Compliance

WASHINGTON — The Consumer Financial Protection Bureau finalized a rule Monday that will allow institutions that limit the amount of customer data they share to post annual privacy notices online rather than by paper delivery.

New York regulator Benjamin Lawsky may use the cybersecurity rules he's proposed for virtual-currency companies as a model for traditional banks. That would subject the financial institutions his agency supervises to the most stringent data-security rules anywhere.

An executive order signed by President Obama on Friday that mandated the adoption of chip and PIN technology in government cards and enabled its use in facilities like Post Offices is a "meaningless gesture" that smacks of politics over substance.

The White House is slated to unveil a major package of initiatives on Friday to increase data security for financial transactions, including an executive order to add chip-and-PIN technology to government-issued credit and debit cards.

WASHINGTON — The U.S. Supreme Court could have a say in how regulators issue guidance on interpretive rules that are not subject to notice and comment, which could have ramifications for NCUA and the credit union community.

Bitcoin adopters in Ohio have been some of the most vocal about how state laws need to evolve to encourage the use of digital currency, but the Ohio government seems to want that change to come from the courts rather than the legislature.

SAN DIEGO — Volunteer directors have many duties at their credit unions, but according to NCUA Vice Chairman Rick Metsger one of the most important is being a watchdog for the CU.

Next year's updates to the Payment Card Industry data security standards will give compliant retailers better protection, but hackers will be targeting the weaknesses of companies that don't put in extra effort.

Credit unions and banks are having pressure complying with regulatory requirements when it comes to managing risk, according to a study from Wolters Kluwer Financial Services.

Regulators recently offered a rare behind-the-scenes glimpse of what areas they are targeting for enforcement, saying that potential fair lending violations and how mortgages are priced and serviced remain top priorities for the future.

Whether it was driven by procedure, policy or politics, NCUA's decision to reissue its controversial risk-based capital rule for comment met with much approbation by credit union executives and stakeholders, even as the industry is still holding its breath to see what the revised proposal looks like.

ALEXANDRIA, Va. — NCUA liquidated Republic Hose FCU in Youngstown, Ohio, Tuesday, the eighth credit union failure of the year.

WM Morrison Supermarkets Plc is leading a group of U.K. retailers seeking to add as much as 1 billion pounds ($1.6 billion) to the amount it's seeking from MasterCard Inc. in an antitrust suit over payment fees.

Ripple Labs Inc., a venture capital-backed challenger to Western Union and Bitcoin, is for the first time gaining access to the U.S. banking system, and security hawks are raising eyebrows.

WASHINGTON — The Consumer Financial Protection Bureau has agreed to ramp up its security policies on data collection in response to a recent Government Accountability Office report that raised nearly a dozen recommendations on the topic.

WASHINGTON — The Consumer Financial Protection Bureau recently appointed eight new members to its Credit Union Advisory Council.

WASHINGTON — New NCUA Board Member Mark McWatters believes a second comment period is needed on the regulator's proposed risk-based capital rule and will not vote for any RBC proposal that does not include one.

WASHINGTON — The Consumer Financial Protection Bureau remains committed to working with the financial services industry to improve the mortgage closing experience for consumers through the use of technology, CFPB director Richard Cordray said.

Pictures and highlights of some of the featured speakers at the trade group's annual Washington, D.C., event.

Credit unions and community bankers took to the Senate on Tuesday to urge policymakers to provide regulatory relief, but it appears any significant change is a long way off.