Compliance

The Payment Card Industry Security Standards Council has published its latest data security guidance for merchants accepting payments with smartphones or tablets.

State-chartered credit unions here no longer face the specter of two separate exams now that the North Carolina regulator and NCUA have agreed to work together again.

PITTSBURGH – Federal agents seized personal account records at the Greater Pittsburgh Police FCU yesterday as part of an ongoing investigation into financial improprieties at the city’s police department.

GERMANTOWN, Md. – Mid-Atlantic FCU has signed with NeighborBench for its cloud-based NeighborBench compliance solution.

ALEXANDRIA, Va. – The NCUA Board is expected to approve a new permissible investment for federally insured credit unions at next week’s monthly meeting, Treasury Inflation Protected Securities, or TIPS.

WASHINGTON -- Senate Majority Leader Harry Reid and Banking Committee Chairman Tim Johnson joined 52 other Democrats in the Senate informing President Obama today that a majority of the body supports his nomination of Richard Cordray to a full five-year term as director of the Consumer Financial Protection Bureau and opposes the structural changes to the agency demanded by Senate Republicans.

WASHINGTON – New Senator Elizabeth Warren joined Democrat colleagues on the Senate Banking Committee this afternoon to urge their Republican colleagues to lift a block on the Consumer Financial Protection Bureau and allow the Senate to at least vote on the nomination of current CFPB Director Richard Cordray for a full five-year term.

WASHINGTON – NAFCU is working with lawmakers on a comprehensive regulatory relief package that would allow NCUA to mold new Consumer Financial Protection Bureau regulations to credit unions; allow NCUA to ease rules to equalize them with state rules; and modernize the Central Liquidity Facility; as well as old stand-byes like raise the cap on member business loans, allow credit unions to raise supplementary capital and allow all credit unions to add low-income communities to their fields of membership.

The PCI Council’s directions for Payment Card Industry Data Security Standards are expanding as mobile commerce grows and when combined with local differences in diverse markets, the new guidance statements can be a compliance challenge for issuers that operate in multiple nations. The use of “compliance-as-a-service,” or CaaS, to provide managed monitoring and compliance updates to keep up with changes is an emerging option for large card issuers.

Republican senators have filed a bill that would block the Consumer Financial Protection Bureau from enforcing or implementing a host of new mortgage and credit card regulations until a new director is confirmed by the Senate-intensifying the chess game over the fledgling consumer agency.