Compliance

The Consumer Financial Protection Bureau's proposal to restrict the use of arbitration clauses would allow it to seize enormous amounts of data from financial firms that could lead to more enforcement actions, according to industry lawyers.

The Consumer Financial Protection Bureau's proposal to restrict the use of arbitration clauses would allow it to seize enormous amounts of data from financial firms that could lead to more enforcement actions, according to industry lawyers.

On tap at Thursday's NCUA Board meeting: the first-ever public briefing to board members on a proposal that is still under construction, a move that is aimed at creating a rulemaking process that is more open and accessible to all stakeholders.

Visa's rules for card acceptance exceed 800 pages — plus supplements — and MasterCard's are nearly 300 pages. But even though the card networks have explained their expectations in painstaking detail, the difference between strict rules and mere guidelines is much blurrier when finally given to the merchant.

With the CFPB flexing its regulatory muscles, it's no surprise that collectors are making compliance a priority.

COMPASS 4 CUs, the Woodbridge, Va.-based credit union service organization (CUSO) that specializes in regulatory compliance, said effective May 1, ownership of the CUSO was transferred from Belvoir Federal Credit Union to Pentagon Federal Credit Union (PenFed) in connection with the merger of those two credit unions.

The National Credit Union Administration (NCUA) announced Monday that 22 federally insured credit unions have agreed to pay civil monetary penalties for filing late Call Reports in the fourth quarter of 2015.

As the first significant act by Rick Metsger since taking the reins at the National Credit Union Administration, plans to push the exam cycle from 12 months back to 18 months drew a swift and positive response from the industry.

Certain types of member business loans will no longer require a personal guarantee under the new NCUA rules.

Advocates for the marijuana industry fanned out across Capitol Hill on Thursday, urging lawmakers to make it easier for pot businesses to be bank customers.