On October 31, 2017, the Financial Crimes Enforcement Network (FinCEN) published an advisory to raise the awareness of financial institutions regarding potential fraudulent activity related to...
A Texas-based financial institution has been issued with a $2m fine by federal authorities for historic failures in managing a correspondent banking relationship with a firm in Mexico.
The U.S. Senate has voted to repeal the Consumer Financial Protection Bureau’s controversial arbitration rule, ending months of legal and legislative wrangling on both sides.
On October 20, 2017, Mastercard announced its decision to open up access to its blockchain technology via its application programming interface (API) to its partner banks and merchants. In this way...
The former chief of the Office of the Comptroller of the Currency (OCC) has defended plans to regulate fintech firms at the federal level, denying the rules will encroach on state authorities’...
Consumer protection regulators in the United States have set out expectations for third-party access to financial accounts, clarifying rules around payment authorisation, data security and...
On October 11, 2017, a draft bill of National Institute of Standards and Technology (NIST) Small Business Cybersecurity Act was approved the U.S. House of Representatives....
A consortium of U.S. trade interests has brought court action against the beleaguered federal consumer protection regulator in an attempt to strike out its incoming arbitration rule.
U.S. financial firms are grappling with legal uncertainty as the Senate dithers over the Consumer Finance Protection Bureau’s controversial arbitration rule, dividing their energies between...
U.S. legal experts have praised efforts to bring the country’s anti-money laundering regime into the 21st Century, after a draft bill suggested widespread reforms to transaction monitoring and...
A recent memo suggesting that the Consumer Financial Protection Bureau (CFPB) could have brought a $10bn penalty against Wells Fargo for recent violations has come to light....
Federal regulators are telling U.S. financial institutions, especially those located in south Florida and Texas, to be aware of Venezuelan officials trying to move or hide illegal assets.  
Legal experts are advising U.S. lawmakers and financial institutions to turn their regulatory attention to a more intelligent focus on smaller transactions, rather than singling out only large...
On September 6, 2017 the U.S. Federal Reserve published a report titled "Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey", which...
Payment processor Square is formally applying to be established under the Industrial Loan Charter (ILC) in the U.S., a form of banking license, prompting mixed reactions from commentators.
Although the new faster payment system in the United States has been touted as an industry-led effort from its inception, a new paper makes clear that authorities will maintain a firm involvement...

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