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.

The credit union had asset of just over $76,000, and NCUA determined it was insolvent with no prospect for restoring viable operations.

A request by the IRS for user data from a bitcoin exchange highlights simmering tensions between compliance and customer privacy for financial institutions and will test how those demands are balanced in the young field of cryptocurrency.

John Allison, a contender for President-elect Donald Trump’s Treasury secretary, is a staunch opponent of the Federal Reserve Board, the Basel international accords, the government’s support of the housing finance industry and the Dodd-Frank Act of 2010.

As the holiday shopping season kicks off, retailers are preparing for an influx of payment volume from shoppers and scammers alike. Here are a few of the problems they face.

The Consumer Financial Protection Bureau warned financial companies on Monday to properly manage employee incentives that can pose significant risks to consumers, part of the ongoing fallout from Wells Fargo's phony account openings.

The Los Angeles City Council passed a motion last week to restrict large banks vying for city contracts from using predatory sales goals in response to the furor over Wells Fargo's phony accounts scandal.

The election results will only intensify factors making competition with bank lenders more difficult, including the effect of interest rates as well as the regulatory environment.

How Align Credit Union was able to lighten its compliance burden and improve its branching strategy in one fell swoop.

Payday lenders are seeking a court injunction to stop what they say is a concerted effort by federal banking regulators to cut them off from the mainstream financial system.

The Pennsylvania company has redoubled its outreach to low- and moderate-income consumers by partnering with Operation Hope on a down payment assistance program and naming a veteran banker to the newly created post of director of fair and responsible banking. But despite these efforts, history says Fulton is unlikely to escape punishment if the Justice Department finds that it violated fair-lending laws.

Reports will be due on the final Sunday of the month following the end of each quarter.

The transition team for President-elect Donald Trump announced a series of names this week for people who will help facilitate an orderly transfer of power at the federal financial regulators.

A rule set to go into effect Dec. 1 would have made millions more Americans eligible for overtime pay, but many CU advocates opposed the rule out of a belief that it would increase the regulatory burden.

The transition team for President-elect Donald Trump announced a series of names this week for people who will help facilitate an orderly transfer of power at the federal financial regulators.

When Credit Suisse AG pleaded guilty in 2014 to helping Americans cheat on their taxes, it promised to help the U.S. root out suspicious accounts. Now, U.S. investigators want to know why the Swiss bank neglected to tell them about $200 million in undeclared assets owned by an American client, according to people familiar with the matter.

If President-elect Donald Trump selects House Financial Services Committee Chairman Jeb Hensarling as his Treasury Secretary, it would be a clear sign that he intends to embrace a more traditional Republican agenda when it comes to financial services issues.

Employees at the Treasury Department’s Office of Financial Research have raised concerns about racial discrimination and dysfunction at the agency, according to internal documents and videos posted online.