Compliance

ALEXANDRIA, Va. — At NCUA's final board meeting of 2014, Chairman Debbie Matz announced the formation of two working groups, one focused on field-of-membership issues and the other on supplemental capital.

New York State's top banking regulator Benjamin M. Lawsky released details Wednesday of his plan to require the state's financial institutions — including credit unions — to upgrade their cyber-defense systems.

In a breach incident that illustrates how long a company can do business without knowing fraudsters are potentially stealing its card data, Charge Anywhere LLC informed its merchants it has found and shut down malware that initially entered its network five years ago.

As card networks develop tokens to stand in for account numbers in online and mobile commerce, they may be able to standardize the experience across all companies that handle payments, said Mike Matan, head of global network business at American Express.

Rallying its members to wipe out passwords, the Faster IDentity Online Alliance — an organization of more than 150 payments and technology businesses — released standards Dec. 9 for multi-factor e-commerce authentication.

International regulators proposed a common template Tuesday for banks to use when disclosing their long-term liquidity compliance plans, which regulators say will help market participants assess and compare banks' plans to one another.

Tax authorities all over the world are making decisions on how to view the new and increasingly popular decentralized digital currencies such as Bitcoin.

Companies seeking to shield valuable data from criminals and government spying should assume the attackers have already penetrated their systems and adjust defensive strategies, security firms McAfee and Symantec said.

Banks would have to upgrade their systems to accommodate faster transactions, and originating banks would pay the receiving financial institutions a fee to cover those costs, under a plan from Nacha, the industry group that sets ACH rules.

Amid huge regulatory pressure to strengthen anti-money-laundering controls, banks are grappling with a shortage of compliance talent.