Australia's banks are pushing harder than ever against Apple.
The banks have submitted a formal statement to the Australian Competition and Consumer Commission slamming Apple's security-based argument against collective negotiations to access Apple Pay, according to reports. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank, accused Apple of trying to piggyback on their investment in a national contactless infrastructure, while remaining "intransigent, closed and controlling" in dictating terms for Apple Pay.
Apple faces a lot of pressure to win this battle in Australia, since other large markets such the U.S. could force similar concessions if the Australian banks get their way. When Apple Pay launched in the U.S. in 2014, banks that signed on expressed concern over its restrictions and pricing.
Amendments to New York's cyber rules — and a focus on privacy in California — mean banks must enhance risk controls, encryption and customer protections.
The action rids the Montana bank of a $62.8 million loan that's long been on its watch list. It comes as First Interstate's new CEO looks to put his own stamp on the bank.
The Consumer Financial Protection Bureau issued separate policy statements on "sandbox approvals" and no-action letters for fintechs — measures whose longevity is questionable with the incoming Trump administration.
Texas Capital Bancshares promotes Aimee Williams-Ramey to chief human resources officer; M&T Bank hires Wells Fargo veteran Krista Phillips for newly created post of chief customer officer; Paul Connolly and Paul Speiss age out of their positions on Eastern Bankshares' board; and more in this week's banking news roundup.