Compliance

A lawsuit filed against NCUA was “a last resort” after the regulator declined an application for deposit insurance from a credit union chartered last year to serve Colorado’s legal marijuana industry.

Firing or cutting the pay of fraudulent or reckless bankers will go a lot further toward restoring the reputation of financial services than any new regulations, according to a reform-minded group of bankers and regulators.

NCUA issued four prohibition orders in July banning individuals from participating in the affairs of any federally insured financial institution.

Unhappy with the regulator's effort to pare back restrictions on CUs business loans, bankers have taken a page from the CU handbook, sending copious letters to NCUA about its proposed MBL rule.

DENVER—Fourth Corner CU here, chartered last year to serve Colorado's legal marijuana industry, has filed lawsuits against NCUA and the Federal Reserve after having its applications rejected for share deposit insurance and access to the Fed system, respectively.

The Federal Housing Administration is expected to rebuff a government watchdog report that blasted down payment assistance programs. The report has raised concerns that mortgage lenders would have to indemnify FHA for past loans, and that housing finance agencies would have the programs restructured.

MasterCard will provide tokenization technology to the Samsung Pay mobile wallet when it launches in Europe.

Financial institutions take information security concerns very seriously, but few make it a priority to keep accountholders updated on their safeguarding efforts.

The House Financial Services Committee continued its two-day vote of 14 financial reform bills, approving a variety of measures.

The Financial Services Committee is debating more than a dozen bills aimed at changing a wide swath of financial policies.