Compliance

The two main credit union trade groups, normally in lockstep on most issues, are split in their reactions to proposed legislation in Congress that calls for a delay to study NCUA's proposed risk-based capital rule.

Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

Traditional non-bank payment providers have elected several unconventional names to represent the industry on the Federal Reserve's Faster Payments Task Force steering committee.

More than a year after the CFPB revamped its employee rating system following allegations of discrimination, Equal Employment Opportunity complaints have surged and the agency faces ongoing accusations of bias and retaliation against workers who speak out.

NCUA and AARP will host an online presentation for consumers and credit unions on how to prevent elder financial abuse.

Scale is one of the most important things remittance companies must focus on, which is why long-standing incumbents continue to have the upper hand.

House lawmakers plan to introduce a bill Monday to delay a controversial risk-based capital proposal for credit unions that would require regulators to further study the issue before finalizing the plan.

Square Inc. will eventually be a publicly traded company and could conduct an initial public offering this year if it wanted to, its former chief operating officer said.

Anthony Albanese, the top deputy to New York bank regulator Benjamin Lawsky, will become acting head of the state's Department of Financial Services when his boss steps down next week, signaling little change in that office's aggressive stance on financial enforcement.

Visa has elected Lloyd A. Carney as the twelfth member of its Board of Directors and a member of the Board’s Audit and Risk Committee. His position came into effect June 11.

One credit union industry insider has two more compliance issues high on her radar right now: overdraft practices and the Bank Security Act.

As credit unions are scrambling to be ready for the Aug. 1 implementation of the new TILA/RESPA disclosures, they're also bracing for the next compliance storm headed their way: new HMDA data collection requirements.

After rumors had been flying that the agency was looking to craft a new member business lending rule, NCUA's Debbie Matz confirmed an MBL proposal will be on the agenda for the regulator's June 18 board meeting. Meanwhile, experts outline what they see as some of the top compliance concerns for CUs right now.

The digital currency world is readying itself for more regulatory penalties over the failure to meet Bank Secrecy Act and anti-money-laundering requirements following federal agencies' action against Ripple Labs last month.

Given the small number of CUs cited and the fact none were actually accused of any wrongdoing, it would be easy to shrug off the recent ruckus about FinCEN's report on potential anti-money laundering problems at credit unions. But that would be a mistake.

Nearly 80% of consumers making payments to doctors or hospitals would prefer to do so through a one-click method on their health-plan provider's website, according to data from health care payments provider InstaMed.

The mortgage lender Nationstar Mortgage Holdings is pouring a lot of energy into a digital and mobile homebuying platform called Xome. The strategy could attract tech-savvy millennials but carries plenty of risks including whether consumers would be improperly steered to its products.

More than a dozen housing groups joined with the credit union trade association to urge lawmakers to pass legislation that would grant lenders a formal grace period for implementing new disclosure forms later this summer, arguing that the industry needs greater certainty than the Consumer Financial Protection Bureau has so far provided.

Credit unions are bracing themselves for a major storm on Aug. 1. That's when the new RESPA-TILA Integrated Mortgage Disclosures Rule goes into effect, ushering in a complete change to the disclosure forms sent to borrowers as they close their mortgages.

Both parties have now put their stamps on competing regulatory relief bills, but the success or failure of reform legislation this year still likely rests in the hands of moderate Democrats.