Compliance

With national banks awaiting federal decisions on marijuana banking policy, smaller institutions can capitalize on local laws. That’s the theory Chicago Ventures is putting to the test with a $5 million investment in AeroPay, which banks with Partner Colorado Credit Union.

With national banks awaiting federal decisions on marijuana banking policy, smaller institutions can capitalize on local laws. That’s the theory Chicago Ventures is putting to the test with a $5 million investment in AeroPay, which banks with Partner Colorado Credit Union.

New measures in California and Virginia give consumers more control over their information and may prevent banks from using geolocation services or analyzing personal data without obtaining consent first — except when preempted by federal law.

A government-backed digital transaction system will soon have private sector rivals, who will have an inside track to returns on massive investments.

The growing pressure on app stores to allow multiple payment methods may prove to be as disruptive as the Durbin amendment was to debit card payments.

In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood bemoaned the lengthy process necessary for launching a new credit union.

The update, delayed from last year, would be the most substantial change to the interchange rate structure in a decade — and the card networks have not signaled plans to delay it further.

In remarks at CUNA’s online Governmental Affairs Conference, the chairman of the National Credit Union Administration called for the creation of new initiatives around compliance for fair credit reporting and truth in lending.

For the second time in three years, the Cleveland thrift has received a low score on its Community Reinvestment Act examination for making too few home loans in low-income communities.

Less than half of consumers believe financial services providers adequately protect their personal information, according to an Arizent survey. Banks such as Wells Fargo and Bank of Idaho are offering mobile tools and cybersecurity education that could help rebuild trust.