Compliance

Sandra Braunstein, the director of the Federal Reserve Board's division of consumer and community affairs, plans to retire on April 1, the agency announced Jan. 3.

The National Association of State Credit Union Supervisors is warning that if results of proposed mandatory annual stress tests for institutions bigger than $10 billion in assets are made public, they could endanger the National Credit Union Share Insurance Fund by mistakenly promoting runs.

Under Fincen's March 2013 guidance, companies that transmit virtual currency must register as money services businesses. De Castro was unsure whether his investment company would be treated the same way. According to the letter from Fincen, its rules are not meant to apply to De Castro's business.

Alabama State Employees Credit Union has filed the first class action by a financial services company against Target Corp. over costs from the massive card security data breach.

WASHINGTON -- The Consumer Financial Protection Bureau was one of the most active regulators in 2013, writing a slew of new rules and taking a host of enforcement actions against banks and nonbanks alike.

ARLINGTON, Va. -- CUNA is guardedly optimistic that credit unions' regulatory load will lighten in 2014, while NAFCU feels it will be another busy year.

As the impact of Target's data breach continues to widen, credit unions have been more responsive than banks when it comes to issuing new cards, according to two recent online surveys.

Family Focus FCU is helping members whose debit cards have been blocked due to the Target breach still receive 24/7 access to their money.

ARLINGTON, Va. -- Both CUNA and NAFCU feel NCUA's proposed new rule on stress tests for CUs above $10 billion in assets is not needed.

Brazil will boost levies on withdrawals abroad to restrain a widening current account deficit and prevent a six-percentage point gap in tax levels from reducing the use of credit cards.