WASHINGTON— The U.S. Department of the Treasury has issued a new trio of national risk assessments warning that financial institutions face growing exposure to a broad mix of illicit-finance threats, with fraud, cybercrime, drug trafficking and the misuse of digital payment channels topping the list, according to the Association of Trade Finance Compliance Professionals (ATFCP).
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NEW YORK— A bipartisan coalition of 13 state attorneys general has sued OneMain Financial, alleging the installment lender saddled subprime and other financially vulnerable borrowers with hundreds of millions of dollars in hidden costs by packing loans with costly “add-on” products customers often did not knowingly request or need, according to Reuters.
PURCHASE, N.Y.— Mastercard said it is launching a new global Crypto Partner Program, bringing together more than 85 crypto-native firms, payments providers and financial institutions as the company looks to deepen its role in the next phase of digital-asset payments.
EL PASO, Texas— GECU President and CEO Crystal Long has announced she will retire at the end of April after 15 years leading the credit union, saying the timing is right to position the institution for its “next chapter” and adding that a new leader will be named soon, according to a message posted on the credit union’s website.
MEXICO CITY, Mexico--Digital remittances from the U.S. to Mexico have overtaken cash for the first time, marking a significant shift in the world’s largest remittance corridor and underscoring how quickly cross-border payments are moving toward app-based and account-linked transfers, according to several news outlets.
TAMPA--Debit and credit card transactions and purchases strengthened in February, despite a backdrop of continued slow job growth, subdued consumer sentiment and rising global tensions, reported Velera, citing data from the March edition of the Velera Payments Index.
WASHINGTON— Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) is escalating scrutiny of the auto-lending market, sending letters to the nation’s five largest auto lenders seeking detailed underwriting and pricing data tied to loans made to active-duty service members and veterans, amid concerns military borrowers are being charged higher rates while many vehicle loans remain outside key federal lending protections.
WASHINGTON— A top federal banking regulator has now formally joined the banking industry’s push to block Illinois’ controversial swipe-fee law, with the Office of the Comptroller of the Currency urging the Seventh Circuit to reverse a lower-court ruling that largely allowed the state’s Interchange Fee Prohibition Act (IFPA) to stand, according to Law360.
WASHINGTON— Federal Reserve officials meet this week facing a policy outlook suddenly complicated by the Iran conflict, which has disrupted roughly a fifth of global oil supply and raised the prospect of a difficult mix of slower growth and renewed inflation, according to Reuters.
WASHINGTON--In four proposals issued by the NCUA as part of its Deregulation Project, America’s Credit Unions filed comments offering support, the trade group reported.