Bank of American is in talks with the Consumer Financial Protection Bureau (CFPB) to settle allegations that the company misled consumers in purchasing credit products. Though talks are ongoing and not final numbers have been reached, the $800 million settlement would be the largest settlement...
Federal investigators have opened an inquiry into Citigroup’s Mexican unit, over a recent a $400 million fraud case. Banamex, Citigroups Mexican unit, disclosed in February that at least on Banamex employee had processed falsified documents that helped the oil services company obtain a loan that cannot...
EMV adoption has taken another giant step toward advancement with the announcement that a licensing agreement to make the Visa EMV debit available to all NYCE network participants. “NYCE’s participation in Visa’s common debit solution marks an important milestone in the industry’s efforts to adopt...
Trustmark National Bank and Green Bank N.A. have dropped their lawsuit against Target and its security assessor, Trustwave Holdings Inc. The two banks filed suit last week following the theft of 40 million credit-and debit-card numbers during massive 2013 security breach at the retailer. The...
Ross Ulbricht, who stands accused of running the Silk Road black market under the name “Dread Pirate Roberts” says a new IRS ruling that bitcoin is not a currency nullifies at least some of the charges against him. Ulbricht is charged with hacking, narcotics trafficking,...
Four years after regulators tried to curb them with regulations; overdraft fees are on the rise. The median fee for over withdrawing on a checking account was up to $30 in 2013; up a dollar from the year before and $4 from 2009. Overdraft fees...
Only the bitcoin community could put on a happy face when the IRS led the way for tax authorities around the world to blow up billions of dollars of value for bitcoin holders. Coindesk, with its typical only-good-things-happen-in-bitcoin-land attitude, noted cheerfully, “The increased clarity …...
In the wake of U.S. sanctions in response to Russia’s annexation of Crimea, Russian President Vladimir Putin has called for the creation of the country’s own payment system to rival Visa and MasterCard. Both American credit card companies stopped processing transactions for customers of Bank...
Wal-Mart Stores Inc., which made a name for itself in the payments industry almost two decades ago when it led a class-action lawsuit challenging the “honor-all-cards” and debit card interchange policies of Visa and MasterCard, is at it again. The mega-retailer this week filed a...
