Compliance

WASHINGTON – After several false starts this year, the Senate is gearing up for a vote on a major cybersecurity bill backed by the banking industry.

The head of the Consumer Financial Protection Bureau warned software vendors that they face new scrutiny from regulators for causing mortgage lenders to miss the TRID-compliance deadline. He was vague about how far the CFPB might go, but many in the industry are prone to fear the worst.

Fourteen federally insured credit unions subject to civil monetary penalties for filing late Call Reports have consented to penalties, NCUA said Wednesday.

MasterCard plans to add its tokenization service to the MasterPass digital wallet to boost security for online and in-app purchasing.

Democratic presidential candidate Sen. Bernie Sanders is backing a plan to allow the U.S. Postal Service to provide banking services.

October 1 marked the dawn of a new era in the U.S. payment card marketplace. While there are not yet rules from the card brands that demand all parties utilize EMV technology, the financial liability shift is a significant first step across a line in the sand that cannot be erased.

Private mortgage insurers are seeking a larger share of the credit risk on Fannie Mae and Freddie Mac-guaranteed loans.

While migration to cards with chip technology should help mitigate card fraud, additional steps by retailers and more layers of security are needed.

Credit Agricole agreed to pay $787 million to U.S. regulators and enter into a deferred prosecution agreement with the Justice Department to resolve allegations the French bank violated sanctions aimed at Iran and Sudan.

Bank of New York Mellon won final approval of a $180 million settlement with investors who claimed they lost money amid allegations the bank had defrauded clients in foreign-exchange transactions for as long as a decade.