Compliance

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.

NCUA's risk-based capital proposal is either "a solution looking for a problem" or "an attempt to modernize the capital system," depending on who's doing the talking.

BIRMINGHAM, Ala. — NCUA's proposed rule on associational common bond requirements has many credit union executives saying they are uncertain about what the agency will be looking for when it reviews existing associational relationships.

Of the 104 federally insured credit unions that missed the April 25 call report filing deadline, 84 were fined last month by NCUA, according to a report from Northwest Credit Union Association's website.

LOS ANGELES — Reactions were mixed following NCUA's first "Listening Session" on the proposed risk-based capital rule here last week.

Bitcoin and other digital currencies will get more attention from the U.S. Consumer Financial Protection Bureau after prodding from a congressional watchdog.

Credit union executives peppered NCUA officials during the agency's first "Listening Session" on the risk-based capital rule here Thursday about why the agency continues to refuse to extend the comment period.

In widely anticipated legislation on Bitcoin, Canada is regulating digital currency businesses under existing rules for money movement and California is updating its laws to legalize the use of alternative currencies.

American Express has hired Laureen Seeger as its new general counsel.

WASHINGTON — NCUA's risk-based capital proposal is drawing more fire from Washington, this time from the chairman of the House Financial Services Committee.

Independent Resource Network Corp., a Westbury, N.Y.-based independent sales organization, recently agreed to pay $400,000 and waived its right to funds in a merchant's reserve account to settle a civil suit brought by the Federal Trade Commission.

ALEXANDRIA, Va. — The NCUA Board unanimously approved a proposed rule that would broaden the ability of qualifying federal credit unions to securitize loans they originated.

Even though Bitcoin merchant processor BitPay is not required to maintain an anti-money laundering (AML) program, the startup maintains one and is beefing it up with the hiring of former Visa executive Tim Byun.

Visa Inc. said Russia hasn't done enough to ease new rules requiring payment-system operators to make a deposit that would be at risk if services are interrupted.