Compliance

The fallout from Russia's encroachment into Ukraine has reached MasterCard's headquarters in Purchase, N.Y., where the card network’s top executives expressed concern about lost business and Russia's moves to localize its payments infrastructure in response to sanctions from the West.

Bringing a point of sale terminal to market isn't as easy as it used to be. Since the introduction of contactless and mobile payment tech, the number of tests a manufacturer must pass for certification is "unbelievable," executives at U.K.-based Spire Payments say.

New York state is cracking down on online lenders that, it says, are using debit card transactions to skirt payday lending laws.

Heartland Payment Systems' financial performance held out through a difficult winter that put a chill on consumer spending.

First Data reported a better financial picture in the first quarter, a period that also saw the company make inroads into small business technology and accelerate its support of EMV-chip card technology.

The debit networks and card brands have largely resolved two years of debate over routing EMV debit cards, but an ongoing court battle over debit fees and routing makes the full scope of their responsibilities unclear.

SMP Bank OOO and InvestCapitalBank OAO, lenders controlled by associates of Russian President Vladimir Putin, were sanctioned by the U.S. as political tension over Ukraine escalates.

The Justice Department is grabbing the spotlight with Operation Choke Point, a controversial investigation that's drawing U.S. banks deeper into the fight against consumer fraud. But below the radar, another federal agency is tiptoeing in the same direction, and again drawing stiff opposition from the banking industry.

BTC China halted local-currency deposits to clients' China Merchants Bank Co. accounts, as lenders close accounts with Bitcoin exchanges amid government measures to check surging trading in the virtual currency.

WASHINGTON — CUNA and NAFCU recently asked NCUA — for a second time — to extend the comment period on the proposed risk-based capital rule another 90 days, and once again the agency said no.

ALEXANDRIA, Va. — In casting the lone vote Thursday against passing the final rule on capital planning and stress testing, NCUA Board Member Michael Fryzel held some of the same concerns voiced by credit unions and the CU trade associations about the proposal.

According to the Millennial Disruption Index, millennials believe payments innovation will come from outside their bank, with nearly half showing more confidence in what startups and technology companies add to payments than what their banks do. This presents a challenge and an opportunity for financial institutions moving forward.

Russia is very much on the minds of Visa executives as they wait to see what effect the ongoing political standoff with the U.S. over the situation in Ukraine will mean for payments in Eastern Europe.

ALEXANDRIA, Va. — NCUA approved a final rule on capital planning and stress testing at its open board meeting Thursday that contained some changes — but maybe not enough to satisfy credit unions.

As state regulators take more interest in Bitcoin, third-party vendors are looking to apply the expertise they built in other markets to digital currency. One such vendor, Strevus, has a background in securitization, which is another volatile and risky market.

Being influential in the payments industry isn't just about positions or titles; it's about driving the course of business while also setting an example for others to follow in their careers and personal lives.

Chip-testing provider Fime America has developed an EMV chip migration consulting package designed for the U.S. payments industry, which is migrating to the EMV standards.

ARLINGTON, Va. — With NCUA expected to impose a final rule on stress testing at Thursday's board meeting, NAFCU, once again, is telling the agency its proposal should be reconsidered.

WASHINGTON — Congress is still out for recess, but the credit union lobby is gearing up for two important hearings in the Senate when members return next week.

WASHINGTON—NAFCU and CUNA—once again—are asking NCUA to extend the comment period on the proposed risk-based capital rule another 90 days.