payments

Citi using Revlon snafu to fix risk management

09/14/20

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

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OCC chief goes too far reimagining national bank charter

09/14/20

Acting Comptroller of the Currency Brian Brooks’ focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency’s regulatory focus.

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CO-OP, Zelle partnership could bring P2P payments to small credit unions

09/01/20

CO-OP, a credit union payments firm, has teamed with the fintech to expand usage of digital payments offerings. But it's unclear to what extent members want those services.

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How COVID-19 cratered customer acquisition, profitability

08/19/20

New research finds that it's become harder than ever to acquire new customers — and equally challenging to engage newly acquired ones.

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Congress, not the OCC, decides what is and isn't a bank

08/19/20

The Office of the Comptroller of the Currency is overstepping its authority in granting charters to fintechs and other companies that don’t take deposits.

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FedNow? More like FedLate.

08/17/20

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated.

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Fed to have payments service ready 'as soon as practicably possible'

08/06/20

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

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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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CRA rule done, OCC set to unveil scoring proposal

07/30/20

Acting Comptroller of the Currency Brian Brooks said the agency plans to issue new assessment procedures within weeks as a follow-up to recent Community Reinvestment Act reforms. He also touched on the “true lender” issue and why the agency is considering a narrow-purpose payments charter.

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Banks, credit unions pan OCC idea to create charter for payments firms

07/29/20

Seven trade groups said they would fight any effort by the agency to establish a tailored license for payments providers such as PayPal, Stripe and Square.

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