Compliance

ALEXANDRIA, Va. — At NCUA's final board meeting of 2014, Chairman Debbie Matz announced the formation of two working groups, one focused on field-of-membership issues and the other on supplemental capital.

New York State's top banking regulator Benjamin M. Lawsky released details Wednesday of his plan to require the state's financial institutions — including credit unions — to upgrade their cyber-defense systems.

International regulators proposed a common template Tuesday for banks to use when disclosing their long-term liquidity compliance plans, which regulators say will help market participants assess and compare banks' plans to one another.

Tax authorities all over the world are making decisions on how to view the new and increasingly popular decentralized digital currencies such as Bitcoin.

Banks would have to upgrade their systems to accommodate faster transactions, and originating banks would pay the receiving financial institutions a fee to cover those costs, under a plan from Nacha, the industry group that sets ACH rules.

Amid huge regulatory pressure to strengthen anti-money-laundering controls, banks are grappling with a shortage of compliance talent.

Despite the many high-profile breaches that occurred over the past year, too many businesses have not adopted strong security practices and as many as a third don't have a clear understanding of where their sensitive data is stored or how it is protected.

WASHINGTON — Credit unions aren't the only ones bracing for changes to rules related to risk-based capital and risk weights.

At a roundtable with federal and state regulators in Los Angeles this week, bankers offered some fresh ideas about possible regulatory relief. Here is a sampling.

DENVER—As the Consumer Financial Protection Bureau prepares to establish national rules regarding payday lending, the success of Colorado's payday lending law may provide some type of model for federal action on matter. But the credit union community is cautioning that a closer look is necessary.

Zomato hasn't been able to add payment capabilities to its restaurant discovery app in its home base of India, but the company has found a more welcoming audience in Dubai, where it plans a pilot next month.

The House passed a CU-backed bill Tuesday to study the effects of a Federal Reserve Board rule restricting the number of transactions customers can make with their savings accounts each month.

MasterCard Inc., the second-largest U.S. payments network, raised its quarterly divided 45 percent to 16 cents a share and announced a new stock repurchase program.

CUNA has expressed concern over a small South Florida credit union that was recently assessed a $300,000 fine by the Treasury Department's Financial Crimes Enforcement Network for ignoring reporting and record-keeping requirements under the Bank Secrecy Act between 2009 and 2014.

Swift's initial move into faster domestic payments in Australia sets the groundwork for expansion into other markets, including the U.S.

Federal regulators on Tuesday released the latest guidebook for examiners to use in assessing financial institutions' anti-money laundering programs.

Bitcoin wallet providers have had a touchy relationship with prepaid cards. But whether or not these companies care about plastic, they should care about how the Consumer Financial Protection Bureau's prepaid proposal affects them.

American Express Global Business Travel has named former Hertz executive Elyes Mrad as managing director of its Europe, Middle East and Africa region.

Discover's lawsuit this week against Visa stems from years of practices that have their root in the Durbin amendment's debit-routing mandates, and Visa will likely have several ways to counter its rival's allegations.

Seeing an opportunity to advance international and online debit transactions and take advantage of a growing mobile payment market, MasterCard is working to establish a debit card presence next year in Canada.