Compliance

Visa has elected Lloyd A. Carney as the twelfth member of its Board of Directors and a member of the Board’s Audit and Risk Committee. His position came into effect June 11.

One credit union industry insider has two more compliance issues high on her radar right now: overdraft practices and the Bank Security Act.

As credit unions are scrambling to be ready for the Aug. 1 implementation of the new TILA/RESPA disclosures, they're also bracing for the next compliance storm headed their way: new HMDA data collection requirements.

Before Target, there was TJX, the major 2007 breach that impacted about 45 million credit cards. The crime and its prevention were basic, and provide a lesson for today's retailers that are battling a new wave of data theft.

After rumors had been flying that the agency was looking to craft a new member business lending rule, NCUA's Debbie Matz confirmed an MBL proposal will be on the agenda for the regulator's June 18 board meeting. Meanwhile, experts outline what they see as some of the top compliance concerns for CUs right now.

The digital currency world is readying itself for more regulatory penalties over the failure to meet Bank Secrecy Act and anti-money-laundering requirements following federal agencies' action against Ripple Labs last month.

Given the small number of CUs cited and the fact none were actually accused of any wrongdoing, it would be easy to shrug off the recent ruckus about FinCEN's report on potential anti-money laundering problems at credit unions. But that would be a mistake.

Nearly 80% of consumers making payments to doctors or hospitals would prefer to do so through a one-click method on their health-plan provider's website, according to data from health care payments provider InstaMed.

The mortgage lender Nationstar Mortgage Holdings is pouring a lot of energy into a digital and mobile homebuying platform called Xome. The strategy could attract tech-savvy millennials but carries plenty of risks including whether consumers would be improperly steered to its products.

More than a dozen housing groups joined with the credit union trade association to urge lawmakers to pass legislation that would grant lenders a formal grace period for implementing new disclosure forms later this summer, arguing that the industry needs greater certainty than the Consumer Financial Protection Bureau has so far provided.