News Topic: Compliance

The Justice Department's probe of Visa highlights whether merchants are properly equipped to adapt to the cost of debit spending as more commerce goes digital. ]] ... Read full article

Goldman Sachs Group didn’t use discriminatory practices when deciding whether to extend credit to prospective customers of its Apple Card, said the New York State Department of Financial Services. ]] ... Read full article

The Justice Department has already successfully intervened to break up Visa's deal to buy Plaid. Merchants welcome reports that it is looking at Visa's routing practices. ]] ... Read full article

The State Department has added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. Banks face sanctions if they do business with them. ]] ... Read full article

The Arizona Fintech Council, an organization of banks, economic and technology groups, will encourage collaboration and access to the state's regulatory sandbox to promote a version of Europe's open banking policy in the U.S. ... Read full article

With national banks awaiting federal decisions on marijuana banking policy, smaller institutions can capitalize on local laws. That’s the theory Colorado Ventures is putting to the test with a $5 million investment in AeroPay, which banks with Partner ... Read full article

In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood lambasted the lengthy process necessary for launching a new credit union. ... Read full article

In remarks at CUNA’s online Governmental Affairs Conference, the chairman of the National Credit Union Administration called for the creation of new initiatives around compliance for fair credit reporting and truth in lending. ... Read full article

The overwhelming success of Square’s bitcoin trading service creates new opportunities for its bank to work with underserved markets. ... Read full article

For the second time in three years, the Cleveland thrift has received a low score on its Community Reinvestment Act examination for making too few home loans in low-income communities. ... Read full article

The Office of the Comptroller of the Currency issued a prompt corrective action directive to First National Bank and Trust in January, requiring it to hire a forensic auditor and provide the OCC with access to documents and records. ... Read full article

The nod from the Federal Reserve is seen as a significant step toward eventually freeing the bank from a 2018 order that imposed a cap on its assets. ... Read full article

The former comptroller of the currency, who founded the consulting firm known for its roster of ex-regulators, will hand over leadership of day-to-day activities to an operating committee as he pursues other projects. ... Read full article

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications. ... Read full article

Documents shed light on how two brokers overseeing trainees allegedly called hundreds of phone numbers on Merrill’s Do Not Call list. ... Read full article

Citigroup will refund an additional $4.2 million to some credit card customers who were overcharged years ago. ... Read full article

Australia and the U.K. are starting to build the case for regulation of buy now/pay later offerings. ... Read full article

The inquiry into Venmo's debt collection practices is a taste of what PayPal can expect as it expands to other categories that increasingly face regulatory pressure. ... Read full article