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EU Parliament Committee Approves Data Protection Overhaul
On October 21, the EU Parliament civil liberties committee voted overwhelmingly to adopt amendments to EU data protection rules and to require stiffer fines for non-compliance. The rules are designed...
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FINRA Launches Enhanced BrokerCheck
On November 12, FINRA released an enhanced version of BrokerCheck, its online system that allows investors to research the professional background of investment professionals. The enhancements allow...
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Payment Card Group Refines Data Security Standards
On November 7, the PCI Security Standards Council (PCI SSC), an organization that develops standard for payment card security, released updated data security standards. One standard applies to entities...
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NACHA Proposes Rules To Improve ACH Network Quality
On November 12, NACHA, which manages the development, administration, and governance of the ACH network, released two proposed rules that it describes as complementary approaches to improving ACH...
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FINRA Announces 2014 Examination Priorities
On January 2, FINRA outlined certain specific areas of concern the independent regulator intends to focus on in 2014. The topics are largely consistent with FINRA’s 2013 priorities and are grouped in...
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Basel Committee Finalizes AML/CTF Risk Management Guidance
On January 15, the Basel Committee on Banking Supervision issued final guidance regarding anti-money laundering/counter-terrorism financing (AML/CTF) risk management. The Committee states that the...
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Russia Joins International Convention On Electronic Communications In...
On January 17, the Russian Federation became the fourth party to the United Nations Convention on the Use of Electronic Communications in International Contracts, joining The Dominican Republic,...
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Report Criticizes Auto Dealer Compensation, Add-On Product Practices
On January 23, the Center for Responsible Lending (CRL) released a report titled “Non-Negotiable: Negotiation Doesn’t Help African-Americans and Latinos on Dealer-Financed Car Loans.” The report...
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NADA Proposes Fair Credit Compliance Policy And Program For Its Member Dealers
On January 24, the National Automobile Dealers Association (NADA) distributed a proposed compliance program to its members aimed at reducing the risk of discrimination allegations stemming from CFPB...
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UK FCA Finalizes New Consumer Credit Rules
On February 28, the UK Financial Conduct Authority (FCA) announced final rules for consumer credit providers, including new protections for consumers in credit transactions. The FCA states that the...
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UK FCA Identifies Additional Improvements For Retail Banks’ Sales Incentive...
On March 4, the UK FCA released the results of its most recent review of sales incentives at retail financial firms. The FCA’s review revealed that retail banks have made progress in changing their...
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SWIFT Announces Development Of New KYC Compliance Registry
On March 4, SWIFT, the bank member-owned cooperative based in Belgium, announced that it signed a Memorandum of Understanding with six of its major member banks to develop a central utility for the...
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Virtual Currency Trade Group Announces Board, Annual Meeting
On March 8, the Digital Asset Transfer Authority (DATA), a trade group launched last year and tasked by its members with “leading regulatory, best practices and consumer protection initiatives for...
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Visa, MasterCard Announce Payment Security Working Group
On March 7, Visa and Mastercard announced the formation of a cross-industry payment security working group, which the payment system providers state will be focused on “enhancing payment system...
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UK FCA Describes Approach To Consumer Credit Markets, Launches Review Of...
On April 3, Martin Wheatley, Chief Executive of the UK Financial Conduct Authority (FCA), which took over responsibility for overseeing consumer credit markets in the UK on April 1, 2014, identified...
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International Financial Services Association Launches AML Working Group
On April 15, BAFT, an international financial services association for organizations engaged in international transaction banking, announced the creation of a new Anti-Money Laundering and Know Your...
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Visa, Pew Develop Voluntary Prepaid Card Standards
On June 3, Visa announced that it teamed with Pew Charitable Trusts to develop voluntary prepaid card standards and a designation for cards that meet those standards. To qualify for the designation,...
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ANSI Seeks Participants For Technical Committee On Security
On June 25, the American National Standards Institute (ANSI) issued a call for organizations with an interest in security to participate in an advisory committee to a new International Organization for...
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Trade Group White Paper Assesses Virtual Currency Landscape
On June 23, the ICBA and The Clearing House published a white paper on virtual currency that (i) defines virtual currency and describes the current regulatory environment; (ii) describes key players in...
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European Banking Authority Potential Virtual Currency Regulatory Responses
On July 4, the European Banking Authority (EBA) released an Opinion that outlines for the EU Council, the European Commission, and the European Parliament requirements that would be needed to regulate...
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