PYMNTS

JANUARY 8, 2021

The Cyberspace Administration of China is considering a revamping of internet oversight regulations, rules that have not been updated in more than 20 years, according to a Reuters report on Friday (Jan. The plan to revise cyberspace regulations comes at a time when China is stepping up the scrutiny of tech giants.

Online 171

Online Regulation Maine National 171

CFPB Monitor

APRIL 8, 2021

On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The full compliance date for the final rule is January 1, 2022.

FDIC 78

FDIC Resources Regulation Compliance 78

PYMNTS

MAY 15, 2018

The Central Bureau of Investigation (CBI), India’s main investigative agency in the country, has filed charges in the Punjab National Bank fraud case against Nirav Modi, the jewelry retail owner, and his uncle Mehul Choksi, as well as senior executives at the state-run lender.

Fraud 100

Fraud National Maine System 100

Abrigo

SEPTEMBER 6, 2024

The investment advisers rule expands the definition of "financial institution" under the Bank Secrecy Act (BSA) to include certain registered investment advisers and exempt reporting advisers. According to the Treasury , the rule will provide highly useful information to law enforcement authorities and national security agencies.

Compliance 195

Compliance Training Fraud Regulation 195

PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct.

Regulation 100

Regulation Cards Digital Banking social media 100

Abrigo

APRIL 6, 2022

Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. Background Historically, the federal banking regulators required financial institutions to file two types of reports for certain cybersecurity incidents.

Security 195

Security Regulation District of Columbia United States 195

PYMNTS

JUNE 8, 2020

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. He said the regulators would need to have total control over a cryptocurrency-fueled system that replaced traditional banking.

blockchain 338

blockchain cryptocurrency Maine National 338

Jeff For Banks

AUGUST 2, 2014

My firm will occasionally provide feedback on correspondence to our clients'' regulators. I thought about what we should have said to the regulator, versus the sweet words I was encouraging our client to use. Below is a sample letter to your regulator, saying it like you mean it. Warm Regards, Schmidlap National Bank.

Regulation 89

Regulation DC FDIC Analytics 89

CFPB Monitor

MARCH 30, 2020

On March 27, 2020, the Massachusetts Attorney General filed an emergency regulation interpreting the Massachusetts Consumer Protection Act, M.G.L. Indeed, the National Consumer Law Center has interpreted the restrictions this way.

Massachusetts 78

Massachusetts Regulation Industry National 78

CFPB Monitor

MARCH 30, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes the following key provisions that affect financial institutions and regulation of financial institutions: Section 4003 – Emergency Relief and Taxpayer Provisions. Section 4010 – Temporary Hiring Flexibility. Section 4011 – Temporary Lending Limit Waiver.

Regulation 122

Regulation United States Community Bank National 122

PYMNTS

JANUARY 19, 2018

Fizzle of the Week: Cryptocurrency Regulation. The saga over bitcoin and its relationship to various regulators has become something of the payments answer to a romantic comedy. Because, as of right now, the same basic question animates both plots: Will they or won’t they? Easy come, easy crypt-go, it seems.

Bitcoin 123

Bitcoin Regulation cryptocurrency Taxes 123

CFPB Monitor

NOVEMBER 22, 2022

As previously reported in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.

Policies 148

Policies Meeting Exercises Regulation 148

PYMNTS

JUNE 8, 2016

regulators issued a stern warning to banks to be on the lookout for cyberthreats in the aftermath of the Bangladesh cyberheist , where $81 million was taken without a trace from the central bank’s account at the NY Fed. On Tuesday (June 7), U.S. He has knowledge of the case but has not been directly involved.

Regulation 100

Regulation New York System Groups 100

Abrigo

FEBRUARY 10, 2022

The AMLA set the stage for establishing a national reporting system for beneficial ownership and for potentially changing current CDD/BO requirements in an effort to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise illicit activity. BSA Rules and Regulation. Need to Know.

Training 195

Training Regulation Report Compliance 195

Abrigo

FEBRUARY 8, 2022

Takeaway 2 NBFIs should ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators. Stay up to date on regulations affecting NBFIs and other BSA trends. Below are 10 things NBFIs should do to ensure their AML programs are sound and pass the scrutiny of FinCEN and their primary regulators.

Compliance 195

Compliance Training Regulation Fraud 195

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.

Massachusetts 128

Massachusetts Utah National Regulation 128

PYMNTS

AUGUST 5, 2019

Thailand ’s anti-money laundering regulator has revealed plans to add cryptocurrency to the country’s laws. Police Maj. We may not find any clue, but that doesn’t mean the wrongdoing does not occur,” he explained, according to CoinDesk.

cryptocurrency 108

cryptocurrency Bitcoin blockchain Regulation 108

CFPB Monitor

NOVEMBER 18, 2020

As previously reported , in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.

Policies 78

Policies Meeting Exercises Regulation 78

CFPB Monitor

DECEMBER 22, 2020

Section 29 of the Federal Deposit Insurance Act and FDIC regulations restrict the acceptance of deposits by IDIs that are less than well capitalized from a “deposit broker.” The term “deposit broker” is defined by Section 29 and the FDIC’s implementing regulations (12 C.F.R. Brokered Deposits. Primary Purpose Exception.

FDIC 78

FDIC Capital National Regulation 78

PYMNTS

JUNE 19, 2019

Carney explained that if Libra was immediately popular with users “it would instantly become systemic and will have to be subject to the highest standards of regulation.”.

cryptocurrency 193

cryptocurrency Groups Meeting System 193

PYMNTS

SEPTEMBER 28, 2020

Last week, Conaway introduced the Digital Commodity Exchange Act , which would work to give crypto exchanges the option to register with the Commodity Futures Trading Commission (CTFC), a national regulator, rather than going to individual states for licensing for money transmitter or money service provider work.

Bitcoin 215

Bitcoin cryptocurrency Cards Texas 215

CFPB Monitor

MAY 18, 2022

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA.

FDIC 78

FDIC Regulation Community Lending 78

PYMNTS

OCTOBER 1, 2018

A top infrastructure lender in India is now being questioned by regulators over its $12.6 According to regulators, the financier’s existing debt struggles may pose a risk to other non-bank lenders as it gears up to manage $500 million in repayment obligations in the coming six months.

Marketing 108

Marketing Regulation Leadership Groups 108

PYMNTS

OCTOBER 20, 2019

David Marcus, CEO of Facebook’s wallet service Calibra , said that Libra could use national currency-pegged stablecoins like a dollar stablecoin, rather than the synthetic one it initially proposed, Reuters reported on Sunday (Oct. G-20 finance leaders on Friday (Oct. That is one of the options that should be considered.”.

cryptocurrency 100

cryptocurrency National Maine Regulation 100

CFPB Monitor

DECEMBER 22, 2014

Mishkin The American Bankers Association, Consumers Bankers Association, Independent Community Bankers of America, National Association of Federal Credit Unions, and Association of Military Banks of America have submitted a 59-page letter commenting on the Department of Defense’s proposed revisions to its Military Loan Act regulations.

Groups 74

Groups Regulation Industry America 74

PYMNTS

MARCH 5, 2019

While small business lending has become a platform for some high-profile FinServ scandals in several markets, opponents of expanding borrower protection legislation to small businesses have argued that such regulations would actually hamper financial institutions’ ability to expand credit access for the small business community.

California 153

California Fintech Lending Regulation 153

CFPB Monitor

FEBRUARY 20, 2019

The Advisory Panel was formed in 2017 to identify actionable steps for improving state licensing, regulation, and non-depository supervision and for supporting innovation in financial services. It has 33 fintech company members that engage with the CSBS Emerging Payments and Innovation Task Force and other state regulators.

Fintech 68

Fintech Conference Survey Regulation 68

PYMNTS

APRIL 25, 2019

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. CUNA wants the threshold raised to at least 1,000.

Meeting 148

Meeting Course Regulation National 148

PYMNTS

OCTOBER 25, 2019

Marketplace facilitator laws have been particularly murky, as many are written in broad terms that have complicated compliance for eCommerce platforms, according to Rachelle Bernstein, vice president of government relations and tax counsel for the National Retail Federation (NRF), a Washington, D.C.-based

Taxes 100

Taxes South Dakota Policies Compliance 100

PYMNTS

JANUARY 27, 2020

The change may have been telegraphed more than a year ago in October 2018, when Mick Mulvaney, who had been serving as acting director of the agency, said that the CFPB was working on a new regulation to define those practices, as reported in The Wall Street Journal. Digital Taxes, Abroad.

New York 179

New York Taxes California Conference 179

CFPB Monitor

DECEMBER 6, 2022

The last three bullets of the definition of “modification” extend beyond rewards to the underlying credit card account. Preemption challenges to the New York law by national and federal savings associations are unlikely to prevail. Section 1044 of Dodd-Frank, codified at 12 U.S.C. §

New York 78

New York Cards National Compliance 78

PYMNTS

AUGUST 24, 2019

As new PYMNTS research documents, over the past year, 18 Major League Baseball (MLB), National Basketball Association (NBA), National Football League (NFL) and Major League Soccer (MLS) arenas have deployed biometric solutions by CLEAR. Attendance at NFL games declined from approximately 17.8 million people in 2016 to 17.2

Payments 161

Payments social media Mobile Seattle 161

PYMNTS

FEBRUARY 21, 2018

Perhaps it isn’t surprising that analysts are now musing about how to avoid a repeat of the Punjab National Bank fraud scandal, and some are looking towards blockchain to do so. As regulators begin to consider blockchain regulations, many have signaled a desire not to hamper innovation while doing so. United States.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

PYMNTS

FEBRUARY 25, 2020

It’s also revising long-held definitions of “workday” and “payday” as gig work (and gig workers) proliferate. cities and states – as well as nations including India – announcing laws similar to AB5, at least in spirit. Put another way, that’s closing in on half the U.S. California’s legislation set off a wildfire of sorts, with U.S.

New Jersey 142

New Jersey Regulation Industry Payments 142

PYMNTS

NOVEMBER 26, 2019

Businesses depend on the public services tax revenues pay for: roads that facilitate deliveries, courts where firms resolve legal disputes and regulators that help protect businesses from fraud. Even businesses eager to pay their share, however, may feel that complying with tax laws is complicated. .

Taxes 141

Taxes South Dakota District of Columbia Compliance 141

PYMNTS

NOVEMBER 18, 2018

However, its core components — from the chips that power its smart cameras to the hardware that stores high-definition footage — are made in Silicon Valley. hit Chinese state-backed chipmaker Fujian Jinhua with an export ban, citing national security reasons. Still, a ban from the U.S. would be devastating for the company.

US 188

US United States Video Regional 188