Operation Choke Point has thrown light on several schisms in how banking is regulated, according to American Banker. The controversial program is putatively an attempt to regulate lenders that have a historical tendency towards being unscrupulous—the primary target that Justice Department officials refer to is...
American Express will pay between $4 million and $6 million to settle claims that it increased consumers’ fixed-interest rates to a higher, variable rate without permission or notification, Law360 reported. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
Former Aeropostale executive vice president and chief marketing officer Christopher Finazzo wassentenced on Wednesday (Aug. 20) to eight years in prison for his role in a kickback scheme. Finazzo was convicted of receiving more than $25 million in kickbacks from a clothing supplier in exchange...
China’s National Development and Reform Commission (NDRC)stated on Wednesday (Aug. 20) that 12 Japanese auto parts makers have been fined 1.24 billion yuan ($202 million) for their involvement in an alleged price-fixing scheme. Sumitomo Corp., Mitsubishi Electric Corp. and Denso Corp. are some of the...
In the wake of the payments-related data breach at the Supervalu grocery chain, the company has been hit with a class-action lawsuit, Bank Info Security reported. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS...
The number of jobs on banks’ anti-money laundering teams is up 54 percent in 2014 year-to-year in the U.K. following a string a scandal and heavy fines for British Banks. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
Intrepid travelers longing for the days when they can hop a flight Uber-style—powered only by their cell phone and a spontaneous nature—likely have some more yearning time ahead of them. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
There’s no question that virtual currencies such as Bitcoin have traditional payments regulators upset, given the relative transaction anonymity they bring to the table. Moreover, they continue to be a risky venture for consumers, the Consumer Financial Protection Bureau noted earlier this week, the first...
In what will likely go down as one of the more appropriately metal moves of a ridesharing service, the ridesharing service Uber has roundly declare “Nein!” to Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
