Newsletters

12.05.18

Operation Choke Point Litigation Stirs Up Lawmaker Concern—Again

According to a group of payday lenders, the reverberations of Operation Choke Point are still being felt.


12.05.18

FTC Sends Money Transfer Service $125M Penalty, Expanded Order

An international money transfer service must pay $125 million after it failed to take the steps required in a 2009 consent order it had agreed to with the Federal Trade Commission (FTC) and a 2012 Deferred Prosecution Agreement (DPA) entered into with the Department of Justice (DOJ).


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

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 ...


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) ...


10.10.18

Card Networks and Merchants Reach New Settlement Terms

Will the second time be the charm? Two credit card networks and merchants representing the class suing them reached a revised agreement to put an end to a 13-year-old antitrust class action concerning the interchange fees merchants must pay and the card network rules imposed on merchants.  


08.29.18

FinCEN Director Gets Real About Virtual Currency

Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco recently discussed his agency’s efforts in the area of virtual currency, explaining the fine line between encouraging innovation and protecting consumers.


07.05.18

CFPB News: More Reports, Settlements and Actions Dropped

In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached two major settlements.


06.06.18

Fintech Update: Regulators Join Together for Fintech Oversight

A key regulator has announced a cryptocurrency crackdown in conjunction with Canadian as well as U.S. federal and state regulators.