Sarah Jackson

FinCEN’s Calvery: Laws needed for banks servicing marijuana businesses

Jennifer Shasky Calvery, the director of the Financial Crimes Enforcement Network, said last week that while guidance published for financial institutions servicing marijuana businesses lends some clarity, the issue would be best approached through legislation. “This is a unique and complex issue, and only legislative change can fully and... Read More...

GAO unable to determine impact of Stafford loan limit increases

A report released last week by the GAO found that an increase in student loan limits and the impact of the 2008 financial crisis will make it difficult to determine whether the Stafford loan limit increases affected the cost of college. According to the report, college prices have been on the rise since the 2008 and 2009 Stafford loan limit... Read More...

AmEx appoints Saluzzo, Sathe to key technology positions

American Express announced on Wednesday the appointment of Brian Saluzzo as the senior vice president of global infrastructure, and Nik Sathe as the senior vice president and CTO. “I am thrilled to have Brian and Nik on board,” American Express CIO and Executive Vice President Marc D. Gordon said. “They bring a wealth of leadership... Read More...

CUNA urges lawmakers to advance housing finance, data security reforms

The Credit Union National Association urged Congress on Wednesday to press forward on housing finance and data security reform. CUNA sent letters to House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas), Ranking Committee Member Maxine Waters (D-Calif.), Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking... Read More...

Morpho receives biometrics certification from Lenel Systems

Morpho announced on Tuesday that it has received factory-level certification for its biometrics from Lenel Systems International of UTC Building & Industrial Systems, an arm of United Technologies Corp. With the certification Morpho joins the Lenel OpenAccess Alliance Program. Morpho’s biometric technology will interface with Lenel’s... Read More...

NRF’s Shay: Retailers support PIN, chip migration while banks resist

Matthew Shay, the president and CEO of the National Retail Federation, said in a recent letter to the editor in response to a Jan. 26 editorial that the retail industry has long stressed, with pushback from banks, the need to migrate to PIN and chip standards. The Jan. 26 editorial said retailers can reduce their risk for a cyberattack by... Read More...

MS-ISAC Chairman Pelgrin: Emerging tech risks could outweigh benefits

William F. Pelgrin, the chairman of the Multi-State Information Sharing and Analysis Center, recently said that while interconnectivity through emerging technologies may be beneficial, “the risk could outweigh the benefit if the devices, systems and technologies are not properly secured.” Pelgrin pointed towards the rising popularity of... Read More...

MCUL’s Glory LeDu: Credit unions negatively affected by CFPB’s rules

Glory LeDu, a regulatory and legislative affairs specialist for the Michigan Credit Union League & Affiliates, recently said that credit unions both large and small have been negatively affected by the onslaught of new CFPB rules. LeDu said credit unions have not been at the forefront of class-action lawsuits and violating federal law... Read More...

GAO report highlights concerns in college debit, prepaid market

A GAO report released last week highlighted areas for concern regarding college debit cards, which the GAO found were provided by 11 percent of U.S. colleges and universities in 2013. The data showed that most debit or prepaid college card offerings provided students the ability to receive their federal student aid and other payments on the... Read More...

GAO: Treasury has not assessed servicer compliance with non-English speaker policies

A recent study released by the Government Accountability Office found that while the U.S. Treasury requires mortgage servicers to develop policies to increase housing program accessibility for non-English speakers, the Treasury has not assessed compliance with the requirement. The U.S. Treasury was directed in 2000 and 2011 to improve access to... Read More...

Fitch Ratings: Prepaid cards likely to become more popular

Fitch Ratings said the strong growth seen in the U.S. prepaid market will likely continue as consumers opt for the cards to better manage their finances. Recent data provided by the Federal Reserve showed general purpose prepaid card payments have remained the fastest-growing noncash form of payment for the past several years. The number of... Read More...

Trade groups form cybersecurity partnership to enhance card security

Fifteen trade associations representing the financial services and merchant industries announced on Thursday a cybersecurity partnership that will focus on exploring ways to bolster information-sharing efforts, enhance card security technology and maintain consumer trust. The partnership includes the Retail Industry Leaders Association;... Read More...

MasterCard, Uber offer Priceless skywriting experience for cardholders

MasterCard recently partnered with Uber to offer cardholders in New York, Chicago, Los Angeles, Dallas and San Francisco two Priceless Valentine’s Day promotions. MasterCard will sponsor the launch of UberSky, a one-day promotion allowing a limited number of users to deliver a personal sky-written message for loved ones valued at $10,000 for... Read More...

Jump$tart Coalition for Financial Literacy to host awards dinner in Washington, D.C.

The Jump$tart Coalition for Personal Financial Literacy based in Washington, D.C. will host its annual awards dinner on April 8 to recognize federal legislators who have worked to advance financial literacy among American citizens. The awards dinner will be held at the Renaissance Hotel in Washington, D.C. Janet Bodnar of Kiplinger’s Personal... Read More...

Financial services trade groups criticize NRF for “pointing fingers” after data breach

Several financial services trade groups criticized the National Retail Federation on Tuesday for “pointing fingers” over the recent Target data breach. “Once again, the NRF is more interested in pointing fingers than accepting responsibility for their role in protecting consumer data,” the American Bankers Association, Consumer Bankers... Read More...

TSG hosts roundtable on security breaches, EMV migration

The Strawhecker Group, a consultant to the payments industry, held a roundtable last week on the Target data breach, the EMV migration and its ramifications. TSG said that while card data will be safer with EMV at the point-of-sale, the solution will not apply to card not present transactions, which account for eight percent of U.S. card... Read More...

Financial services groups urge CFPB to delay next phase of Know Before You Owe

Three financial services groups urged the CFPB last Friday to delay the next stage of its Know Before You Owe initiative until after the RESPA-TILA integrated disclosure rule is fully implemented and its impact can be measured. The groups, including the American Bankers Association, Housing Policy Council of the Financial Services Roundtable... Read More...

Shazam’s Ghiglieri: FIs have advantages over tech companies in payments space

Jim Ghiglieri, the senior vice president of corporate communications at EFT provider Shazam, recently said that financial institutions have numerous advantages over tech companies in the payments business. Ghiglieri, a community banker for 32 years and a former chairman of the Independent Community Bankers of America, said as tech companies... Read More...

CO-OP upgrades ATMs to allow for remote maintenance

CO-OP Financial Services said on Monday that its ATM Visual Control tool will be upgraded to include Remote Manager to allow for remote maintenance on behalf of client ATMs. “There are very few things more crucial to an outstanding member experience than what your member sees at the ATM,” CO-OP President and CEO Stan Hollen said. “The... Read More...

CBA revises initial cost of Target data breach to $172 million

The Consumer Bankers Association, which represents the retail banking industry, revised the initial cost of the Target data breach to its members last Thursday, up from $153 million initially reported in January to $172 million. The CBA said in January it had reissued over 15 million debit and credit cards to its members. The average cost to... Read More...

Dynan approved by Senate as assistant secretary for economic policy at Treasury

The Senate Finance Committee unanimously approved on Thursday Karen Dynan’s nomination to the position of assistant secretary for economic policy at the U.S. Treasury. Dynan served as the vice president and co-director of the Brookings Institution’s economic studies program from 2009 to 2013. Before joining Brookings, she served on the... Read More...

SharperLending releases new version of Appraisal Firewall technology for mobile devices

Mortgage tech provider SharperLending announced on Thursday its plan to launch a new version of its Appraisal Firewall technology for mobile devices. The new version of the technology will allow lenders, appraisers and appraisal management firms greater accessibility to real estate appraisals. New features will allow users to streamline... Read More...

Discover completes rollout of free FICO scores for cardmembers

Discover announced on Thursday the complete rollout of free FICO scores on cardholders’ statements, following the pilot launch of the feature in November. FICO scores provided by Discover are based on data from TransUnion. Discover is the first major credit card issuer to provide free FICO scores to cardmembers on their monthly... Read More...

Isis Mobile Wallet launches 20/20 promotion for Wells Fargo credit card customers

Isis Mobile Wallet—created by AT&T, T-Mobile and Verizon Wireless—launched a promotion on Wednesday offering Wells Fargo credit card holders the ability to earn 20 percent back and a $20 statement credit the first time they use the wallet. Through April 30, Wells Fargo credit card customers who use Isis Mobile Wallet will receive a $20... Read More...

Mobeam, Clutch launch barcode-beaming wallet technology

Mobeam and Clutch recently released a new mobile wallet technology that allows consumers to beam barcodes from membership, gift and loyalty cards from their mobile devices to any laser scanner. The technology, provided by Mobeam, is available exclusively for Samsung Galaxy S4 and Galaxy Note 3 devices. The technology has been used on more than... Read More...

NRF urges Congress to take comprehensive approach to payments security

The National Retail Federation urged Congress in a Monday letter to take a comprehensive approach as it seeks to address criminal cyberattacks which have become increasingly more frequent in recent years. NRF said in the letter that while retailers are willing to work to improve security, banks and card companies must also take steps to improve... Read More...

Chet Kimmell elected to second term on NACHA board

Payments association SWACHA announced last week that Chet Kimmell, the president and CEO of Neighborhood Credit Union, was elected to a second three-year term on NACHA’s Board of Directors. Kimmell, 54, is a long-time member of SWACHA who has served on its board since 2001, and in the capacity of chairman in 2007. NACHA's--or The Electronic... Read More...

Foreclosure inventory declines by 30 percent in 2013

Recent data released by Black Knight Financial Services showed foreclosure inventory declined by nearly 30 percent in 2013, following a decrease of approximately 20 percent in 2012. The data released as part of the Black Knight Mortgage Monitor showed foreclosures are now just 4.6 times the pre-crisis average, down from more than eight times... Read More...

Citi launches redesigned Citi Mobile app for banking, credit card customers

Citi launched on Monday its redesigned Citi Mobile app for iPhone and Android devices, which is designed to help U.S. banking and credit card customers more easily manage their account. The U.S. launch includes a beta test of Citi Mobile Snapshot, a feature that allows customers to check their deposit and credit card balances without having to... Read More...

FHA to expand e-signature acceptance to mortgage documents

The Federal Housing Administration announced last week that it will begin accepting electronic signatures on mortgage documents as part of an effort to streamline operations at the agency and reduce submission timeframes for borrowings seeking to avoid foreclosure. “By extending our acceptance of electronic signatures on the majority of... Read More...

CFPB supervision report uncovers unfair, deceptive practices by mortgage servicers

A report released by the CFPB last week uncovered a number of issues in the mortgage servicing industry in 2013, including unfair and deceptive practices. “Problems in mortgage servicing have plagued consumers for years and helped contribute to the financial crisis,” CFPB Director Richard Cordray said. “Taking action against mortgage... Read More...

Myanmar Mobile Money launches Mobile Money Services to expand financial inclusion

Oberthur Technologies announced on Wednesday that Myanmar Mobile Money Co. and Mobilemate Telecommunication launched Mobile Money Services in Myanmar as part of an effort to expand financial services to the unbanked. Mobile Money is the first national mobile money service in the country, offered in both English and Myanmar. It is based on... Read More...

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