Compliance

The appeals process initiated by retailers just a few days after a district court approved a $5.7 billion settlement in the years-long swipe-fee case will proceed, as U.S. District Judge John Gleeson refused to dismiss the suits.

The Justice Department's Operation Choke Point isn't really about combatting fraud, says Jason Oxman, CEO of the Electronic Transactions Association. Federal regulators simply don't like high-risk merchants, such as payday lenders and guns dealers, he says.

ALEXANDRIA, Va. — Perhaps the third time really is the charm for NCUA Chairman Debbie Matz, who found the audience at the agency's final "listening session" more apprehensive than hostile toward the regulator's risk-based capital proposal.

The New York Department of Financial Services has released proposed framework for its much-anticipated BitLicense. Though the agency describes its proposal as a balanced approach that does not stifle innovation, its rules might be considered too strict for many companies.

WASHINGTON — Credit unions and NCUA have kicked the tires on the risk-based capital proposal during the first two "Listening Sessions" that have seen healthy — and sometimes heated — exchanges between the regulator and CUs.

Regulation is threatening to drive some credit unions out of certain business lines, making reg relief efforts a top priority for the community. Two CU execs passed that message along to Congress on Tuesday.

The alternative payments provider Dwolla insists that regulating Internet traffic will hurt startups, and it is among a group of companies that will argue this point before the Federal Communications Commission on July 15.

WASHINGTON — New policy from the Consumer Financial Protection Bureau is shedding light on how a Supreme Court decision last year ensuring rights for same-sex married couples applies to financial services regulations.

From tight credit conditions to empty nesters, here is a litany of problems weighing on the housing market, as summarized in the minutes of last month's Federal Reserve policy meeting.

NCUA may be listening, but many credit union executives here Thursday weren't convinced that their regulator is hearing them.

WASHINGTON — What happens when you mix a cutting-edge payments technology with the newest financial regulator on the block, both of which stir policy passions?

American Express charges the highest average fees of any card network and Amex’s rules prevent retailers from taking steps to reduce those costs, the Department of Justice argued in court on July 7.

BNP Paribas agreed to a criminal plea and settlement with the U.S. Department of Justice on June 30 in which the French bank will pay close to $9 billion to settle charges it willfully continued to do business with nations and entities on the U.S. sanctions list. This was the largest such fine in Justice Department history and more than four times larger than any other sanctions fine. Credit Union Journal thought it would be interesting to look at the other biggest penalties levied against banks for sanctions violations. Here they are.

SAN FRANCISCO — The flurry of regulations coming out of CFPB were expected to drive some credit unions right out of the mortgage business, but the "big dog" of mortgage regulation is yet to come, and that one might finally do the trick, according to one compliance expert.

Merchants are wary of the proprietary look and feel of the process by which the card networks and issuers are adopting new security standards.

Federal and state regulators are putting more pressure on banks to take immediate actions to address looming defaults of home equity lines of credit.

ALEXANDRIA, Va. — NCUA has terminated its Letter of Understanding and Agreement with Valley Pride FCU of Plains, Pa.

American Express Co. drives a hard bargain with businesses that want to attract its affluent cardholders: treat the card like any other form of payment despite higher processing costs if you want those customers.

As a new Russian law took hold July 1 to help support a new national payment system, the country may have extended an olive branch to Visa and MasterCard regarding its fees. But Visa says these reports are conflicting, and the details are not yet finalized.

Two credit unions that have filed late call reports and face civil money penalties say they have until mid-July to either pay their fines or appeal.