Compliance

The Bitcoin Foundation's goal of promoting the new digital currency was quickly overshadowed by the personal and legal problems of its management. Now, under new leadership, the group aims to return to its original mission.

Merchants face a confusing onslaught of terminal updates, encryption, tokenization and EMV, placing organizations like the Payment Card Industry Security Standards Council (PCI SSC) in the role of trying to make sense of the changes.

U.S.-based payment processor Total System Services (TSYS) has launched a service called Chip Card on Demand that provides issuers the option to add EMV chips to compatible magstripe cards during the production process.

New York financial watchdog Benjamin Lawsky is stepping down, and his successor is likely to follow a similar strict yet innovative approach to Wall Street oversight. However, the next head of NYDFS would likely benefit from better industry relations.

The Louisiana Real Estate Appraisers Board has fined an appraisal management company $5,000 for failing to pay "customary and reasonable" fees to appraisers.

Nacha recently announced a rule change allowing for same day ACH payments. This decision was a heavily debated throughout the industry for several years.

The regulatory burden for originators has not only been the main driver of acquisition activity in mortgages but also influences deal structures. Acquirers are looking to craft transactions so they don't get burned by targets' compliance lapses.

As part of its proposed sale to Royal Bank of Canada, City National has made a big Community Reinvestment Act commitment, which includes targeting small-business loans at the minority- and women-owned suppliers of three power companies.

In the wake of a report that the Financial Crimes Enforcement Network (FinCEN) has identified more than 50 credit unions at risk of serving as a conduit for money laundering activities, the CU trades and regulators alike were scrambling to respond to what NCUA suggested could be a “regulatory blind spot.”

New York’s financial services regulator revealed its final version of a new digital currency regulatory framework Wednesday, but a big question already is whether the effort will get replicated in other states.

NCUA has organized a webinar aimed at helping the industry navigate international funds transfers.

The Consumer Financial Protection Bureau issued a blog post Wednesday designed to mollify industry and congressional concerns that lenders will not be ready to implement new disclosure forms by an Aug. 1 deadline.

Departing New York state regulator Benjamin Lawsky revealed the final version of the BitLicense, the regulatory framework for digital currency businesses his department has developed over the past 18 months.

Departing New York state regulator Benjamin Lawsky revealed the final version of the BitLicense, the regulatory framework for digital currency businesses his department has developed over the past 18 months.

It's no grace period, but the Consumer Financial Protection Bureau is working placate lender fears of hasty enforcement of its new integrated disclosure rules.

Banks and mortgage lenders are in the final stretch of preparing to deliver new TILA-Respa Integrated Disclosures to homebuyers starting Aug. 1. But it's not just the change of forms that is causing alarm bells. Fines could be steep, and legal liability could be even higher, for violators, while necessary technological changes are expensive, they say.

The Federal Reserve Board on Friday announced the appointment of a senior official at the Federal Reserve Bank of Chicago to lead the central bank’s efforts to improve the national payments system.

NCUA is working with federally-insured credit unions in parts of Texas and Oklahoma that were hit by heavy flooding recently in order to help “protect consumers and ensure the continuity” of credit union services.

As the deadline nears for U.S. EMV adoption, more processors are partnering up to help their clients speed through the certification process.

Discover Financial Services has entered into a written agreement with the Federal Reserve to improve its anti-money laundering procedures.