Compliance

Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by Obama administration bureaucrats to pressure banks to end relationships with businesses they consider objectionable or "high risk."

China may be removing UnionPay's regulatory monopoly over card payments clearing, but loosening its grip on the market is another matter.

A chief financial officer's workday is booked solid dealing with regulatory issues, risk assessments and finding places to cut costs. If they could find an extra hour, bank CFOs say they would use that time to consider how to improve their banks' strategies, employees and communities.

If banking is under attack, then chief financial officers are the defenders of the realm. Equipped with the numbers, they are uniquely positioned to bring the credible answers their stakeholders seek and the changes their companies need.

Banks want all loans held in portfolio to be classified as ultrasafe regardless of the underwriting characteristics or of a bank's asset size. But consumer activists and independent mortgage lenders are raising red flags ahead of possible Senate Banking action.

American Express Co. was ordered to drop many rules that prohibit merchants from asking customers to use less-expensive credit cards.

It was a busy Thursday for NCUA, as it placed New Bethel Federal Credit Union, Portsmouth, Va., into conservatorship, and liquidated TLC Federal Credit Union of Tillamook, Ore.

NCUA officials still have several more months of work ahead of them before they unveil a comprehensive overhaul of their Field of Membership rules, but the agency completed a kind of trial run Thursday, approving a much narrower amendment to the rules governing associational common bonds.

If banks and retailers want a piece of the mobile wallet pie that Apple Pay is steadily gobbling up, Nacha says it has a formula to achieve that.

NCUA is poised to address associational common bonds, a prelude to its reinterpretation of field of membership, at its monthly board meeting Thursday morning. The move comes just days after receiving a new record number of comment letters on risk-based capital. The difference, credit unions are actually looking forward to the FOM proposal, while comments filed on RBC remained largely negative, ranging from calls to can the proposal entirely to revising the already-much-revised rule.