CFPB Field Hearing: Reg. E Error Resolution Is Everyone’s Business
If you’re a third-party service provider to prepaid issuers, don’t overlook your Regulation E error resolution
responsibilities. Here are five topics to think about.
Features
The Bancorp Opens Office to Industry Reps Attending CFPB Field Hearing (Nov. 11, 2014)
The Bancorp is inviting all industry representatives traveling to the CFPB field hearing on Thursday to use its complimentary workspace, which it created to make the trip more convenient and collaborative.
Treasury, FinCEN Seek Balance between Doing Business and Compliance (Nov. 11, 2014)
The U.S. Treasury and FinCen are addressing the importance of money services businesses (MSBs) to the financial system in the wake of reports that banks are refusing to do business with categories of companies, such as remittance companies and check cashers, because of the perceived risk of doing business with them following government agencies’ aggressive efforts in fighting money laundering.
Money20/20 Keynote: Lawsky Floats ‘Transitional’ BitLicense for Startups (Nov. 3, 2014)
During a Money20/20 keynote, New York State Superintendent of Financial Services Benjamin M. Lawsky raised the possibility of a new addition in the proposed rules; licensing specially designed for virtual currency startups.
CFPB Field Hearing Announced: Is the GPR NPRM on Its Way? (Oct. 30, 2014)
Yesterday the CFPB posted on its Website the announcement of its next field hearing, 11 a.m. EST, Thursday, Nov. 13, in Wilmington, Del.
Study: Rate of Un/Underbanked U.S. Households Still Hovers around 28% (Oct. 30, 2014)
While more than a quarter of American households still were either unbanked or underbanked last year, as was the case in 2011, the proportion of unbanked households declined to 7.7 percent or 9.6 million households, compared with 8.2 percent in 2011, according to the latest report from the FDIC.
U.S. Treasury Selects Banking Up to Help Consumers Build Credit (Oct. 23, 2014)
Finding ways to use GPR prepaid card usage data as a tool to help thin- and no-file consumers build credit has been an enticing yet elusive goal for the industry for years.
Viewpoint: Prepaid Program Managers Must Be Exam-Ready Bank Partners
In light of the intense regulatory focus and pressure on prepaid cards, it’s time for program managers to step up and manage their own compliance to the point of being “exam-ready.”
Groups Appeal to Pres. Obama on Data Security Responsibility
Retailers and financial institutions struggle with costs of data breaches.
TD Bank Reaches Breach Settlement with Nine States (Oct. 20, 2014)
TD Bank has reached a settlement over a 2012 data breach that compromised customers’ personal information.
Innovators’ Spotlight: Cachet Financial Solutions
RDC specialist’s busy year includes an IPO and a fast-growing prepaid platform.
CFPB Examines Screening Process for Consumer DDAs (Oct. 9, 2014)
The CFPB is gathering information about the methods banks and credit unions use to screen consumers before approving or denying them a checking account.
Building a transformation vision
This year marks the tenth anniversary of World Payments Report. In this extract from the report, which was launched at Sibos this week, the impact of innovation on payments is examined.
What’s not to like?
The rise of Facebook has been one of the most striking cultural phenomena of the past decade. In January 2007 the site had around 25 million users. But by July 2014, Facebook had reached 2.2 billion users; a number equivalent to one out of every three people on this planet. Meanwhile, Twitter had emerged as the platform of business and news, with 500 million posts ‘tweeted’ daily by its 271 million active users.
Limiting collateral damage
A lack of available collateral to meet demand has become a global problem, with various models being deployed to ensure financial institutions meet the changing regulatory requirements.
Alternative realities
The debut of SAP’s Financial Services Network at Sibos last year led many to see it as a threat to Swift’s plans for corporate connectivity.
A call to pragmatic action
In a recently published white paper on intraday liquidity reporting*, Swift urges financial institutions to initiate programs now to address serious challenges with regard to data availability, centralisation, aggregation and interpretation in meeting Basel Committee guidelines. Greater industry collaboration will also help to accelerate moves towards cost effective and sustainable models and solutions.
Power to the people
The growth of peer to peer lending demonstrates that there is an alternative to the traditional lending model of banks. But can crowd funders ever replace the incumbents and do they enjoy long-run advantages or face being co-opted?
The shifting sands of commerce
Changing trade patterns and attempts to ‘de-dollarise’ international commerce are changing the landscape of trade finance, as new partnerships emerge.
A guiding light
Building a single regional market is a goal for many groups of nations; however Europe’s development of a single settlement platform is the only effort to come to fruition.
Next out of the block
Forget Bitcoin, cryptographic payments networks will be the real game-changer, according to many people working in the payments world.
The high cost of failure
Data in all its forms and access to it in real time is becoming ever more critical as financial institutions seek to manage myriad risks.
The long arm of the law
Crypto and virtual currencies have garnered plenty of headlines in the past couple of years. Now financial regulators around the world are turning the spotlight on these instruments and attempting to bring them into the legal fold.
Changing the world
Change is a theme at this year’s Sibos. But what type of change? A cross-section of delegates discuss what they think will be the main disruptive forces in their part of the business.
A city that commands attention
One of the most attractive cities in the US, Boston is also steeped in history: get your walking shoes on and explore the many historical and culinary delights of the Sibos 2014 host city.
Access all new areas
While mobile commerce and payments have been slow to take off in Western countries, the developing world has been stealing a march with innovative services and products.
Silver linings
In early September, cloud computing stories finally became interesting as an apparent hacking attack on Apple’s iCloud released hundreds of photos of ‘celebrities’ in the nude. It was a perfect story for the mainstream media, combining celebrities with nudity and a bit of unintelligible (to them at least) technology thrown in for good measure. Among […]
MPIW Backs Tokenization, Calls for Coordination (Sept 25, 2014)
A key payments industry group is throwing its support behind tokenization—with a few caveats as to the hurdles that remain before broad industry adoption can occur, including coordinating different tokenization models.
GAO: CFPB’s Data Collection Security Procedures Need Improvement (Sept. 25, 2014)
The Government Accountability Office (GAO) has determined that the CFPB must take additional measures to mitigate risk of “improper collection, use or release of consumer financial data,” according to a recently released report.
EU Makes Final Ruling on Cross-Border Interchange (Sept. 11, 2014)
The European Union’s Court of Justice has ruled that interchange fees charged for cross-border card payments by MasterCard were too high, bringing an end to a seven-year court battle over the fees.
Home Depot Confirms Breach Spans Stores in U.S., Canada (Sept. 9, 2014)
Home Depot confirmed suspicions that it is the victim of a customer data breach.
Viewpoint: Separating Fact from Fiction: Consumers Union Campus Banking Report
The NBPCA responds to the CU report on student cards.
Innovators’ Spotlight: SimplyTapp
The startup behind three little letters that could be a very big deal in contactless payments.
Swift’s Chris Church: making plans for Sibos
As delegates finalise their plans to attend Sibos in Boston this month, Chris Church, chief executive Americas and global head of securities at Swift, discusses what they can expect
CFPB Finalizes Remittance Transfer Rule; Extends Temporary Exception (Aug. 26, 2014)
The CFPB has finalized its remittance transfer rule requiring remittance transfer providers to disclose certain third-party fees and any exchange rates applicable to the transfer.
Domestic Routing Mandate Could Hinder CNP Transactions in India (Aug. 26, 2014)
India’s central bank now requires all card-not-present transactions for purchases within the country to be routed through a bank in India, with funds settled only in Indian currency.
More Lawmakers Try to Influence DOE on Campus Card Rules (Aug. 13, 2014)
Letter writing among U.S. lawmakers has been fast and furious lately as they try to influence how the U.S. Department of Education handles new rules governing universities’ and colleges’ arrangements with financial service providers that deliver financial aid dollars.
Ready for the ‘summer of 39’ aftermath?
This summer, regulatory pressure on financial services firms has ratcheted up to unprecedented levels. Many may have breathed a sigh of relief as Dodd-Frank rule-making slowed … but the respite was only fleeting. Since July, the industry has been bombarded with 39 new consultation papers in the EU and UK alone
CFPB Eyes the Big Ten (Aug. 11, 2014)
The CFPB is focusing on universities in the Big Ten Conference to see if these schools, some of the largest in the U.S., have appropriately disclosed their agreements with financial institutions regarding the financial products they offer their students. “Making these agreements available for all financial products shows schools’ and companies’ commitment to transparency, helping […]
Meta Out from Under Consent Order (Aug. 8, 2014)
MetaBank has been released from its Consent Order by the Office of the Comptroller of the Currency (OCC), according to an announcement by the bank’s parent company, Meta Financial Group.
