Compliance

FBI accuses two Florida men with operating illegal Bitcoin exchange through now-defunct New Jersey credit union.

Participants in an alleged credit card laundering scheme have agreed to settle Federal Trade Commission charges that they illegally helped provide access to payment networks, thereby enabling scammers to place bogus charges on consumers’ credit cards.

The Federal Deposit Insurance Corp. announced settlements Wednesday with student banking business Higher One of New Haven, Conn., and WEX Bank of Midvale, Utah, for deceptive practices in the marketing of college and university debit accounts.

Privacy advocates were appalled by the cybersecurity act Congress passed in the omnibus spending bill, with its abandonment of data-privacy provisions that existed in earlier versions. Now consumer and business-client privacy is at the discretion of the banks and other private companies.

The ease with which Congress was able to take money from the Federal Reserve to pay for a highway transportation bill — by slashing the dividend the central bank pays large banks — is likely to encourage lawmakers to take another dip into the Fed's books next year.

Existing-home sales plummeted in November confirming fears in the mortgage industry that a new consumer disclosure rule is delaying mortgage closings.

A healthy bank culture can only be built from within, rather than as a compliance exercise to satisfy regulators.

Some mortgage investors are refusing to buy home loans that are at risk of violations of new consumer-disclosure rules. The problem appears to be worst among nonagency jumbo loans purchased by private investors.

For steering the Winston-Salem, N.C., company through an extended period of industry adversity, while providing a blueprint for large-scale M&A, King has been named American Banker's Banker of the Year for 2015.

NCUA on Friday liquidated Bethex Federal Credit Union, based here, exactly three months after the regulator placed the troubled CU into conservatorship.

WASHINGTON — The House and Senate have approved major spending and tax packages, which are now en route to the White House to be signed into law.

YUMA, Ariz. — A.E.A. Federal Credit Union, based here, once again is under the control of its members after five years of conservatorship, NCUA said Friday.

The agency's Fraud Prevention Center, which is also designed for mobile use, provides information on types of frauds or scams; what to do, in the event of being a victim of fraud or identity theft; how to stay safe online; and how to contact NCUA partners for assistance.

WASHINGTON — The Office of the Comptroller of the Currency released details Thursday of a proposal that would require large banks to submit a "recovery plan" for how they would survive a crisis.

Though happy with some of the changes the agency made to its final IOLTA rule, CUNA and NAFCU cited areas where the regulator could have done more to improve the landscape for CUs.

Sen. Bob Corker championed a provision he added to the budget bill that would temporarily prevent the Treasury Department from recapitalizing Fannie Mae and Freddie Mac and discussed other banking priorities in a sit-down interview with CU Journal affiliate American Banker.

Despite months of intense lobbying, the financial services industry failed to secure a number of key reforms in Congress's must-pass spending package, unveiled Tuesday night.

TILA/RESPA Integrated Disclosures, less affectionately known by mortgage providers as TRID, represented a sea change for the home loan industry. The new disclosures were mandated by the Consumer Financial Protection Bureau to "streamline" the home loan experience for consumers, but they resulted in a great deal of extra effort by credit unions and their vendor partners.

Credit risk, interest rate risk and cybersecurity concerns pose growing risks to banks in the first half of 2016, according to a semiannual risk report issued Wednesday by the Office of the Comptroller of the Currency.