Compliance

FSOC leaves mortgage markets uncertain

11/10/20

FSOC’s statement on the FHFA’s proposed capital rule raises questions for market participants trying to anticipate a post-conservatorship secondary mortgage market, should the incoming administration go through with the GSEs’ exit from governmental control.

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Push to keep tabs on employees spurs union of monitoring firms

11/10/20

Smarsh, which enables banks and other clients to archive employee communications, is buying the AI firm Digital Reasoning as employers increasingly seek surveillance options for personnel working from home.

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Debit payments surge central to DOJ's suit to stop Visa-Plaid deal

11/05/20

In its lawsuit against Visa, the Justice Department alleges the card network's $5.3 billion deal to buy Plaid is meant to neutralize a competitive threat — even though Visa and Plaid do not see themselves as competing with each other.

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Payments firms see green as more states legalize pot

11/04/20

One area of certainty in the 2020 election is the momentum for legalizing cannabis, as a string of ballot box victories makes it harder for banks to avoid working with dispensaries and other legal marijuana businesses.

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JPMorgan Chase warns of upcoming fine over internal controls

11/03/20

The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.

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Pennsylvania credit unions cheer remote notarization law

10/30/20

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

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NCUA board OKs interagency guidance proposal

10/28/20

The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates.

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Visa $5.3 billion Plaid deal triggers DOJ antitrust concerns

10/27/20

Visa’s $5.3 billion acquisition of Plaid has raised competition concerns at the U.S. Justice Department, which is nearing a decision about whether to sue to block the deal, according to two people familiar with the matter.

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Should consumer protection failures play a bigger role in CRA grades?

10/21/20

USAA Federal Savings Bank’s downgrade shows how customer mistreatment stemming from flaws in internal controls can hurt Community Reinvestment Act scores. Some want consumer compliance to carry more weight in the CRA calculus.

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How PayPal’s approach to crypto breaks with precedent

10/21/20

PayPal isn’t the first company to open its platform to cryptocurrencies, but its technique is more hands-on than most payment providers.

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