Compliance

TUSCALOOSA, Ala. — At least one person wasn't surprised by the Alabama Credit Union Administration's decision to conserve Alabama One CU: its former CEO.

Banks need more clarity about the circumstances under which attorney-client privilege applies. Otherwise they may decline to ask questions about the legality of their actions, leading to even more compliance problems.

The Alabama Credit Union Administration on Thursday placed $598 million Alabama One Credit Union, based here, into conservatorship.

The Debit Network Alliance last week officially launched its shared application identifier (AID) for EMV debit routing, but merchants likely won't be in any rush to implement the technology despite the fast-approaching Oct. 1 liability shift.

First Data Corp. selected Citigroup Inc., Morgan Stanley and Bank of America Corp. to manage its initial public offering planned for this year.

When a federal appellate panel sided with the U.S. Federal Trade Commission (FTC) against the Wyndham hotel chain this week, it cemented the FTC as a power to be reckoned with for companies that have poor security.

Following its massive 2013 data breach, Target vowed to accelerate its EMV-chip card migration, but the retailer still just barely made the card networks' deadline.

Phoenixville Federal Bank & and Trust in Pennsylvania has converted to a state charter.

WASHINGTON — A Federal Deposit Insurance Corp. publication on Monday advised banks to include cyber risk in standard disaster-planning and business-continuity exercises as part of general strategic-planning discussions.

The global loan platforms present an extreme example of the ongoing clash between the fast-moving financial technology sphere and the staid world of financial regulation.

NCUA Board Member J. Mark McWatters points to the agency’s rejection of proposals to revert to an 18-month exam cycle without any debate as further evidence of the need for public budget hearings and greater transparency from the regulator.

As the 2008 financial crisis fades into memory, it has become increasingly unlikely that any bankers or traders involved will see jail time. But while no individuals were ever charged with a crime, the feeling that the fat cats of the financial industry got away scot-free will affect the 2016 presidential race and beyond.

Alternative payments are taking hold at a brisk pace. Now a major bank lobbying group and payment company is crying foul.

Less than 48 hours after NAFCU and the Cooperative CU Association each sent NCUA letters urging the regulator to return to an 18-month examination schedule, the agency scuttled the idea.

Not all government data collection is problematic. Some is actually good, and the facts about particular government data collection programs matter.

WASHINGTON – The Federal Housing Finance Agency on Wednesday officially increased the target for loans purchased by Fannie Mae and Freddie Mac that benefit affordable housing, but the uptick is not satisfying housing advocates.

The Consumer Financial Protection Bureau said Springstone Financial, acquired last year by Lending Club, misled borrowers into thinking loans carried zero interest.

Credit unions are pushing NCUA to revert back to an 18-month examination schedule.

The Payments Security Task Force and the EMV Migration Forum will offer educational materials about EMV-chip card payments, including templates of social media posts and hashtags; educational downloads that include visual aids and training guides; media interview tips; and more.

A look at how Dodd-Frank has really impacted the financial services industry, and what other forces are at play.