Compliance

The Office of the Comptroller of the Currency's plan to offer a national charter for fintech firms immediately sparked a battle between consumer advocates and state regulators, who see it a dangerous move, and fintech firms and certain banks, which hailed it as the future.

Alliance is the third Texas credit union to convert to private share insurance in the last 18 months.

Federal Reserve Gov. Daniel Tarullo strongly defended bank regulators’ responses to the 2008 financial crisis and faulted competing Republican proposals to replace the Dodd-Frank Act with a simpler, single leverage requirement as shortsighted.

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.

Wells Fargo is making an exception to its retirement policy for its longtime general counsel, who plans to remain with the company indefinitely to deal with the fallout of the fake-accounts scandal.

Steven Mnuchin's confirmation hearing is likely to be dogged by stories of homeowners who claim his bank, OneWest, illegally foreclosed on them. While the stories are unlikely to prevent President-elect Donald J. Trump's pick from being confirmed, it could weaken Mnuchin politically and rehash grievances from the financial crisis.

The consumer watchdog group cautioned FIs to beef up their compliance management systems, but some observers questioned whether credit unions — which generally have more consumer-friendly business practices — are in the clear or if there is still work to be done.

Despite a robust anti-money-laundering regime imposed on credit unions, banks and money services businesses in the U.S., a number of loopholes are allowing other companies to skate by without performing basic due diligence to curb the flow of illicit funds, according to a report by the Financial Action Task Force.

Treasury Secretary-designate Steven Mnuchin's plan to remove Fannie Mae and Freddie Mac from government control could mean increased competition for lenders' loans. But it could also prompt a rise in mortgage rates.

As bitcoin's spotlight fades and banks work to adapt its underlying blockchain technology for more traditional uses, it seemed that the world was ready to move on from the infamous cryptocurrency. And then Donald Trump was elected president of the U.S.

A federal court in California has accepted a controversial request from the IRS to obtain the records of possibly millions of users of the bitcoin exchange Coinbase.

Even before taking office, Treasury Secretary-designate Steven Mnuchin has said he wants to return Fannie Mae and Freddie Mac to the private sector, a radically different vision of housing finance reform than that pushed by other Republicans.

President-elect Donald Trump recognizes that full repeal of the Dodd-Frank Act is unlikely, though he supports a House effort to make significant changes, according to a former banker who was on the shortlist to be Treasury secretary.

While one economist recently reminded credit unions that household incomes have finally returned to pre-recession levels, another has just released data that shows credit union business lending – a creator of U.S. jobs – is still down significantly from eight years ago.

The National Credit Union Administration in November issued four notices of prohibition to individuals who have been convicted of crimes of dishonesty.

Treasury Secretary-designate Steven Mnuchin wasted no time Wednesday wading into one of the thorniest debates in the financial services arena, saying the Trump administration would seek to end government control of Fannie Mae and Freddie Mac.

Heritage Oaks Bancorp in Paso Robles, Calif., has been freed from a consent order tied to Bank Secrecy Act and anti-money-laundering compliance.

As President-elect Donald Trump publicly weighed his choices for Treasury secretary, several names floated were well known to the banking industry, and would have taken the job with a host of clear priorities and positions.

President-elect Donald Trump’s choice for Commerce secretary is a billionaire investor who swooped in to prop up troubled banks after the financial meltdown. Some members of the banking world, including regulators, may be glad he was picked for Commerce chief instead of Treasury secretary.

At the California and Nevada Credit Union Leagues’ Annual Meeting and Convention in Las Vegas earlier this month, attendees cheered the National Credit Union Administration for making several changes to field of membership rules that expanded options for Americans to join a credit union. NCUA finalized some rules and proposed further changes. Meanwhile, the Independent Community Bankers of America have made noises about a lawsuit. ICBA already filed suit against NCUA for its recent member business lending rule.