Compliance

The idea of a common digital identity for consumers has become more compelling amid the digitalization of the world's economy. Many bank and credit union executives consider it a natural fit, one the industry should be prepared to lead on.

The California Consumer Privacy Act goes into affect next year and other states are likely to follow suit. Credit unions need to evaluate their data management practices.

A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus.

Lawmakers from both parties strongly criticized Libra this week, but largely steered clear of proposals to stop it.

New tech-focused programs for employees can help banks evolve from within.

After FASB's decision to give most credit unions and banks extra time to prepare, lobbying groups are pushing for more.

The system has made it easier for mobile wallets and other technology providers to enter India's payments market, and will push the next steps toward real-time payments and cash reduction, says Somya Patnaik, senior product manager at ACI Worldwide.

Transit systems are attracting contactless payment technology, but there are other options on the horizon that could make boarding easier than tapping a card or smartphone — provided riders are comfortable with an experience like something out of Minority Report.

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited.

Resistance to Libra on the Senate Banking Committee was bipartisan, and other takeaways from Tuesday’s hearing.