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Fed Payment Division Leader to Retire After 30 Years
Louise Roseman, the longtime head of the Federal Reserve's payment systems division, plans to retire this year.  more »
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The European Commission wants to snuff out terrorist funding, a strategy that could include tight monitoring of cash and Bitcoin, and national account registers. more »
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A Federal Reserve task force has issued criteria for its faster payments initiative, part of a long journey to build a framework to securely and efficiently accommodate the near real-time processing for digital commerce. more »
Bloomberg News
Vantiv will stop processing transactions for its clients in daily fantasy sports amid government claims the sites are violating gambling laws, the New York Times reported Friday. more »
Bloomberg News
The project is likely to be mirrored at banks around the country as the automated clearing house evolves from settling payments in three to five days currently to same-day settlement in September and faster payments beyond that. more »
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Digital and alternative currencies are often cast as libertarian-friendly payment vehicles whose very mission engenders government antagonism. But in Canada, things are a bit friendlier. more »
Joshua Roberts
"We are also concerned about certain payment collection practices that can subject consumers to substantial fees and increase risk of account closure," said Kelly Cochran, the CFPB's assistant director of regulations.
After several years of tussling with mortgage rules and their implementation, the Consumer Financial Protection Bureau is focusing on several areas that will primarily affect the nonbank market, including debt collection, payday-type loans and prepaid cards. more »
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Fourth Corner Credit Union has lost its court battle to offer banking services to the marijuana industry, but its organizers are not throwing in the towel. more »
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A federal judge is urging the parties of a closely watched pot-banking case to settle their dispute. more »
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One of the more unusual financial crime stories of the year concerned two men who were charged with operating an illegal Bitcoin exchange through a now-shuttered New Jersey credit union. more »
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Participants in an alleged credit card laundering scheme have agreed to settle Federal Trade Commission charges that they illegally helped provide access to payment networks, thereby enabling scammers to place bogus charges on consumers’ credit cards. more »
Bloomberg News
The Federal Deposit Insurance Corp. announced settlements Wednesday with student banking business Higher One of New Haven, Conn., and WEX Bank of Midvale, Utah, for deceptive practices in the marketing of college and university debit accounts. more »
"Unless companies take upon themselves a higher burden than is required in the bill to remove personally identifiable information, a lot of PII can still be shared regardless of the fact it's totally unnecessary for increasing cybersecurity," says Robyn Greene, policy counsel at New America's Open Technology Institute.
Privacy advocates were appalled by the cybersecurity act Congress passed in the omnibus spending bill, with its abandonment of data-privacy provisions that existed in earlier versions. Now consumer and business-client privacy is at the discretion of the banks and other private companies. more »