Money transfers

Fed, Fincen look to require banks to hold more data on transfers


The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.


Why an OCC payments charter may not become reality


Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.


CFPB expands relief for banks and credit unions from remittance rules


The agency will allow institutions providing 500 or fewer transfers a year to estimate costs in consumer disclosures rather than quote exact figures.


New coronavirus funding stalls; mortgage lenders pressure Mnuchin


Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults expected.


CFPB urged to protect elderly from pandemic scammers


The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.


CFPB proposes expanding safe harbor in remittance rule


The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.


House GOP calls on CFPB to continue remittance rule exemptions


House Republicans are pushing the CFPB to continue to allow banks and credit unions to estimate exchange rates and fees for money transfers.


Zelle founder to helm Ripple rival Interstellar


The creator of Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks.


CFPB fines money transmitter Maxi for deceiving consumers


The CFPB ordered Texas money transmitter Maxi to pay a $500,000 fine for allegedly deceiving consumers by saying the company is not responsible for errors made by agents.


Postal banking's risks, Wells' endless problems, Capital One's M&A deal: Top stories of the week


Financial services is a dangerous diversification play for USPS, a contributor writes; Sen. Elizabeth Warren tells acting CEO that Wells Fargo is "still fundamentally broken"; Capital One buys a tech-focused investment bank; and more from this week's most-read stories.