactions and supply reference data under the European Commission’s forthcoming MiFIR regulation. But those who expect plenty of time for implementation and no regulatory conflicts are likely to be disappointed, according to a new report by analyst firm Aite.
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.
Open APIs offer the promise of a better, more efficient and more inclusive financial services world. But delegates at the Swift Business Forum in London voiced frustration about the speed and direction of progress being made during a session on the topic.
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.
New trade reporting requirements that would require banks and other capital markets participants to demonstrate best execution through data will impose massive costs and will not provide an equal level of benefit, according to senior executives speaking at the Swift Business Forum in London this week.
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.
European banks and CSDs will be forced to change their business models under relentless pressure from Basel III, CSDR and T2S. That may involve consolidating services, as well as considering opportunities for collaboration, according to Henri Bergström, head of global post trade solutions at Nasdaq.
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?
Broker crossing networks will be heavily affected by upcoming European Commission rules on dark trading. But with 18 months to go until implementation, uncertainty still unnerves brokers and asset managers – prompting some market participants to re-examine whether they want to trade at all.
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.
The European Commission’s MiFID II legislation is a poorly thought-out, arbitrary and unclear piece of rulemaking that will prevent traders from being able to do their job. Worse still, a lack of clarity over the final details will inflict uncertainty and cost on market participants from now until 2017, according to delegates at TradeTech Paris this week.
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.
Boat Services, the OTC trade reporting service provider owned by technology vendor Cinnober, plans to introduce a MiFID II compliance solution, offering publication services for all instrument classes. It will apply for authorisation by the FCA in the UK when Approved Publication Arrangement registration is available in 2016.
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.
Last week saw the launch of the Payment Systems Regulator, the first time the UK gets a regulatory body overseeing the £75 trillion a year payments systems. Its brief is clear: to open up the UK payments infrastructure, which is currently controlled by the high street banks, make it more accessible to challenger banks and fairer for consumers. The regulator has been given strong powers by the government and has already made it clear it will fine the banks if they do not step up to the mark.
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.
