MasterCard plans to continue its focus on core acceptance and adding new capabilities in 2013, citing its relationships with merchants as a continued, important focus of its business. Craig Vosburg, the group executive for U.S. market development at MasterCard, said … Read More…

In a letter to CFTC Chairman Gary Gensler on Thursday, Sen. Mike Crapo (R-Idaho) and Senate Banking Committee Ranking Member Richard Shelby (R-Ala.) warned that Dodd-Frank derivatives rules create uncertainty. “Because the CFTC did not release the key definitions for … Read More…

In a Wednesday letter to CFTC Chairman Gary Gensler, a group of Congressmen questioned the CFTC’s rule-making process. Congressmen Scott Garrett, chairman of the Capital Markets and GSE Subcommittee; Randy Neugbauer, chairman of the Oversight and Investigations Subcommittee; Jeb Hensariling, … Read More…

Former FDIC Chairman Sheila Bair said this week that the expiring Transaction Account Guarantee should be extended and then gradually phased out in the next two years. An abrupt expiration, Bair said, could lead to funds within the accounts rapidly … Read More…

The FDIC announced publication on Tuesday of its final rule regarding Dodd-Frank required company-run stress testing. The rule, which applies to covered institutions with total consolidated assets greater than $10 billion that are regulated by a primary federal financial regulatory … Read More…

In the first presidential debate, Republican presidential candidate Mitt Romney continued his fight against Dodd-Frank, noting that it still hasn’t clarified what a “qualified mortgage” is. “Dodd-Frank correctly says we need to have qualified mortgages, and if you give a … Read More…

ABA President and CEO Frank Keating said that it is time for retailers to move on and end calls for Congress to intervene on the interchange issue in a letter this week published by Politico. Following seven years of negotiations … Read More…

Republican presidential candidate Mitt Romney, in his first debate with President Barack Obama, said that bank reforms like Dodd-Frank were stifling the economy. Romney continued to pledge to repeal the 2010 Dodd-Frank bill, which aims at overhauling the U.S. finance … Read More…

The opposition Labour Party in the United Kingdom called for a new economic crime law this week to prevent future financial scandals like the Libor rate manipulation. Yvette Cooper, Labour’s home-affairs spokeswoman, said that the proposed law would provide police … Read More…

The average required minimum balance for free checking rose to $723 this year, data reported by Bankrate.com showed on Monday. Banks, in response to the economic climate and new regulations like Dodd-Frank and the Durbin Amendment, have been forced to … Read More…

In the 15 months since the Dodd-Frank financial reform bill was passed, federal agencies responsible for implementing the bill have missed a total of 77 percent of the rule-making deadlines. "A president that wants something as complex as this to … Read More…

Visa, in an attempt to delay the Federal Reserve's new debit card interchange regulations, reportedly offered to cut debit interchange by 35 percent for small merchants. According to DigitalTransactions.net, on June 8, Joseph W. Saunders, the chairman and chief executive … Read More…

As they prepare to issue final rules on interchange fees, the Board of Governors of the Federal Reserve System is receiving numerous letters from members of the American Bankers Association that the new rules will harm banks and consumers. ABA … Read More…

A representative from the American Bankers Association recently provided senators with a list of reasons why they should not allow credit unions to take on more business lending. Read More…

National Credit Union Administration Chairman Debbie Matz encouraged a Senate panel on Thursday to raise the cap on member business lending. The aggregate amount of member business loans currently made by a credit union is restricted to the lesser of … Read More…