Compliance

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.

Payment processor Vantiv Inc. now offers EMV testing software for U.S. merchants to use to validate the steps of their acceptance of chip-based payment cards.

The French interbank network in charge of governing card payments, Groupement des Cartes Bancaires CB, is expected to approve the use of biometric technology for authentication this year.

Discover Financial Services agreed with regulators to bolster its payment systems against money launderers. No financial penalty was imposed.

The Delaware bank, which issues cards for a wide swath of the prepaid industry, will have to curtail its growth as part of an agreement with the FDIC.

GreenStar Payment Solutions, a venture of SinglePoint, Advanced Content Services and GreenHouse Payment Solutions, is offering debit card acceptance to legal marijuana dispensaries through the use of cashless ATMs.

New York Attorney General Eric Schneiderman announced his support for a proposal in the state legislature to regulate prepaid debit cards used by employers to pay wages.

By the end of 2015, 70% of U.S. credit cards and 41% of U.S. debit cards will be EMV enabled, and chip-and-signature will be preferred by issuers out of the gate, according to a recent survey.