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Lawsky to Banks: Speed Up Payments Innovation — Or Else
Benjamin Lawsky, New York's top financial regulator, sharply criticized banks for their failure to speed up the payment system, warning that the government may step in if they continue to lag behind.
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The Financial Crimes Enforcement Network, a division of the Treasury Department, has assessed a $1 million civil penalty against MoneyGram International's former chief compliance officer. more »
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New York financial regulator Benjamin Lawsky revised his proposal for policing virtual-currency companies to eliminate some rules that Silicon Valley claimed would crush the fledgling industry. more »
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The Consumer Financial Protection Bureau filed a lawsuit against Sprint Corp., alleging it illegally processed improper third-party billing charges – marking the first time the agency has pursued a telecommunications firm. more »
David Cotney, commissioner of banks in Massachusetts and chairman of the CSBS task force.
One big question in the debate over regulating cryptocurrencies is whether to apply existing rules to these new technologies or craft new ones. A state regulators' trade group recognizes that there may be no one right answer. more »
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The Consumer Financial Protection Bureau has its sights set on prepaid and debit cards offered to college students as such products are filling the gaps left by credit card issuers which have largely left the space, according to a study released by the agency Dec. 15. more »
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Tax authorities all over the world are making decisions on how to view the new and increasingly popular decentralized digital currencies such as Bitcoin. more »
The Fed's upcoming plan on faster payments and Nacha's same-day settlement proposal are "complementary" efforts, Nacha CEO Janet Estep said.
Banks would have to upgrade their systems to accommodate faster transactions, and originating banks would pay the receiving financial institutions a fee to cover those costs, under a plan from Nacha, the industry group that sets ACH rules. more »
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Zomato hasn't been able to add payment capabilities to its restaurant discovery app in its home base of India, but the company has found a more welcoming audience in Dubai, where it plans a pilot next month. more »
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Swift's initial move into faster domestic payments in Australia sets the groundwork for expansion into other markets, including the U.S. more »
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Bitcoin wallet providers have had a touchy relationship with prepaid cards. But whether or not these companies care about plastic, they should care about how the Consumer Financial Protection Bureau's prepaid proposal affects them. more »
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Opinion
Electronic commerce has made our world closer than ever. more »
"The proposed rule doesn't completely ban overdraft features on prepaid cards and that's one place where we will be urging the bureau to go a little bit further," said Lauren Saunders, associate director of the National Consumer Law Center.
Consumer groups said that the Consumer Financial Protection Bureau was too soft in its prepaid card plan, arguing that it should have required more on upfront disclosures, banned overdraft charges, and completely severed prepaid cards from being tied to other types of credit. more »
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For payment technology developers, the stakes couldn't be higher as the FCC develops new rules that could support or eliminate net neutrality, a system in which Web access is equal for most users, regardless of size. more »
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