Compliance

WASHINGTON -- NCUA's warning that it could fine credit unions by as much as $1 million a day for filing late call reports is under more fire.

While it is easy to vilify Target for its recent data breach, the card networks' refusal to take on real card security makes the retailer a victim along with consumers.

NCUA released a list of regulations Tuesday it will review this year, noting that the agency is currently accepting public comments on the substance and clarity of each rule.

It's been roughly a decade since Target executives ended their attempts to convert to EMV-chip payment cards to improve security. After a massive breach of magnetic-stripe card data, it seems they have changed their minds yet again.

McAllen, Texas police have arrested two people from Monterrey, Mexico that the local cops say were in possession of fake credit cards made with information obtained from the Target data breach.

South Korea's biggest theft of personal information on credit-card holders prompted dozens of top executives at financial firms including KB Financial Group Inc. to offer to quit this week as a regulatory probe widened.

Target Corp. warned some Canadian customers that their personal data may have been compromised when hackers stole credit- and debit-card information from the discount chain's U.S. operations last year.

Seeking to improve the security of digital payments by making card data tokenization operate the same way around the world, EMVCo plans to establish new standards.

Judges for an appeals court appeared sympathetic to the Federal Reserve Board's defense of its rule capping interchange fees on debit cards, fueling hopes by bankers that the agency will beat back a legal challenge.

As with any new technology, mobile wallets must earn the trust of the consumers and merchants who would use them. Many mobile payment apps may attempt to beef up security with password and PIN protection, but a few have had their security scrutinized very publicly.