Compliance

The half-dozen institutions all hold less than $50 million in assets – some less than a half-million – and will collectively pay a total of about $5,000 to the U.S. Treasury.

As Congress and the SEC were taking steps to regulate alternative currencies, they required a deep knowledge of the cryptocurrency market and technologies. For those who put off their crypto education, Facebook's Libra is a wake-up call.

The SEC is paying close attention to cryptocurrency, though its efforts may be counter to its priority to foster innovation and capital formation in the U.S., contends Bill Martin, a lawyer in the New York office of O'Melveny & Myers.

The Gramm-Leach-Bliley Act is a successful privacy law that ought to govern all financial services providers, not just banks.

The U.S. card brands are already pushing Indian regulators to relax their data storage rules, and a new quirk in the country’s tax code creates a battle on an entirely different front.

Lawmakers have just three weeks before their August recess to make a host of decisions on issues related to credit unions.

The latest skepticism to Facebook Inc.’s plans for its new cryptocurrency called Libra comes from India as Asia’s third-largest economy is not keen on allowing the digital currency in the country.

The CFPB did not file any fair-lending enforcement actions in the 2018 fiscal year and did not refer any Equal Credit Opportunity Act violations to the Department of Justice.

India’s soaring digital payments market has prompted Mastercard and Visa to increase their investments in India, targeting one of the world’s largest cash displacement opportunities while complying with local regulations such as expensive data store requirements.

Visa, Mastercard and PayPal may have magnified the biggest risk they face — tougher regulation — by becoming early backers for Libra, Facebook's new digital money.

For many banks, especially midtier institutions, payments isn’t a core business — and their batch processing-based legacy systems weren’t designed to deliver real-time payments.

As many as 20% of institutions haven't started planning for the new standard, according to one study. Many say CUs must start now in order to be ready, even if the rule is postponed.

A court decision brings much needed clarity to the complex world of money transmitter licensing by holding that the transmission of information alone is not engaging in the business of money transmission under Pennsylvania law, writes Anita Boomstein, a partner with Manatt, Phelps & Phillips, LLP.

A recent proposal by the Financial Stability Oversight Council to focus less on certain nonbank firms and more on risk activities would create unintended economic harm.

In the eyes of regulators, Facebook and bitcoin have a lot in common. Both challenge citizens' relationship to privacy, and both use technology in ways that current laws were unprepared for.

As the Federal Credit Union Act turns 85, industry figures are working on issues related to executive compensation, UDAAP and more, all while girding for a slowdown in membership and loan growth.

Credit union executives discussed serving the legal marijuana and hemp businesses during NAFCU's annual conference in New Orleans, including vastly different motivations for serving the industry.

Facebook is focusing the initial discussions around its cryptocurrency project as a preemptive strike against the privacy and legal concerns the public and politicians have about the huge social network.

The National Credit Union Administration's controversial risk-based capital proposal could see further delays or changes as thousands of industry professionals head to CU conferences across the country.

A huge portion of European companies will not clear PSD2's regulatory hurdles for digital connections between banks and payment apps, but that hasn't slowed down some companies that see value in open banking and payments.