Compliance

Government investigations of auto lending are beginning to pile up, and they are weighing on investors' perceptions of the fast-growing industry.

An unrelenting barrage of new credit union rules and regulations have jacked up the cost of doing business, forced hundreds of small CUs to merge or close and compelled many others to devote precious time and money to dealing with the seemingly endless blitz of overwhelming bureaucratic paperwork from Washington.

The European Commission last month drafted another version of its proposed revision of the Payment Services Directive, known as PSD2 in Europe, with a goal of enacting a wider regulation of payments and interchange fees that reflects modern technology, security threats and stakeholders in payments.

Nike Inc. was accused by a MasterCard Inc. unit of conspiring to steal scarce technology talent by encouraging two top cyber-security managers to break their contracts with the credit card company as worries of hacking and breaches of customer privacy deepen.

After National Credit Union Administration Chairman Debbie Matz revealed the agency is mulling new encryption standards, a trade association says the regulator should focus on its own steps to "better protect" member "data in its care."

WASHINGTON — Two officials at the Consumer Financial Protection Bureau have been named into key roles, the agency confirmed Tuesday.

Google fired the latest salvo in the interchange wars in late December by filing an antitrust suit against MasterCard and Visa in Texas federal court.

The CFPB's rapid pace is likely to continue this year as it tackles some of its trickiest areas yet, including payday loans, debt collection and overdraft protection, which are likely to have a significant impact on the financial services arena.

Brazil's central bank has approved a joint venture between Banco do Brasil SA, the nation's largest bank by assets, and card payment processor Cielo SA, but the bank cannot claim accounting gains in its projected profits.

The payments industry is quickly adapting to new technology, new regulations and new consumer demands. Here are 15 of the industry's major transformations already in progress.

NCUA on Wednesday published details on six prohibition orders it issued in December, barring individuals from working at federally insured financial institutions.

NCUA released a video Monday aimed at educating executives about field of membership options available for federal credit unions.

NCUA warned credit unions about the risks of providing account services to money services businesses (MBSs) in a December supervisory letter and offered guidance to institutions that chose to do so.

Visa and MasterCard halted services in Crimea after a new round of U.S. sanctions, according to multiple reports.

2014 was a big year for payments. Disruption came from within the financial services industry and from outsiders like Apple and Walmart. Mainstream payment companies had to respond to these new competitors as well as adapt to fresh attention from regulators and fraudsters.

Charlie Shrem, the former Bitcoin Foundation Inc. executive who pleaded guilty to charges tied to the illicit online bazaar "Silk Road," was sentenced to two years in prison by a judge who rejected his bid to remain free and "change the world."

WASHINGTON — End-of-year lists are all about the show-stoppers, and nothing stopped the show like NCUA's proposed rule on risk-based capital.

The Financial Crimes Enforcement Network, a division of the Treasury Department, has assessed a $1 million civil penalty against MoneyGram International's former chief compliance officer.

Benjamin Lawsky, New York's top financial regulator, sharply criticized banks for their failure to speed up the payment system, warning that the government may step in if they continue to lag behind.

It’s clear that merchant acquirers and processors need to find a way to provide a fast, scalable and merchant-friendly certification path to EMV.