Compliance

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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.

The Federal Deposit Insurance Corp. has withdrawn a list of merchant categories, including payday lenders, debt consolidation firms, pornography businesses and others, that it said warranted heightened attention by banks processing their transactions.

LAS VEGAS — NCUA plans to propose a rule to "effectively eliminate" the 5% cap on fixed assets, NCUA Chairman Debbie Matz announced.

LAS VEGAS — NCUA Chairman Debbie Matz reiterated last week that the agency plans to make "significant changes" to its proposed risk-based capital rule, but some industry stakeholders were still skeptical of how the final rule will look, particularly if it isn't reissued for a second comment period.

NCUA's civil money penalties are having the agency's desired effect on late call report filers, according to two credit unions that filed late in April and have paid their fines.

LAS VEGAS — Despite NCUA Chairman Debbie Matz's repeated promises of significant changes that will be made to the agency's proposed risk-based capital rule — most recently at NAFCU's annual meeting here — there's still a lot of anxiety among credit union executives about how the final rule will shake out.

LAS VEGAS — After months of largely negative feedback from credit unions, NCUA Chairman Debbie Matz announced Wednesday that the agency plans to make "significant changes" to its proposed risk-based capital rule.

WASHINGTON — Top lawmakers on the House Financial Services Committee debated the value of the Dodd-Frank Act in dueling reports on Monday, commemorating the financial reform law's fourth anniversary.

Between the proposed virtual currency regulations in New York and those already established in Texas, the future of Bitcoin would be brighter if more states follow the Lone Star State's example, says one legal expert.

Between the proposed virtual currency regulations in New York and those already established in Texas, the future of Bitcoin would be brighter if more states follow the Lone Star State's example, says Jacob Farber, senior counsel for Perkins Coie LLP.

WASHINGTON — The Consumer Financial Protection Bureau said Monday that it is accepting consumer complaints on prepaid cards and other non-bank products such as credit repair services and pawnshop loans.