CFPB Monitor

OCTOBER 21, 2021

The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement). Appropriateness of alternative reference rates. Fallback language.

Regulation 78

Regulation Management FDIC Risk Management 78

Perficient

AUGUST 5, 2021

Background: On June 11, 2021, the Federal Reserve published in the Federal Register a proposal to amend Regulation J to govern funds transfers through the Federal Reserve Bank’s new FedNow Service by establishing a new subpart C. Comments must reference Docket No. R-1750 and RIN 7100-AG16.

DC 309

DC United States Washington Regulation 309

Perficient

JUNE 1, 2022

Transactions that are not reported within the specified timeframe are classified as late (FINRA TRACE reporting requirements always reference Eastern Time). This includes implementing and operating computer systems that commence the trade reporting process at the time of execution without delay. Interested in learning more?

Report 294

Report Security Regulation System 294

PYMNTS

AUGUST 17, 2020

In a letter, as reported by various media outlets in India, the All India Organization of Chemists and Druggists argues that laws from the 1940s prohibit the sort of home delivery operation that Amazon is piloting in India. For years, pharmacists have complained about confusion around what is allowed as small operations have launched.

Groups 251

Groups Regulation Operations Meeting 251

CFPB Monitor

JANUARY 9, 2020

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.” (LIBOR is the acronym for the London Inter-Bank Offered Rate.).

Regulation 78

Regulation New York Taxes Management 78

PYMNTS

SEPTEMBER 16, 2020

The Financial Times (FT) reported police acknowledged that in a scheme to avoid China’s tough financial regulations, thieves have targeted sites including Pinduoduo Inc., In response to an inquiry from the FT, a Pinduoduo spokesperson said gambling syndicates operating under false pretenses on shopping platforms is an industry-wide problem.

Online 312

Online Report Security Regulation 312

CFPB Monitor

JUNE 14, 2021

The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”. Proposed Regulations. The IDFPR has proposed regulations to implement the Act.

Illinois 78

Illinois Regulation Report Lending 78

Bank Innovation

MARCH 30, 2018

bank said it will be switching off access to 24 million customers as the bank restructures itself as required by national regulation. These changes were established by the Bank of England in 2011, and is referred […]. The major U.K.

Online 220

Online National Regulation Mobile 220

BankUnderground

JULY 31, 2020

To make regulation proportionate, policymakers adapt regulatory requirements to the risks posed by each firm. But regulators face a trade-off between addressing systemic risks in a proportionate way and limiting regulatory complexity. A threshold could become a barrier to growth if it leads to higher operational costs (e.g.

Regulation 63

Regulation Policies Analysis Capital 63

PYMNTS

JUNE 10, 2016

As a general rule, most startups aren’t too happy when the regulator comes around, and it is rarely indicative of good news. These days, however, Uber is spending its time, increasingly, in court and has even managed to allow things to break down completely in Austin such that it doesn’t operate there anymore.

Regulation 100

Regulation National Austin Fintech 100

PYMNTS

AUGUST 20, 2018

The firm that a White House lawyer once referred to as a “giant bloodsucker,” that hit a (staggering at the time) billion dollars in sales in 1929, that was valued at a billion dollars in 1959 and that reinvented the grocery store experience for consumers sold a 42 percent stake to a German investor in 1979 at a $190 million valuation.

Regulation 105

Regulation Online Innovation Google 105

PYMNTS

JULY 28, 2020

Robust international operations require winning over many sellers and operating smoothly around the world, activities that can be challenging for platforms. Complying With Payments Regulations. Global marketplaces must follow numerous regulations when issuing payments.

Marketing 159

Marketing Regulation National Operations 159

PYMNTS

NOVEMBER 3, 2020

1), the tech giant referred to the possible effects of legal proceedings and global regulations and how those could impact its operations and financial conditions. As a tech company valued in excess of $2 trillion, Apple can afford battling lawsuits. In its latest annual report released on Sunday (Nov.

Apple 226

Apple Nevada Texas Maine 226

Abrigo

DECEMBER 10, 2021

This update clarifies that banking regulators and FinCEN understand that no specific customer type automatically falls into a higher risk category. These updates are in the sections for Charities and Nonprofit Organizations , Independent Automated Teller Machine (ATM) Owners or Operators , and Politically Exposed Persons (PEPs).

Training 195

Training Regulation Policies ATM 195

Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy? Even better, regulators have recently begun encouraging the application of these techniques.

Regulation 70

Regulation Compliance Analysis Innovation 70

Abrigo

JULY 13, 2023

In the context of financial crime, this troubling analogy refers to a manipulation technique used to exploit vulnerabilities in a victim through frequent interactions and social engineering. Massive financial losses can destabilize their operations, impact profitability, and harm their reputation. What exactly is a pig butchering scam?

Fraud 195

Fraud cryptocurrency Training social media 195

PYMNTS

OCTOBER 7, 2019

Securities and Exchange Commission (SEC) is seeking to “modernize” the regulation of exchange-traded funds (ETFs) in a bid to make those investment vehicles more innovative, and give them quicker entrance to the market. Might that pave the way for the emergence of cryptocurrency ETFs?

cryptocurrency 134

cryptocurrency Bitcoin Regulation Retail 134

Independent Banker

AUGUST 31, 2022

Our senior leadership team took that to heart, and it stuck with us, creating an environment in which compliance plays a significant role in everything from our strategic direction to our daily operations. Regulations are there to require what we do every day as community bankers: protect our customers. My top three.

Compliance 177

Compliance Community Leadership Industry 177

CFPB Monitor

JULY 20, 2022

In 2017, the United Kingdom’s Financial Conduct Authority (FCA), the regulator that oversees the panel of banks on whose submissions LIBOR is based, announced plans to discontinue LIBOR after 2021. The FCA subsequently announced that no LIBOR indices will be available after June 30, 2023.

New York 78

New York Security Operations Regulation 78

CFPB Monitor

MAY 19, 2022

Regulation Z requires both tips to be included in the finance charge, resulting in APRs on the loans made to Connecticut borrowers ranging from approximately 43% to over 4280%. The loan disclosures stated that the loans had 0% APRs. The Department asserts that it is authorized to assert the UDAAP claim pursuant to Section 1042 of the CFPA.

Connecticut 78

Connecticut Operations Fintech Regulation 78

Perficient

JUNE 5, 2020

Secure software practices are at the heart of all system development; doubly so for highly regulated industries such as health-care providers. This includes static application structure, dynamic application behavior, third-party component patch/version levels, and overall deployment environment compliance with hardened operating systems.

Compliance 332

Compliance Security Software System 332

Bobsguide

JULY 3, 2022

Organised by Goodacre, a specialist business and technology consultancy, the awards are an endorsement for suppliers of services and systems to the regulated financial services sector. The Awards provide an important point of reference for user firms assessing the suitability of their operational infrastructure.

System 78

System Fintech Financial Technology Regulation 78

Jeff For Banks

APRIL 4, 2024

Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. and 53% indirect costs: operations, IT, human resources, etc.

Banking Trends 119

Banking Trends Trends Millennials Oregon 119

PYMNTS

JANUARY 16, 2020

Mobility is one of the areas where Europe will really benefit from a local champion who shares the values of European consumers and regulators,” Villig said. The funding comes as Uber faces a possible ban in London by transportation regulator Transport for London. Bolt rolled out in London last June.

Regulation 130

Regulation Capital Examples Innovation 130

PYMNTS

MARCH 12, 2019

The Australian Securities and Investments Commission (ASIC) is criticizing top Australian banks for what the regulator said is an inefficient process of reviewing internal systems that allowed the banks to charge excess fees to customers. The Royal Commission has referred two dozen cases for regulators, which could result in prosecution.

Regulation 108

Regulation National Resources Security 108

PYMNTS

DECEMBER 9, 2019

The regulators felt that the merger could adversely impact wireless competition, and ultimately harm consumers. The case was initiated by 14 state attorneys general, who believe the Department of Justice (DOJ) and the FCC should not have approved the deal. He added that the U.S.

US 130

US Mobile Regulation Meeting 130

PYMNTS

AUGUST 22, 2019

Any addresses deemed to be associated with foreign narcotics operators are added to the Specially Designated Nationals (SDN). 21, it was discovered that three alleged narcotic operators associated with the SDN addresses were Chinese citizens: Xiaobing Yan, Fujing Zheng and Guanghua Zheng, according to the article.

United States 116

United States cryptocurrency US Bitcoin 116

PYMNTS

OCTOBER 1, 2018

Business lending in Australia probably won’t face tougher loan regulation when it comes to small business loans. But instead of making recommendations, the report pondered if better enforcement of the law, as well as a simplification of those regulations, would help enforce it more effectively.

Lending 135

Lending Regulation National Report 135

PYMNTS

JULY 5, 2019

The circumstances have prompted calls for more regulation on worries that it could harm the country’s economic growth. There is also talk of more regulation in the industry. Shaktikanta Das, the Reserve Bank of India (RBI) governor, said the bank would make sure the non-banking sector would keep operating.

Lending 100

Lending Regulation Capital Operations 100

PYMNTS

OCTOBER 30, 2018

Coinbase, the cryptocurrency exchange operator, has raised a fresh round of funding that gives it a valuation of more than $8 billion. The latest round of funding implies investors are still interested in the cryptocurrency market despite the steep declines in the price of many of the digital tokens.

cryptocurrency 181

cryptocurrency Regulation Management Innovation 181

PYMNTS

JANUARY 17, 2020

The DBO’s approval means that Sezzle can now continue to operate seamlessly in the state and continue to act as the leading U.S.-based This is referred to as Buy Now, Pay Later (BNPL), a fast-emerging trend in sales. based installment payment platform, according to a press release from the company.

California 130

California Lending Trends Payments 130

CFPB Monitor

OCTOBER 21, 2020

The CFPB recently issued a final rule that amends the Regulation Z ability to repay/qualified mortgage rule by extending the sunset date for the qualified mortgage (QM) based on a loan meeting certain product requirements and being eligible for sale to Fannie Mae or Freddie Mac. The QM often is referred to as the “GSE Patch.”

Compliance 97

Compliance Regulation System Analysis 97

PYMNTS

DECEMBER 7, 2018

Not to ruin your holiday spirit, but let’s start this story with the cold and brutal truth: One of the largest risks that payments and commerce operators face in 2019 is being called to account by government officials, regulators or media about a failure to secure their organizations from cyberattacks. and other places.

Payments 240

Payments Tools Security Regulation 240

Abrigo

NOVEMBER 18, 2019

Key Takeaways Cannabis-related businesses operate in high cash volumes, creating a public safety concern. CRBs operate with high levels of cash, with many of them currently cash-only businesses. The bill was received in the Senate in September and has been referred to the Committee on Banking, Housing, and Urban Affairs.

Regulation 150

Regulation Community National Operations 150

PYMNTS

JANUARY 28, 2019

Yes, I know that for many of you, especially in California, this is old news and standard operating procedure – but hear me out. The specific issue that I’m referring to is merchant surcharging – a fancy term to describe the fee charged by merchants when consumers use network-branded card products to pay for their purchases.

Regulation 181

Regulation Boston Cards Innovation 181

PYMNTS

MAY 29, 2019

The shipping firms that rely on the rail operators to move goods are grappling with new timetables. billion last year, and the Surface Transportation Board, which regulates the industry, said the charges will be even more this year. As the financial news publication noted, large rail firms such as Union Pacific Corp. Those charges?

Training 108

Training Course Regulation Operations 108

PYMNTS

MARCH 29, 2017

Due to new taxi laws in the country, Uber announced that it is shutting down its operation in Denmark next month. Currently, Uber is waiting on a court decision to find out how it will be regulated throughout Europe: as a transport service or a digital platform.

Regulation 100

Regulation Maine Operations National 100