Compliance

WASHINGTON — Navy Federal Credit Union, the largest credit union in the country, agreed Tuesday to pay $28.5 million to settle regulatory allegations it engaged in illegal debt collection practices.

Fintech circles are abuzz about the possibilities for streamlining compliance work following IBM's deal to buy Promontory. Artificial intelligence software could help separate false positives from true violations, for example, or read and parse through lengthy regulations.

The single-director structure of the Consumer Financial Protection Bureau represents an unconstitutional concentration of executive power, a federal appeals court said Tuesday. But the court stopped short of disbanding the agency, instead giving the president more power to remove its leader.

ATM operators have been down this road before, dealing with Mastercard's rules on EMV transactions occurring with the international Maestro debit cards as far back as 2013. But awareness and experience doesn't automatically translate to preparation.

The credit union division at the Illinois Department of Financial and Professional Regulation (IDFPR) received certification of accreditation from the National Association of State Credit Union Supervisors (NASCUS).

Credit unions and banks already scrambling to comply with a number of different federal cybersecurity standards are raising concerns about a proposal from New York to layer on some additional state rules.

The regulations added in the wake of the financial crisis have made the system safer, but it's time to pause on new rules and find ways to improve what's been put in place already, according to the top executives at some of the largest banks.

Thomas Depping, who quit banking out of frustration with regulators five years ago, says Warburg Pincus' deep pockets will help him make Ascentium Capital a household name among small-business borrowers.

A bipartisan group of House lawmakers on the financial services panel introduced legislation Wednesday that would help banks remotely open accounts.

For many restaurants that originally put EMV on the back burner because of technical complexities and a lower general risk of counterfeit card fraud, waiting to support chip cards has proven to be the right decision.

Having literally written the book on how financial institutions can providing banking services to the legal marijuana industry, Partner Colorado CU CEO Sundie Seefried shares her insights with CU Journal.

WASHINGTON — A bipartisan group of House lawmakers on the financial services panel introduced legislation Wednesday that would help banks remotely open accounts.

Details on the new exam cycle are included in a report from the agency’s Exam Flexibility Initiative working group.

If Wells Fargo employees were fired for trying to stop the bank’s improper account practices, as has been claimed in court, it shines a spotlight on the need for more whistleblower assistance.

The agency said Wednesday it has received more than 500,000 comments on the proposal – and many more may be filed in the coming days.

Fourteen senators including Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., sent a letter Wednesday to Attorney General Loretta Lynch calling for the Justice Department to investigate possible criminal wrongdoing by senior executives at Wells Fargo.

The Consumer Financial Protection Bureau’s final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from credit unions and consumer advocates.

The biggest surprise for many who awaited the Consumer Financial Protection Bureau’s final rule for prepaid cards was discovering that its reach extends to some of the payments industry’s highest-profile tech firms, such as PayPal Inc.’s Venmo, Square Inc.’s Square Cash and Dwolla.

NCUA Chairman Rick Metsger has requested that the CFPB exclude all payday alternative loan products from the Bureau’s upcoming payday lending rule – a move cheered by both CUNA and NAFCU, who assailed the CFPB for continuing to increase the compliance burden CUs face.

Ballot initiatives in several states – along with growth projections in states where marijuana is already legal – could shift opinions on how to regulate banking services for the industry.