Compliance

As the pace of new government regulations continues unabated, an increasing number of CUs are looking to outsource their compliance operations to third-party vendors to cut costs, paperwork and man-hours. Here's what to consider.

The House of Representatives has already passed two strong bills (the Protecting Cyber Networks Act and the National Cybersecurity Protection Advancement Act). We are now urging the Senate to take up and pass the Cybersecurity Information Sharing Act (S. 754) as soon as possible.

China's central bank on Friday proposed a series of restrictions that may restrict overall e-commerce activity rather than simply funnel it through the state-controlled banking system.

ALEXANDRIA, Va. — The ongoing dispute between state and federal regulators over NCUA's overhead transfer rate took yet another twist with the general counsel of NCUA writing a letter to the head of NASCUS that attempted to quash several of the trade group's arguments.

A lawsuit filed against NCUA was “a last resort” after the regulator declined an application for deposit insurance from a credit union chartered last year to serve Colorado’s legal marijuana industry.

Firing or cutting the pay of fraudulent or reckless bankers will go a lot further toward restoring the reputation of financial services than any new regulations, according to a reform-minded group of bankers and regulators.

NCUA issued four prohibition orders in July banning individuals from participating in the affairs of any federally insured financial institution.

Unhappy with the regulator's effort to pare back restrictions on CUs business loans, bankers have taken a page from the CU handbook, sending copious letters to NCUA about its proposed MBL rule.

DENVER—Fourth Corner CU here, chartered last year to serve Colorado's legal marijuana industry, has filed lawsuits against NCUA and the Federal Reserve after having its applications rejected for share deposit insurance and access to the Fed system, respectively.

The Federal Housing Administration is expected to rebuff a government watchdog report that blasted down payment assistance programs. The report has raised concerns that mortgage lenders would have to indemnify FHA for past loans, and that housing finance agencies would have the programs restructured.

The House Financial Services Committee continued its two-day vote of 14 financial reform bills, approving a variety of measures.

The Financial Services Committee is debating more than a dozen bills aimed at changing a wide swath of financial policies.

MasterCard is cooperating with a European investigation into its fees, though it is questionable that this process will have a widespread effect on interchange, according to MasterCard CEO Ajay Banga.

The Consumer Financial Protection Bureau is charging two companies affiliated with Western Union and Fidelity National Financial more than $38 million in total charges for allegedly steering consumers into a mortgage payment program that cost them millions of dollars in fees.

Two years after a Texas community bank's legal challenge to the Consumer Financial Protection Bureau's constitutionality was dismissed by a federal court, the case is back from the dead.

Participants at the 2015 Legislative Summit of the National Conference of State Legislatures (NCSL) here will be besieged by credit union messaging from a variety of CU trade groups.

Western Union announced that it will reinstate international remittances into Greece, after suspending them following the country's decision to shut down all banks amid a mounting debt crisis.

NCUA Chairman issues apology after telling House subcommittee that CUs raising questions about the size of her agency's budget are not representing the best interests of their members.

Protecting payment card data is a never-ending struggle, and the fraudsters are only getting more creative. So far this year several incidents and studies have demonstrated the evolving nature of cybercrime.

Credit union executives and stakeholders sound off on everything from NCUA wanting oversight of third-party vendors, auto loan growth, differentiation and more.