Compliance

NCUA on Thursday said it has reached a settlement with Morgan Stanley, as the company agreed to pay $225 million to resolve claims arising from losses related to corporate credit unions’ purchases of faulty residential mortgage-backed securities (RMBS).

Despite strong calls for action, issue may languish until after the presidential election.

Despite getting off to what CUs likely consider a rocky start with the agency’s second attempt at RBC, industry observers say Matz came through on her promise of a ‘Year of Regulatory Relief.’

Now that the state House of Representatives has passed the legislation, all eyes turn to the state Senate, where the Michigan CU League expects to find strong support for the modernization effort.

The window is rapidly closing for the inclusion of key credit union measures in the budget package as lawmakers remain sharply divided over the bill.

The House Financial Services Committee approved a data security bill Tuesday that would require all companies that handle sensitive financial data to have similar security protections and notification requirements as financial institutions.

Align Commerce, a San Francisco-based firm focused on cross-border payments for small and midsize businesses while expanding the use of blockchain technology to move currency, has hired Intuit veteran Jay Hansen as compliance officer and general counsel.

The Financial Stability Oversight Council is an enigmatic interagency body that has not provided enough rationale for designating certain insurance firms as a threat to the economy, the Republican leadership of the House Financial Services Committee said Tuesday.

Should NCUA be required to hold public hearings prior to approval of its final budget? That is the key question as the House Financial Services Committee prepares to consider a bill for markup on Tuesday.

Visa has reached an agreement with Taxback International to streamline the recovery of value-added taxes, which frequently go unclaimed..