Compliance

WASHINGTON — Credit unions can't afford to ignore the potential ramifications of the Consumer Financial Protection Bureau's (CFPB) recent decision to pull back on new investigations in order to clear out a slew of pending cases.

PayPal is investing heavily in technology to make sure it is properly equipped for the challenge ahead of it when its split from eBay is finalized.

NCUA Director of Examinations and Insurance Larry Fazio testified before Congress today urging legislators consider supporting several NCUA-backed bills that would ease regulation and provide increased flexibility for financial institutions, pointing to the regulatory burden faced by credit unions today, more than three quarters of which have assets of less than $100 million.

Banking regulators will never conclude that regulation is actually hurting community banks until they study the issue and come to that conclusion on their own.

WASHINGTON — House lawmakers clashed this week over a bill making changes to the Consumer Financial Protection Bureau that would cap the agency's budget in coming years.

As banks have largely ceded the market for government-backed loans to nonbank lenders and servicers, it's fallen on Ginnie Mae to be sure that these nonbanks can meet their obligations to bondholders. It's a huge concern for President Ted Tozer, who says the company does not have the resources or manpower to examine these firms' finances.

Rules published by China's State Council, which take effect June 1, clear the way for Visa and MasterCard to gain a foothold in an industry that the Central Bank said handles 449.9 trillion yuan ($73 trillion) a year.

The National Pawnbrokers Association argues that its members have been unfairly swept up in the Justice Department initiative known as Operation Choke Point. But banks say Choke Point's not to blame: they're closing the accounts of cash-intensive businesses in order to ensure compliance with anti-money-laundering rules.

Rep. Patrick McHenry said Democrats' resistance to passing certain regulatory relief measures is due to a leftward shift.

New York bank regulator Benjamin Lawsky said his investigation into currency trading could go on for months, even after settlements with the U.S. Justice Department. Lawsky spoke at a conference in New York today.

Google Wallet is making a significant change in how it handles funds, in the latest of a series of moves that gives Google a stronger footing against Apple Pay's rising tide.

NCUA Board Member Mark McWatters drew a big crowd to a discussion of regulatory relief during the Cornerstone Credit Union League's recent Annual Meeting here, so Credit Union Journal asked attendees what reg relief they would most like to see.

China's renminbi is quickly climbing the ladder of global acceptance, but many multi-national corporations are not prepared to accept cross-border payments using that currency.

American Express' financial performance is already suffering from the pending loss of its Costco card business in U.S., pressuring the company's focus on emerging payments technology to provide a financial lift to calm nervous investors.

WASHINGTON — President Barack Obama has tapped the acting head of the Treasury Department's anti-money laundering and terrorism office to lead the department permanently.

Hillary Clinton just kicked off her presidential bid, but progressives have already begun a campaign of their own to shape the financial policy debate ahead of the 2016 elections.

WASHINGTON — A flurry of activity on Capitol Hill in the last two days, has given credit unions a hopeful glimpse of the regulatory relief they have been seeking for years.

As financial institutions worldwide move to cut off relationships with industries that regulators consider risky, the few banks that serve these businesses are charging hefty fees for basic services.

The Payment Card Industry Security Standards Council released its 3.1 update to the industry's data security standards April 15 to address the payment data vulnerabilities of the Secure Sockets Layer encryption protocol.

WASHINGTON — Sen. Elizabeth Warren delivered a sweeping speech Wednesday aimed at what she's calling "the unfinished business of financial reform."