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There's a growing consensus that if credit unions want their institutions to reflect growing diversity among their membership base, significant changes will also need to take place at the board level.

The information you need to start your day, from PaymentsSource and around the Web. Today: Mastercard's seeking a blockchain anonymity patent; Wearables advance in Russia; GDPR compliance may hit a snag; Open banking takes shape in the Middle East.

Data regulations pressure small banks and credit unions, which could benefit from a pro-innovation regulatory environment, according to Stephen Menon, vice president of product at Finn AI.

Credit card fraud is on the rise in the U.K. with more than $2 billion being stolen from credit and debit cards over the past twelve months, an increase of 38% on the previous year. But while large scale data breaches have been heavily blamed for this surge in crime, ex-fraudster Tony Sales says one of the most pertinent reasons is a persistent lack of understanding within the financial industry of how criminals operate.

The regulatory agencies are the last word on an exemption from the proprietary trading ban, and there are no signs they will expand it beyond small institutions.

It’s still primarily a commercial bank, but the branding campaign — CIT’s first in a dozen years — is designed to appeal to the group driving its torrid deposit growth: retail savers.

CU*Answers is working with VantageScore, and now its institutions will be able to get additional information on members' credit history.

The digital customer experience is getting better. Firms should take notice.

Many digital-only robos are slowly adding human advisors.

Blockchain backers concede the hype is turning off bankers; Mulvaney's CFPB name change could cost industry millions of dollars; the one banking bill Congress might actually pass next term; and more from this week's most-read stories.