Compliance

SmartMetric Inc., a maker of biometric smart cards, failed in its appeal of a court decision saying Visa Inc. and MasterCard Inc. don't infringe a patent for credit and debit cards containing chips.

Planet Payment has partnered with Banco Espirito Santo do Oriente S.A. in Macau to provide UnionPay card acceptance to local merchants.

WASHINGTON — Capitol Hill's interest in the risk-based capital rule — possibly reaching record levels for NCUA's proposed rulemaking — may lead to greater change to the final rule than what the agency has said is coming, according to several Capitol Hill observers.

SunTrust Banks has appointed Paul Garcia, a former chairman and chief executive of Global Payments, to its board.

The Consumer Financial Protection Bureau issued a warning to consumers about the danger of digital currencies, sparking questions about whether the agency could soon seek to write new rules in that area.

The Consumer Financial Protection Bureau weighed into the debate about the future of digital currencies like Bitcoin, issuing a warning Aug. 11 that they pose significant risks to consumers.

BLOOMINGTON, Ind. — The Consumer Financial Protection Bureau has withdrawn the names of two Indiana credit unions from a blog post that called out banks and CUs for a lack of transparency about their relationships with universities.

In the age of digital commerce, more business are using third parties to manage operations, increasing the risk to any payments data they handle, says the Payment Card Industry Security Standards Council.

WASHINGTON — The Consumer Financial Protection Bureau named ten banks and credit unions on Wednesday that it claimed were not being transparent about their agreements with large universities to market financial products to students.

ALEXANDRIA, Va. — The National Credit Union Administration Tuesday said that 62 credit unions subject to late-filing penalties for first-quarter call reports have consented to pay.

In politics, every penny counts to secure a candidate's position in office. Bitcoin's low cost of acceptance, accompanied by increasing clarity from regulators over its role in campaigns, is making it a more appealing choice for accepting donations.

ALEXANDRIA, Va. – NCUA Board Chairman Debbie Matz has tapped Board Member Rick Metsger to serve as the agency’s vice chairman.

LAS VEGAS — With less than a year before implementation, the clock is ticking for financial institutions that need to overhaul mortgage disclosures.

ALEXANDRIA, Va. — The NCUA Board unanimously approved a rule Thursday morning to eliminate the 5% cap on fixed assets.

American Express Co. Chief Executive Officer Kenneth I. Chenault defended company rules that bar merchants from asking customers to use cards with lower processing costs as a needed measure to protect its brand.

The credit union trade associations scored some legislative victories Wednesday morning after the House Financial Services Committee passed several regulatory relief measures supported by both NAFCU and CUNA.

The Justice Department's legal case against American Express will not benefit consumers and will weaken competition, said Jeff Campbell, executive vice president and CFO of American Express.

ALEXANDRIA, Va. — The NCUA Board will go over the regulator's 2014 mid-year operating budget when it holds its next scheduled meeting Thursday morning, and plans to introduce a rule that is expected to bring significant relief to credit unions.

American Express Co. courts wealthy clients with perks like access to premium tickets. That business model would be jeopardized if it cut processing fees to match those of rivals, an Amex executive testified in a trial over claims the card company violates antitrust law.

WASHINGTON — CUNA and NAFCU are watching the House Financial Services Committee closely today, hoping the panel votes not only to provide regulatory relief for credit unions, but also approves a legislative amendment that could delay implementation of NCUA's risk-based capital rule.