PayThink

Pamela Goodison-Bick, Board Member, knew from the beginning that First Source FCU was different. After all, they accepted an application to run for the board of directors from a 28-year-old.

Lauren Calhoun, regulatory compliance manager with CUNA Mutual Group, presents ways to prepare for the top 13 compliances challengs of 2013.

Tackling the first step, "Identify and Understand Major Risks," can sometimes be intimidating, so it is always helpful to ID a few common problem areas faced by most FIs.

Constantly calculating risk is what credit unions do on a daily basis. Whether that risk is related to a potential investment, protection from theft or cyber security attacks, the thought process is always the same: Identify the potential dangers, and then make sure you put plans in place to give yourself the best chance at a positive outcome.

Mobile devices are ubiquitous, with more than 225 million wireless subscribers in the U.S. They have empowered consumers with immediate access to information that's changing how we shop and buy-and how we interact with the payments value chain.

Despite new standards, firms must be aware of how much often-subjective judgment goes into mark-to-market accounting, particularly for non-standard financial products.

After the undermining of President Obama's recess appointment of Richard Cordray as the Consumer Financial Protection Bureau's director and talk swirling that Democrats may seek to cut a deal with Republicans, many of whom seek to scale back the agency, Sen. Elizabeth Warren may be the one who can save the CFPB.

Safety and soundness in banking will be found more in changes in oversight than regulation.

Young hipsters aren't the only ones who want to conduct business with mobile phones. The underserved are also heavy smartphone adopters, and likely to use them for banking and payments.

White's determination to succeed and legal competence will make her the most formidable chair of the Securities and Exchange Commission yet.