News Topic: Money transfers

Payservices would use deposits largely to support its existing business. It has no plans to make loans. ... Read full article

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

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

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

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. ... Read full article

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 ... Read full article

Proponents of a plan to get the Postal Service more involved in banking say it would restore profitability. Actually it would lose more money. ... Read full article

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance. ... Read full article

The argument that only the federal government is up to the task is misguided. ... Read full article

There’s a long list of reasons traditional lenders haven't kept up with the needs of entrepreneurs, says Judith Erwin, the head of Grasshopper Bank in New York. One is not asking for enough feedback. ... Read full article

The rule requires disclosure of exact fees but institutions can estimate pricing under an exception that will expire in 2020. The CFPB is seeking comment to prepare for that deadline. ... Read full article

The European Commission says eight unnamed banks operated as a cartel in the €7 trillion eurozone government bond market; authorities detected a 150-foot tunnel leading to a JPMorgan Chase branch in Florida. ... Read full article

Whether it's the OCC's special-purpose charter, ILCs or some other option, observers see fintechs being able to obtain banking powers. ... Read full article