CFPB Monitor

OCTOBER 25, 2022

Following up on a threat it made back in 2018 , the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

New York 78

New York Lending Community Bank Community 78

PYMNTS

MARCH 9, 2020

Banks on Wall Street are talking to regulators about waiving rules regarding brokers working remotely while the coronavirus makes its way through New York, according to a report by Reuters. New York Gov. The CEO of the Securities Industry and Financial Markets Association (SIFMA), Kenneth Bentsen Jr.,

New York 154

New York Regulation Meeting Industry 154

PYMNTS

JULY 16, 2019

France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. Because digital currency is so new, regulations vary around the world.

Regulation 143

Regulation Company cryptocurrency Taxes 143

PYMNTS

DECEMBER 13, 2018

CUs are also actively communicating with law enforcement agencies, keeping regulators informed about suspicious activity, while receiving tips on noticeable trends that these same agencies are eyeing. AML Compliance Turns CUs Into Law Enforcement. However, their members are not the only ones with whom credit unions must regularly work.

Regulation 135

Regulation South Dakota ATM New York City 135

PYMNTS

SEPTEMBER 30, 2020

In today’s top news in digital-first banking, global card issuing platform Marqeta debuted its Tokenization-as-a-Service (TaaS) offering, while the Bank of New York Mellon (BNY Mellon) has named a new executive for global market infrastructure. BNY Mellon Names Robin Vince To Lead Global Market Infrastructure.

Marketing 130

Marketing New York Cards Conference 130

PYMNTS

JANUARY 30, 2019

The New York Department of Financial Services (DFS) announced it has fined Standard Chartered $40 million for attempting to rig transactions in foreign exchange (FX) markets between 2007 and 2013. The DFS’ investigation discovered that traders used emails, phone calls and personal meetings to try to rig transactions.

New York 128

New York Compliance Risk Management Meeting 128

PYMNTS

JULY 15, 2020

said Revolut is its first customer for its new product, the Paxos Crypto Brokerage. According to New York-based Paxos, the API-based solution is designed to enable companies to “integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications.”. “The Revolut made its U.S.

US 233

US cryptocurrency FDIC Compliance 233

PYMNTS

JULY 12, 2018

New York’s Department of Financial Services is recommending that online lenders are subjected to the same scrutiny and regulations that traditional banks face. Cuomo on June 1, 2017, required DFS to study online lending in New York State and submit a report of its findings. A bill signed by Governor Andrew M.

Online 100

Online New York Lending Regulation 100

PYMNTS

AUGUST 24, 2020

Here’s the latest news from Facebook, Amazon and others, which are coming under increasing scrutiny from regulators, trade groups and politicians the world over. Regulations. German Gov’t Looks Into Amazon’s Use of Its Market Position Amid Pandemic. Facebook Supports Data-Portability Law.

social media 152

social media Data Apple Compliance 152

PYMNTS

JANUARY 28, 2019

As noted in this space by Karen Webster, the ban on the ban – where, now, in New York, surcharges are allowed when merchants post total prices for transactions – shows the inefficiencies of regulation that supersede card networks’ own rules governing merchant activities. Maybe, maybe not. As Webster recounted Monday (Jan.

Cards 125

Cards New York Oklahoma Connecticut 125

PYMNTS

NOVEMBER 22, 2019

Richard Ashton, deputy general counsel for litigation, enforcement and system matters, said at a conference in New York that the Federal Reserve is considering an audit of tech firms’ compliance policies and governance structures. Can we look at their overall compliance management program?”. 21), citing a senior official.

Security 116

Security Policies Conference Compliance 116

CFPB Monitor

APRIL 15, 2022

Three credit unions have filed a federal class action lawsuit in the Southern District of New York seeking to halt the enforcement or implementation of New York’s recently passed S.B. The class the credit unions seek to represent consists of similarly situated New York holders of unsatisfied consumer debt judgments.

New York 147

New York United States Policies Compliance 147

PYMNTS

DECEMBER 2, 2020

Luxembourg regulators have given a thumbs-up to the FinTech PingPong , authorizing it to do business as an Electronic Money Institution (EMI). The new license will allow PingPong to offer customers “a more flexible array of services,” the company said in a news release.

Fintech 158

Fintech San Francisco New York California 158

PYMNTS

JULY 12, 2019

Lawmakers went on the assumption that reforming federal marijuana laws is a given and used the hearing to discuss regulation. State and federal regulation can ensure that those consumers are using safe products. Fraud, in the herbal world, is a very common occurrence,” she told PYMNTS in a recent interview.

Retail 154

Retail Colorado Regulation Compliance 154

Insights on Business

MAY 19, 2017

In the area of regulatory compliance, however, simply keeping up with the volume and variety of new and changing regulations is high on the priority list of virtually all organizations. The OPS 2017 event was presented by the Securities Industry and Financial Markets Association (SIFMA) and this year IBM was a Platinum sponsor.

Compliance 160

Compliance Analytics Regulation Training 160

PYMNTS

SEPTEMBER 18, 2018

17) that the city financial center, the Abu Dhabi Global Market (ADGM), has debuted a “sandbox” for digital offerings in tandem with Abu Dhabi’s Department of Economic Development. “ While In New York, New York…. Announcements came Monday (Sept. Announcements came Monday (Sept. Startup accelerators are in place.

Fintech 166

Fintech New York US National 166

PYMNTS

JUNE 27, 2018

Digital money platform Uphold announced that it has reached an agreement to acquire New York Stock Exchange member JNK Securities Corp. If the deal is finalized, Uphold’s compliance footprint will be expanded, as well as its customer base and service offering.

Security 108

Security Los Angeles San Francisco Compliance 108

PYMNTS

JANUARY 7, 2020

China’s Guangdong province has launched a blockchain financing platform for small and medium-sized businesses, backed by OneConnect , a Chinese FinTech recently listed on the New York Stock Exchange, according to a press release. . ” TaxBit will use the funding to speed up customer growth, and make its products better.

Bitcoin 132

Bitcoin blockchain Taxes Austin 132

PYMNTS

JULY 1, 2019

The company has been running into numerous regulatory obstacles as it moves forward with pre-compliance conversations with monetary organizations around the world. It’s also applied for money-transfer licenses and started taking steps toward getting a BitLicense from the Department of Financial Services in New York. .

cryptocurrency 102

cryptocurrency Regulation United States New York 102

PYMNTS

DECEMBER 27, 2019

The company is based in San Francisco and operates in the Bay Area, Los Angeles, New York City, Seattle and Washington, D.C. They obviously have a lot of data and understand the market and how it’s evolving. Compliance is of absolute importance to us,” Taggar said.

Los Angeles 139

Los Angeles San Francisco New York City Trends 139

American Banker

APRIL 16, 2024

detailed how New York Community Bank grew to exceed the $100 billion threshold that triggers tougher bank requirements and set the bank on a path to market turmoil via a series of deals that were approved, in part, by the Office of the Comptroller of the Currency. Elizabeth Warren, D-Mass., and Richard Blumenthal, D-Conn.,

New York 41

New York Community Bank Community Marketing 41

Abrigo

JUNE 5, 2023

Data-driven decisions for managing financial institution risk while driving growth and increasing efficiency are especially important given the recent failures of Silicon Valley Bank, First Republic Bank, and Signature Bank of New York. Regulators review them to assess safety and soundness.

Report 195

Report Risk Management Capital Data 195

CFPB Monitor

JULY 29, 2022

On July 20, 2022, the Federal Trade Commission (“FTC”) and 18 state attorneys general led by New York Attorney General Letitia James announced that they have entered into a settlement with Harris Originals of NY, Inc. District Court for the Eastern District of New York, Harris Jewelry will issue approximately $10.9

National 78

National Retail Regulation New York 78

PYMNTS

JANUARY 25, 2019

Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. As it stands, stablecoins have more than $3 billion in market value amid their rising popularity.

blockchain 123

blockchain Bitcoin Security Survey 123

American Banker

JUNE 28, 2023

So says Solidus Labs, a New York-based company that specializes in ways to monitor suspicious crypto transactions.

New York 36

New York Marketing Company cryptocurrency 36

PYMNTS

AUGUST 20, 2018

Three months in, the European Union’s General Data Protection Regulation still stymies some firms seeking to comply with new rules and regulations governing data protection and privacy. As many as 85 percent of firms are boosting budgets over the previous year’s, tied to data privacy and compliance.

Fintech 101

Fintech Survey Regulation Resources 101

Insights on Business

FEBRUARY 23, 2019

This paradigm shift is not only changing the landscape of the market—with fintech consolidation and new partnerships that would have seemed like odd bedfellows a mere 36 months ago—but it is changing organizational design, hiring and training philosophies, and even the role regulators see themselves playing. Watch the video.

Innovation 125

Innovation New York City Training Case Study 125

PYMNTS

JANUARY 3, 2020

In a way, the practice of payments — payments itself — is moving from the high minor leagues to the majors, and to the New York Yankees at that. Payments, of course, have always been important, but the new decade promises to be something else entirely. But in fairness, it’s going to be a big one, at least from all the signs.

Payments 209

Payments Innovation Maine Compliance 209

Abrigo

OCTOBER 23, 2014

CEIS Review , a New York-based bank consulting firm, highlights the shift in a recent article. Community banks certainly want to remain conservative with risks and follow regulations. But shareholders also expect profitability and growth, while keeping costs, especially those related to regulatory compliance, down.

Risk Management 186

Risk Management Management Lending Resources 186

PYMNTS

FEBRUARY 5, 2020

Singapore-based Kredivo ended 2019 with lots of new funding raised, while New York-based Splitit was among the BNPL providers that logged $1 million in transactions, according to the latest edition of the PYMNTS Buy Now, Pay Later Tracker. and around the world. Of course, there are always challenges in expansion.

Cards 143

Cards Millennials Regulation United States 143

CFPB Monitor

JANUARY 24, 2020

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. These regulations will require implementation of additional New York-specific communications and servicing procedures. Effective Date.

New York 78

New York Regulation Payments Compliance 78

CFPB Monitor

AUGUST 7, 2019

The New York Department of Financial Services (DFS) issued a press release yesterday to announce that it is leading a multistate investigation into the payroll advance industry. The other state regulators identified in the DFS’s press release as joining the investigation are the following: Connecticut Department of Banking.

Industry 92

Industry Puerto Rico South Dakota North Dakota 92

Abrigo

AUGUST 6, 2019

At the recent NYU Law Program on Corporate Compliance and Enforcement , FinCEN Director Kenneth A. Like other FinCEN advisories, they contain common typologies, red flags to look for, and guidance on complying with FinCEN regulations to address those threats and vulnerabilities.

System 264

System Las Vegas San Antonio San Diego 264

PYMNTS

MAY 15, 2019

Taxis offered professional drivers an established service model and compliance with strict regulations, but consumers still flocked to Uber for its convenience and seamless payments. Taxi companies in this competitive market must either innovate their existing models or get off the roads.

New York City 100

New York City New York Mobile Industry 100

PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve.

Innovation 188

Innovation Payments Fintech New York 188

PYMNTS

AUGUST 1, 2018

Supreme Court struck down state bans on sports betting, MGM Resorts International has signed deals with the NBA and other operations that could mark the first chapter of the country’s new sports and gambling culture. The new venture will have exclusive access to all U.S. First, here is a look at what MGM has done in recent days.

United States 101

United States Online New York Louisiana 101

PYMNTS

SEPTEMBER 13, 2017

The firm, founded in New York in 2015 and now located in Hangzhou, with offices in San Francisco, Shenzhen and Luxembourg, has operated since February 2016 with Amazon as its anchor client. In many cases, Chen continued, firms may violate intellectual property laws because they don’t understand where some compliance boundaries lie.

San Francisco 101

San Francisco Compliance Regulation Branding 101