Law and regulation

Prepaid card users have waited a long time for the basic protections that debit card customers take for granted. Congress should not throw them under the bus.

The fast-moving innovations enabled by blockchain technology defy the ability of state governments to regulate the distributed ledger space constructively and efficiently.

Jeffrey Lacker, who has served as President of the Federal Reserve Bank of Richmond since 2004, announced Tuesday that he is retiring after 28 years of service at the bank.

The biggest surprise for many who awaited the Consumer Financial Protection Bureau’s final rule for prepaid cards was discovering that its reach extends to some of the payments industry’s highest-profile tech firms, such as PayPal Inc.’s Venmo, Square Inc.’s Square Cash and Dwolla.

The Consumer Financial Protection Bureau's final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from both consumer advocates and bankers over how it treats overdraft fees.

IBM is introducing a set of new systems and tools to help banks in the U.S., Europe and Asia adapt to certain global initiatives to modernize financial services, including advancing real-time payments and sharing customer data with third parties through APIs.