Compliance

The Federal Reserve is encouraging the industry to explore faster payments, and that is all well and good. But effectively directing it to do so is beyond its authority and would be a mistake.

Capital One has received requests for information from federal regulators about its anti-money-laundering program and check casher clients, as authorities lean on banks to do a more thorough job policing their customers — and their customers' customers.

The heightened regulatory environment for servicers has also prompted a wave of process improvements.

NAFCU is urging NCUA to outline its overarching approach to risk mitigation in the CU system, in light of several recent moves the agency has made or has indicated it will be tackling in the near future.

It's not quite too big to fail, but Ocwen is the country's largest servicer of subprime mortgages. So if it were forced to sell itself, or even failed, the transfer of some $410 billion in servicing rights could create havoc in the mortgage market, industry experts said.

WASHINGTON — NCUA isn't the only one looking at how redefining "small" as way to provide regulatory relief.

WASHINGTON — The Consumer Financial Protection Bureau will continue its work to ensure credit reports are fair and freely given to consumers, agency director Richard Cordray said Thursday.

CFPB officials are keeping a close watch on the Qualified Mortgage and ability-to-repay rules to gauge whether further changes should be made. But mortgage numbers don't give a clear picture on what kind of impact they've had.

NEWPORT BEACH, Calif. — The National Association of Credit Union Service Organizations says NCUA is in the wrong for asking Congress to expand the federal credit union regulator's authority over CUSOs and vendors that do business with CUs.

NCUA approved a proposed rule that would raise the asset ceiling for its definition of a "small entity" credit union by $50 million to $100 million.

Visa Inc. has opted to transfer its card transaction processing in Russia to a local payment system rather than pay a security deposit to do business in the country.

Plenty of card issuing institutions have not fully implemented the EMV technology and will not be ready by the card network-imposed October liability shift.

Despite the pending October liability shift, there are many small and mid-sized merchants and merchant service providers that are only starting to learn about the EMV standard and beginning implementation project plans.

Foreclosures and delinquencies may seem like problems from the past, but servicers are still struggling with a massive backlog of distressed loans and a return to normalcy is at least two years away, if not longer.

HSBC has spent billions of dollars in compliance and legal costs, but the damaging scandals keep coming. Renewed attention on the problems at its Swiss private bank could fuel the debate about whether banks this size are too big to manage.

The Ohio Department of Commerce announced that Robert W. Rutkowski has been named deputy superintendent for credit unions. Rutkowski will begin serving his new post Feb. 23.

A recent research paper found that community banks' assets, along with market share in most types of commercial lending, have fallen since the Dodd-Frank Act was passed. The report is giving advocates of smaller institutions more data to rally around.

Fidelity Investments and Federated Investors are walking clients through major changes in the $2.7 trillion money fund business as banks fear another blow to funding.

Gary Patton Hall Jr. hid underperforming and at-risk loans from the Federal Deposit Insurance Corp. and the bank's loan committee, the Federal Bureau of Investigation said in its indictment Thursday.

Sen. Elizabeth Warren said small financial institutions have continued to be profitable despite new rules under the Dodd-Frank Act while raising fresh warnings about unnecessary changes to the financial reform law in the guise of regulatory relief.