• 11.07.18

    Regulators Embrace Innovation

    “Innovation” is the keyword for regulators across the country, with the Federal Deposit Insurance Corporation (FDIC) announcing the agency will create an office to encourage banks to try out new financial technology and the Securities and Exchange Commission (SEC) launching what it ...

  • 11.07.18

    Ruling on Surcharge Law, NY Court Adds to Murky Situation

    In the latest piece of the surcharge controversy, New York’s highest court interpreted state law to hold that a merchant complies with the statute so long as it posts the total dollars and cents price charged to credit card users.

  • 11.07.18

    CFPB News

    The Bureau of Consumer Financial Protection (CFPB or Bureau) may have changed its name under Acting Director Mick Mulvaney, but its recent enforcement action against a small-dollar lender in Tennessee makes it look just like the old CFPB.

  • 11.07.18

    Take Two: CSBS Files Second Suit Challenging OCC Fintech Charters

    Just a few weeks after the New York Department of Financial Services (DFS) filed its second lawsuit challenging the decision by the Office of the Comptroller of the Currency (OCC) to offer a federal bank charter for fintech firms, the Conference of State Bank Supervisors (CSBS) followed suit and ...

  • 11.07.18

    Latest BSA/AML Penalty: $100M From OCC

    On October 23, 2018, the Office of the Comptroller of the Currency (OCC) assessed a $100 million civil money penalty against a national bank primarily known for its issuance of credit cards, for failing to comply with a 2015 consent order requiring the financial institution to timely remedy ...

  • 11.07.18

    FSSCC Launches Cybersecurity Profile v1.0

    A coalition of industry groups has unveiled a new cyber compliance profile framework specifically for financial institutions, aimed at streamlining regulatory burdens.

  • 10.24.18

    A Need for Speed: FRB Considers Options for Faster Payments

    In an effort to facilitate real-time interbank settlement of faster payments, the Federal Reserve Board (FRB) is asking for input from industry stakeholders on the best options.

  • 10.24.18

    Federal Banking Agencies Encourage BSA/AML Collaboration

    Community banks and smaller financial institutions take note: The five federal banking agencies are encouraging banks and credit unions to enter into collaborative arrangements to share resources to more effectively and efficiently manage their Bank Secrecy Act/anti-money laundering (BSA/AML) ...

  • 10.24.18

    CFPB News: ‘Regulation by Enforcement’ Over, Other CFPB Updates

    To no one’s surprise, Bureau of Consumer Financial Protection (CFPB or Bureau) acting director Mick Mulvaney declared regulation by enforcement dead.

  • 10.24.18

    Insurance Won’t Cover Disgorgement Payment, NY Appellate Court Rules

    Applying a U.S. Supreme Court decision in the context of insurance coverage for a bank, a New York appellate court ruled that the amounts paid to the Securities and Exchange Commission (SEC) as disgorgement under a cease and desist order issued by the SEC were a “penalty” for which ...