Compliance

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations, Financial Crime Enforcement Network Director Jennifer Shasky Calvery said May 6.

The CFPB found that more than 26 million consumers are effectively "credit invisible" because they have no credit record and another 19 million are "unscored" because they have an insufficient or stale credit history. But it's unclear how the CFPB plans to tackle the issue.

Digital currency firm Ripple Labs just made history—but not the kind it's been hoping for.

U.S. authorities have fined the San Francisco startup $700,000 over violations of the Bank Secrecy Act, according to the Financial Crimes Enforcement Network's Tuesday press release.

Visa is providing merchants with an online information and resource center to prepare for their transition to using chip-enabled credit and debit cards.

Though concerned about diluting NCUA's efforts to help small CUs survive and thrive, credit unions largely support the agency's proposal to increase asset-size definition from $50 million to $100 million, with most pushing for going all the way up to $550 million, in keeping with the FDIC's definition.

Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.

NCUA Board Member Mark McWatters said the agency's risk-based capital proposal punishes credit unions for sins they did not commit during the financial crisis.

Regulators' latest guide for examining AML lacks wholesale changes, but some minor changes still could pack a major punch.