PYMNTS

OCTOBER 7, 2019

Merchants in the European Union (EU) are still wondering exactly what changes the regulation will bring when it comes to their relationships with customers. Regulators in many EU countries have their own thoughts on SCA and how long it will take merchants to prepare. Around the PSD2 and GDPR world. About the Tracker.

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PYMNTS

MAY 31, 2016

And the regulations just keep coming. In the banking industry, the mindset among compliance staff seems to be one where the expectation is to have a new rule governing new rules that govern new rules. In this brave new regulatory world, noted The Journal , traders interact with compliance officers. among other agencies.

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Regulation Compliance Industry Course 100

PYMNTS

OCTOBER 6, 2020

Keeping customers' digital payment data safe and secure is a critical part of doing business in the digital economy, and following Payment Card Industry (PCI) compliance guidelines is an effective way for firms to accomplish this. Getting Up to Speed on Compliance. Sharing the Compliance Burden.

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Abrigo

AUGUST 27, 2020

Regulators have determined there are five top hot topics that institutions should expect during their next exam. Early communication with your regulator is key to understanding the struggles and successes of managing a BSA/AML program during a global pandemic. 5 Things Regulators Will Look For In Your Next Exam. Card Fraud.

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CFPB Monitor

OCTOBER 5, 2022

On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. The final rule will be effective July 1. Given this continued uncertainty, I do not support the final rule.”.

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Payments Source

FEBRUARY 4, 2020

Since the Payment Card Industry Data Security Standard was introduced in 2004, many merchants found compliance to be too arduous or costly and just skipped it, risking fines. But increasingly, other regulations like GDPR are changing the PCI DSS compliance equation.

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PYMNTS

JANUARY 7, 2021

(AmEx) harnessed strong and deceptive sales practices for card sales to business owners and if clients experienced negative effects, The Wall Street Journal reported Thursday (Jan. A representative for AmEx told WSJ, “We have robust compliance policies and controls in place, and do not tolerate misconduct.” 7), citing unnamed sources.

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Cards FDIC Policies Risk Management 242

PYMNTS

FEBRUARY 7, 2020

The European Union has issued new rules for contactless payments, which has caused confusion and forced one digital bank to issue new cards, according to a report in the Telegraph. The Strong Customer Authentication (SCA) regulations say a bank has to verify a person’s identity whenever they make a payment that totals 100 euros ($109.45).

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Cards Regulation Digital Banking Maine 204

American Banker

MARCH 1, 2024

The growing buy now/pay later industry requires regulations, but existing regulations for credit card lenders are not fit to the purpose. BNPL needs bespoke guidelines to protect consumers.

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American Banker

APRIL 24, 2024

The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.

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Cards Regulation Branding Compliance 97

CFPB Monitor

JANUARY 7, 2021

The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program. The order has a 36-month duration. Once unsecured, the DFCC’s APR would be higher than the APR it had when secured.

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Compliance Cards Policies Security 78

Abrigo

FEBRUARY 14, 2024

WATCH NOW Takeaway 1 Reduce stress and mitigate financial and compliance impacts Takeaway 2 AML employee succession plans should be “living” documents. Planning now will mitigate the compliance risk from turnover and reduce stress for you and your AML program during times of change. What tasks are required per regulations?

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Independent Banker

DECEMBER 31, 2022

The FDIC issued guidance about the consumer compliance risks associated with assessing NSF arising from the re-presentment of the same unpaid transaction. Debit card interchange fees and routing. The Federal Reserve Board finalized updates to the board’s rule for debit card transactions. Quick Stat. Source: FDIC.

Compliance 100

Compliance FDIC Community Bank Community 100

PYMNTS

NOVEMBER 25, 2020

The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov. The Value Of CBDC .

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PYMNTS

JUNE 29, 2020

As Laura Valdespino , director of compliance solutions at ADP , told PYMNTS in a recent interview, using digital channels, and specifically, pay cards, can actually improve the employees’ pay experience over paper-based methods that have been in place for decades. Regulations are still where they were pre-pandemic,” Valdespino said.

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Cards Compliance Regulation Payments 236

PYMNTS

JULY 2, 2020

With the pandemic nudging businesses further into the digital payments realm, commercial card innovation is heating up to capitalize on the opportunity for adoption. Boost Bolsters BMO Harris Bank’s Biz Cards. Global Cash Card’s Legal Saga Ends. ADP Eyes Payroll Card Adoption Jump.

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Bank Innovation

JANUARY 31, 2020

This week, the Consumer Financial Protection Bureau filed suit against Citizens Bank, alleging violations of the Truth in Lending Act (TILA), including implementing Regulation Z and the Credit Card Accountability Responsibility and Disclosure Act.

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PYMNTS

SEPTEMBER 16, 2019

Despite announcements last month that the deadline for Strong Customer Authentication (SCA) compliance will be extended , the original proposed deadline approaches next week. has not implemented regulations like GDPR or SCA, but there has been a groundswell of interest, at least from the private sector. Previous efforts for the U.S.

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PYMNTS

FEBRUARY 21, 2019

Data Discovery enables businesses to identify sensitive data that will require specific regulatory compliance measures. Accutive said that the combination of both solutions supports organizations’ data protection compliance and security needs under GDPR , HIPAA and other data protection regulations.

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PYMNTS

JULY 1, 2020

Keeping up with customers’ shifting behaviors and preferences amid changing regulations is a familiar challenge for today’s small- to medium-sized businesses (SMBs), but the pandemic’s impact on the scale of digital payments has steepened the learning curve for these merchants. One study found that card-not-present (CNP) transactions rose 29.7

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Regulation Payments Study Online 160

PYMNTS

JULY 24, 2020

The collaboration is expected to give Visa’s global merchant and card network access to M-Pesa’s financial services network. How Global Freelancing Marketplaces Can Maintai n Security And Regulatory Compliance. Platforms also need to be sure that they can comply with the regulations of each country they serve.

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Compliance Report Payments Security 152

Perficient

DECEMBER 22, 2023

This mitigates the risk of customer service representatives providing incorrect information and ensures compliance with regulatory disclosures, ultimately enhancing the overall customer experience while reducing costs. Contact our experts today if you are interested in learning more about up-and-coming news in financial services.

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Risk Management Compliance Fraud Regulation 221

PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct.

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CFPB Monitor

MARCH 21, 2019

The CFPB’s final prepaid card rule takes effect on April 1. In this week’s podcast, we look at the top ten issues companies should be considering to confirm compliance and discuss how the CFPB and federal banking regulators are likely to approach compliance using their supervisory and enforcement authorities.

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PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. Compliance and risk officers have the unenviable task of finding out, sometimes after the fact, that not all the boxes are checked — if they even knew the boxes were there for checking in the first place. Plugging In To Plugins.

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Compliance Fintech Regulation Knowledge Base 133

Bank Innovation

NOVEMBER 11, 2019

A Wall Street regulator is opening a probe into Goldman Sachs Group Inc.’s s credit card practices after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card’s algorithms when determining credit limits.

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Apple Cards Regulation Groups 186

PYMNTS

JULY 1, 2019

When it comes to the new and emerging legal cannabis industry – along with the closely related trade in CBD products – payments and compliance issues, as one can imagine, have tremendous importance, and companies are striving to get into the game via those angles. Starting today, U.S. The Legal Situation.

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Compliance Industry Payments Policies 167

PYMNTS

JANUARY 9, 2019

In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front. New York has banned the ban. What’s in a name, then?

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PYMNTS

NOVEMBER 9, 2016

Any organization, small or large, private or public, must handle the pressures of compliance. “But we are seeing a move toward electronic funds transfers, toward stored value card payments and toward outsourcing that process altogether.” Sure, a paper check can get money to where it needs to go.

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Compliance Resources Data Management 174

Abrigo

SEPTEMBER 20, 2023

Compliance is not a one-size-fits-all approach; your monitoring system shouldn’t be different. Selecting a new solution can be stressful, but making the expectations of each person/department clear before a vendor is selected has proven to make a smooth transition. Below are some tips for budgeting for BSA/AML and Fraud software.

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Software Fraud Training Regulation 195

Abrigo

MAY 30, 2023

But compliance deadlines are tiered. June 28, 2023, based on the Code of Federal Regulations and the March 30 publication). However, compliance deadlines for affected financial institutions are tiered so that small business lenders originating the most transactions begin reporting data earlier than less active small business lenders.

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American Banker

AUGUST 17, 2023

The embattled credit card company, which is bracing for regulatory action, warned Thursday that heavy spending on risk management and compliance will persist. Executives also said that internal and external candidates will be considered for the permanent CEO job.

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PYMNTS

MARCH 8, 2018

and group compliance director, explained to PYMNTS how online tools can make remote identity verification even more robust than in-person processes — and also help kick cross-border payments into higher gear. “Is Having those compliance checks in place is crucial for a cross-border operation. Nazzaro asked.

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Compliance Regulation Online Payments 101

Perficient

FEBRUARY 1, 2021

In today’s blog, we’ll discuss some of the latest and greatest features around Teams collaboration, meetings, calling, and security/compliance! Security and Compliance Updates. Adaptive Card Compliance Capabilities. The following compliance capabilities are now generally available: Legal hold.

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PYMNTS

AUGUST 1, 2019

Investigators from the Federal Reserve carried out an inspection of Amazon ’s cloud in April as Washington looks into ways to regulate companies that provide the service. People familiar with the matter said the regulators were most interested in looking at Amazon’s resiliency and backup systems.

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Banking Exchange

FEBRUARY 3, 2020

The Rhode Island-based bank says legal action from the consumer regulator is “unwarranted” and ignores previous remedial work Consumer Credit Compliance Customers Cards CFPB Compliance/Regulatory Consumer Compliance Community Banking Feature3 Feature.

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PYMNTS

NOVEMBER 19, 2019

Among the biggest debates is how to construct and operate the best card program possible – a decision that served as the foundation for a new PYMNTS interview with Jim Geeslin, head of strategy for Elan Financial Services , an agent credit card issuer. Do FIs want to navigate card programs through that?”. Near-Term Challenges.

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Cards Apple Data Innovation 140