Money transfers

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

10/23/20

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

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Why an OCC payments charter may not become reality

08/05/20

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.

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CFPB expands relief for banks and credit unions from remittance rules

05/11/20

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

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New coronavirus funding stalls; mortgage lenders pressure Mnuchin

04/17/20

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.

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CFPB urged to protect elderly from pandemic scammers

03/22/20

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.

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CFPB proposes expanding safe harbor in remittance rule

12/03/19

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.

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House GOP calls on CFPB to continue remittance rule exemptions

09/30/19

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

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Zelle founder to helm Ripple rival Interstellar

09/12/19

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

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CFPB fines money transmitter Maxi for deceiving consumers

08/28/19

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.

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

08/23/19

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.

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