Compliance

After the National Credit Union Administration asked for comments on proposed revisions and expansions to its Payday Alternative Loan program, credit unions offered their suggestions for how to fix it.

The Michigan company had been operating under the supervisory agreement since 2010.

Rep. Emanuel Cleaver, D-Mo., says he is concerned that banks are freezing accounts of customers if they aren't providing citizenship information.

The Federal Reserve had ordered improvements in compliance, board oversight, risk management, capital planning and liquidity risk management that spanned multiple subsidiaries.

Brim Financial is the only non-bank or credit union to have an issuer licence from Mastercard Canada. Unlike other countries, Canada doesn't require credit card issuers to have bank licenses or bank sponsors.

The letter from lawmakers to the bureau follows a report that the agency does not view the exams as explicitly required by the law.

Starling Bank, a U.K.-based digital-only bank, is among the latest European banks offering the benefit of its full banking license and its technology to companies that want to offer white-labeled banking products and debit or credit cards but don’t want to invest in a banking license or technology.

The veteran banking attorney, who also worked at the FDIC and OCC, passed away Tuesday following a battle with cancer.

The Minneapolis company said Wednesday that Richard, a senior executive in its risk management office, will succeed Bill Parker in October.

Judges say a CashCall loan may have fit the state’s definition of an “unconscionable” interest rate.