CFPB Updates Consumer Complaint Manual (May 26, 2015)

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.

Things ain’t what they used to be

According to Cisco there are 15.5 billion devices connected to the internet, ranging from routers to telemetry devices, power grid controllers, smartphones and perhaps the odd toaster. Other than in retail situations this so-called Internet of Things does not immediately seem to have much to do with the financial services industry. John Bates thinks otherwise, and sets out why in his recent book Thingalytics.

EU Lawmakers Reach Informal PSD2 Agreement (May 7, 2015)

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.

Bringing the channels together

Can the right combination of self-service device management, cash management and end-to-end transaction monitoring enable banks to embrace enterprise-wide performance awareness, and take a holistic approach to managing their multi-channel banking environments?

Beating the (IT) budget blues

By following simple principles and incorporating solid processes and tools the IT budgeting and forecasting process can be a source of value to both the IT department and the businesses it serves

Real-time payments: the next frontier

Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.

Cloud opens up democratisation of retail investor services

Cloud services are opening up possibilities for the retail investor to create individual customised funds in a way that was previously the preserve of the super-wealthy. Coupled with regulation in the UK such as RDR, the effect has been to make new business models possible, according to Michael Newell, chief executive at InvestYourWay.

Out with the old in New Orleans?

Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?

Taking stock in fixed income

Fixed income markets have historically been a bastion of high-touch trading, with manual processes, large tickets and little standardisation. But as recent years have seen inventory slashed and balance sheets cut in face of rising regulatory pressure, finding liquidity has become more of a challenge. A group of banks are hoping to reinvigorate the market though a standardised messaging system.

House Passes Bipartisan Bill Curbing CFPB Budget; Veto Expected

he House of Representatives on Feb. 4 passed bipartisan legislation sponsored by Rep. Virginia Foxx (R-N.C.) that she says would require greater transparency in government and would cap the CFPB budget for FY2016 at $550 million, $36 million below its expected funding.

Gov. Christie Signs ZIP Code Repeal Bill (Feb. 6, 2015)

N.J. Governor Chris Christie (R) signed into law a bill that eliminates the collection of consumer ZIP code information for gift cards purchased at the POS, putting an end to a protracted legal battle over unclaimed property rules in the state.

NYAG Widens Access to Bank Accounts, But Still Plenty of Room for Prepaid (Feb. 3, 2015)

New York Attorney General Eric Schneiderman wants to increase access to traditional banking services by getting banks to change their account-opening criteria. But broader access to checking and savings accounts doesn’t mean consumers won’t continue to seek out alternatives, including prepaid cards, which may have more features and fewer fees, according to industry observers.

FDIC Advises Banks to Contact Examiners on Brokered Deposits

Prepaid issuers aren’t the only ones confused by the potential implications of the FDIC’s recent FAQs on brokered deposits. The agency offered some clarifications to ABA staff but recommends issuers reach out to their examiners with specific questions.

CFPB Seeks Input for Campus Card Guide (Jan. 15, 2015)

The Consumer Financial Protection Bureau (CFPB) is creating a guide to help colleges evaluate institutions that offer financial accounts to students—and the CFPB is seeking input in devising the document.

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