Compliance

Troy Leach, chief technology officer for the PCI Council, sat down with PaymentsSource to reflect on the council's performance to date and where it is headed in the coming years.

The embattled bank is under pressure to claw back bonus pay from executives. Its decision figures to have ripple effects throughout the industry.

Despite the near-frenzied interest in this year’s unprecedented presidential race, the key battles for CUs are in Congress.

House Democrats made an unusual move this week to avoid offering amendments or engaging in debate over a massive financial reform bill. Here's why.

Calling this moment in time financial services' "Uber moment," the National Credit Union Administration said the combination of technological innovation, expansion of social media and growing interconnectivity are giving regulators pause about credit unions' cybersecurity efforts.

The scorcher at Wells is giving some community bankers an opening to differentiate themselves from larger institutions that seem fee-dependent or "too big to manage."

Wells Fargo is saying so long to product sales goals for retail bankers, and the industry may never be the same.

"Rent-seeking" is a widely recognized economics term that refers to when people or groups try to obtain economic benefits for themselves through a subsidy in the political arena. In Washington, the term has special significance. Special-interest groups regularly try to gain subsidies by securing a special regulation that disadvantages competitors.

John Stumpf was coasting toward a carefully planned retirement. But the outcry over sham accounts at the San Francisco bank has put him in a precarious position as he testifies in front of Congress next week.

CUs and professionals recognized with inaugural compliance honors.

New York Gov. Andrew Cuomo announced the proposal of a state regulation requiring state-chartered credit unions and other regulated financial institutions to develop and maintain a cybersecurity program.

Chairman Jeb Hensarling’s financial reform bill was approved by the Financial Services Committee along mostly party lines as Democrats declined to offer amendments to legislation they said was too flawed to begin with.

Wells Fargo & Co. eliminated product sales goals for its consumer bankers as the company seeks to reassure regulators, lawmakers and customers after employees opened card and deposit accounts without clients’ approval.

The agency announced a new disaster response system, the Incident Management System, which will utilize real-time information to enhance the agency's efforts when unfortunate events occur.

Banks’ dilemmas around sharing data and embracing open payments technology are becoming a more urgent concern in Europe due to regulatory pressure, and fintech firms are starting to take notice.

Regulators, analysts and investors are likely to take a thorough look at other banks' cross-selling tactics following Wells' settlement with federal agencies for illegally enrolling customers in products and services.

Cybersecurity enforcement efforts need to be better coordinated across government agencies, financial industry groups said in a letter Friday to the National Institute of Standards and Technology.

With fewer than 60 days until one of the most controversial elections in recent history, Congress is entering its second week back from recess. But questions remain as to how long the legislature will actually stick around before breaking for the general election.

State-chartered CUs now have full voting rights with the trade group – something that was formerly only open to federally chartered credit unions.

It’s become an all-too-familiar story – a big bank is caught doing something bad, it pays a fine, some lower-level employees are let go while higher-level executives appear to get off scot free and no criminal charges are assessed. Many see that happening again at Wells Fargo.