Compliance

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.

ALEXANDRIA, Va. – After months of negative comment letters from credit union trade groups, NCUA is expected to impose a final rule on capital planning and stress testing at its board meeting April 24.

As escalating political tensions over the Ukraine crisis leave Russia increasingly isolated, the country may have to look internally for a new payment system.

American Express' joint travel venture may get delayed as it awaits regulatory approval, CFO Jeff Campbell told investors Jan 16.

ORLANDO — CUSO leaders were given an update on NCUA's relatively new oversight of their operations by a trio of agency reps at the NACUSO annual meeting here.

A former American Express Co. employee was fined S$24,000 ($19,150) by a Singapore court after he was convicted of misusing client data.

Facebook is reportedly close to obtaining a license to operate as an electronic money institution in Ireland, a move that builds on the company's years of experience handling payments on its home turf.

Retailers have been entangled in a legal showdown with Visa and MasterCard over swipe-fee rates for nine years now, and despite the approval of a $5.7 billion settlement in December, the battle is far from over.

WASHINGTON — The Internal Revenue Service has backed down in its dispute with the credit union community over unrelated business income tax and cleared almost all CU products at stake in related litigation.

WASHINGTON — NCUA General Counsel Michael J. McKenna told the House Financial Services Committee Tuesday that 70% of new rules put in place by the agency since last January have provided regulatory relief to credit unions without incurring additional costs.

Stepped-up scrutiny of Internet payday lenders, online pharmacies and other merchants that regulators and law enforcement view warily is forcing the payments industry to adapt.