Compliance

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.

It's time not only to hold banks accountable for their security, but also to provide meaningful regulatory guidance on how to achieve security.

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 both consumer advocates and bankers over how it treats overdraft fees.

Wells Fargo Chief Executive John Stumpf may get a third grilling by lawmakers over the fake account scandal that continues to embroil the San Francisco bank.

Wells Fargo Chief Executive John Stumpf may get a third grilling by lawmakers over the fake-accounts scandal that continues to embroil the San Francisco bank.

Washington halts a move to update its 15-year-old MBL rule while the federal regulation undergoes a legal challenge

Information security, internal controls, workforce planning and building renovations are priorities that the Consumer Financial Protection Bureau should quickly address, its inspector general said last week.

Google is placing more emphasis on hardware and voice-controlled assistance, and its payment technology is coming along for the ride. Here's a look at Google's history in mobile payments—what worked, and what got cut over time.

Visa Inc., MasterCard Inc. and American Express Co. lost an early round of a lawsuit alleging they colluded to pin liability for fraudulent transactions on merchants who didn’t meet a chip-reading technology deadline.

The former secretary of state used the Wells enforcement action to call for tougher standards on Wall Street, restraints on the use of forced arbitration clauses and continued defense of the Consumer Financial Protection Bureau.

The two trade associations have partnered to fight the Independent Community Bankers of America, and some analysts say this could just be the beginning of new legal challenges from bankers related to high-stakes regulatory reform at NCUA.