Compliance

COMPASS 4 CUs, the Woodbridge, Va.-based credit union service organization (CUSO) that specializes in regulatory compliance, said effective May 1, ownership of the CUSO was transferred from Belvoir Federal Credit Union to Pentagon Federal Credit Union (PenFed) in connection with the merger of those two credit unions.

The National Credit Union Administration (NCUA) announced Monday that 22 federally insured credit unions have agreed to pay civil monetary penalties for filing late Call Reports in the fourth quarter of 2015.

As the first significant act by Rick Metsger since taking the reins at the National Credit Union Administration, plans to push the exam cycle from 12 months back to 18 months drew a swift and positive response from the industry.

Certain types of member business loans will no longer require a personal guarantee under the new NCUA rules.

Advocates for the marijuana industry fanned out across Capitol Hill on Thursday, urging lawmakers to make it easier for pot businesses to be bank customers.

More than seven months after the EMV liability shift, the majority of U.S. retail locations still haven’t upgraded their payment terminals to accept chip cards, with some small and midsize businesses citing the difficulty of getting their equipment tested and certified by appropriate organizations.

National Credit Union Administration will form an internal working group to review its examination process, including the frequency of exams, says new Chairman Rick Metsger.

Small-scale financial services companies such as storefront lenders and local money transmitters which use technology should have a choice of whether they are regulated by a state or federal regime.

The Consumer Financial Protection Bureau has charged a Mississippi company with refusing to disclose check-cashing fees to consumers, deceptively pressuring borrowers into taking out multiple payday loans and keeping overpayments.

In the latest salvo in a long-running feud over the costs of processing payments, Wal-Mart Stores Inc. sued Visa Inc.’s U.S. unit on Tuesday, saying the company wants the retailer to use a less-secure method for verifying debit cards in order to route transactions through its own networks to boost profits.

Industry representatives swiftly rejected a call from the Treasury Department that new legislation is needed to protect small-business owners.

Wal-Mart Stores Inc. sued Visa Inc.’s U.S. unit, saying the company wants the retailer to use a less-secure method for verifying debit cards in order to route transactions through its own networks.

Hillary Clinton's campaign goes on the offensive against presumptive Republican nominee Donald Trump's financial policy positions, arguing he would put the financial system at risk if elected president.

The Treasury Department on Tuesday capped off a nearly yearlong inquiry into the burgeoning marketplace lending industry with a policy paper that recommends increased transparency and customer protections while also highlighting the sector's potential for expanding credit access.

State officials in California have asked top online lending firms a series of probing questions regarding their compliance with laws and regulations dealing with referral fees, bank partnerships, fair lending and other sensitive issues.

Dwolla has forwarded its proposal for faster payments to a Federal Reserve Board task force studying submissions as part of a national initiative, and its voice is one of several seeking to make a difference in the country's move to faster payments.

Every year, millions of students borrow federal loans to cover college expenses. For many, this money is crucial for more than just tuition. It helps these students stay in school by paying for food, rent, transportation and other living costs. But lately, this money has also become the lifeblood for predatory card vendors that gobble up funds with unnecessary, exploitative and hidden fees.

The finance industry pushed back against a proposal by the Consumer Financial Protection Bureau Thursday that would ban arbitration clauses in consumer contracts. If there is a flurry of class action lawsuits against banks and credit cards companies, the financial firms will no longer use arbitration because of the higher legal costs.

May is Older Americans Month and the National Credit Union Administration is reminding seniors about the agency's online resources to help them manage money and protect themselves against fraud.

The Consumer Financial Protection Bureau is set on Thursday to issue a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class action lawsuits.