Compliance

BNP Paribas agreed to a criminal plea and settlement with the U.S. Department of Justice on June 30 in which the French bank will pay close to $9 billion to settle charges it willfully continued to do business with nations and entities on the U.S. sanctions list. This was the largest such fine in Justice Department history and more than four times larger than any other sanctions fine. Credit Union Journal thought it would be interesting to look at the other biggest penalties levied against banks for sanctions violations. Here they are.

SAN FRANCISCO — The flurry of regulations coming out of CFPB were expected to drive some credit unions right out of the mortgage business, but the "big dog" of mortgage regulation is yet to come, and that one might finally do the trick, according to one compliance expert.

Merchants are wary of the proprietary look and feel of the process by which the card networks and issuers are adopting new security standards.

Yapital, a payment technology company based in Luxembourg, is testing a feature that will allow consumers to authorize payments with their fingerprints. The technology is aimed replacing PINs that consumers use to authorize purchases though the Yapital app.

Federal and state regulators are putting more pressure on banks to take immediate actions to address looming defaults of home equity lines of credit.

ALEXANDRIA, Va. — NCUA has terminated its Letter of Understanding and Agreement with Valley Pride FCU of Plains, Pa.

American Express Co. drives a hard bargain with businesses that want to attract its affluent cardholders: treat the card like any other form of payment despite higher processing costs if you want those customers.

As a new Russian law took hold July 1 to help support a new national payment system, the country may have extended an olive branch to Visa and MasterCard regarding its fees. But Visa says these reports are conflicting, and the details are not yet finalized.

Two credit unions that have filed late call reports and face civil money penalties say they have until mid-July to either pay their fines or appeal.

NCUA's risk-based capital proposal is either "a solution looking for a problem" or "an attempt to modernize the capital system," depending on who's doing the talking.