Compliance

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.

Last year, IdentityMind Global's banking partners began asking the anti-fraud and risk management provider to build an anti-money laundering system for the Bitcoin startups among the bank's clients. IdentityMind Global has now completed development on this AML technology.

CUNA is asking the House Financial Services Committee to "thoroughly examine" NCUA's proposed risk-based capital rule and direct the agency to make significant changes to address "serious deficiencies" in the proposal.

WASHINGTON — The House Financial Services Committee is scheduled to hold a hearing Tuesday morning with senior regulatory officials to explore the costs of recent rulemakings and other agency actions.

Bitcoin ATM providers and virtual currency exchanges may be subject to Texas licensing requirements, according to regulatory guidelines issued by the Texas Banking Commissioner on April 3.

BTC China and OKCoin, two of China's largest Bitcoin exchanges, suspended some money transfer services after it was reported that the central bank tightened controls on the digital currency.

Sens. Mark Warner, D-Va., and Mark Kirk, R-Ill., unveiled legislation on April 2 to increase fraud protections for debit card customers.

Payments technology provider Fidelity National Information Services (FIS) and its NYCE debit network have secured a licensing agreement with Visa to use the card brand's EMV debit application identifier (common AID) technology.

WASHINGTON — When Harry Douglas Lane was called upon to speak at a Consumer Financial Protection Bureau forum last year, he appeared to be just another person in the crowd.

Many times, it seems, the best way for a company to learn whether it was compliant with the Payment Card Industry data security standard is to experience a data breach.

The recent IRS ruling on how Bitcoin and other virtual currencies are taxed brings the U.S. in line with regulations in Canada, Australia, Finland, Norway and Sweden.