Compliance

MADISON, Wis. — One of the most visible changes at credit unions in the wake of the Great Recession has been the sharp increase in expectations for credit union directors — especially when it comes to financial education.

Fiserv, which operates the Accel debit network, spent two years evaluating the best way to route EMV debit transactions in compliance with federal mandates – but it abstained from working with the Debit Network Alliance, which is committed to the same cause.

ARLINGTON, Va. — NAFCU has introduced its own risk-based capital calculator the trade association says will help credit unions carefully evaluate the impact of NCUA's proposed capital rule on their operations.

WASHINGTON — Mark McWatters shared insights into what kind of regulator he would be if confirmed to a seat on the NCUA board during testimony before the Senate Committee on Banking, Housing, and Urban Affairs Thursday.

Becoming a licensed money transmitter throughout the U.S. is a time intensive and costly process many Bitcoin businesses are struggling with. But the costs of compliance could be cut substantially with the proactive step of hiring in-house compliance officers.

ALEXANDRIA, Va. — NCUA chairman Debbie Matz has informed CUNA and NAFCU that the comment period for the agency's risk-based capital proposal will not be extended, the trade associations report.

Digital currency exchanges may soon file formal proposals and applications to operate under regulations set by the New York State Department of Financial Services.

MasterCard and Visa have formed a new group to improve efforts in the U.S. to migrate to the EMV-chip cards other security methods.

The Electronic Transactions Association is lobbying Congress to enact a uniform national data breach reporting standard that would replace a welter of contradictory state and local rules.

OLYMPIA, Wash. -- The high-profile addition last year of Washington and Tennessee to the ranks of states that allow some credit unions pay to board members reignited a debate that continues -- is it a good idea or a bad idea?

ALEXANDRIA, Va. -- Even though NCUA warned credit unions they could face fines up to $1 million a day for filing late call reports, the agency said Wednesday that hundreds of CUs are still tardy.

Citadel EFT, a credit card processing firm, announced March 4 that it is exploring ways to allow state-licensed marijuana businesses to accept electronic payments from their customers.

A group of major banks have agreed to collaborate on a centralized know-your-customer registry with the financial messaging service Swift.

EBay Inc. Director Marc Andreessen struck back at activist investor Carl Icahn, who has accused the venture capitalist of conflicts of interest for his role in the company's sale of videoconferencing service Skype.

PNC Financial Services Group Inc. received a subpoena regarding the return rate for its payment-processor clients from the U.S. Department of Justice and Consumer Financial Protection Bureau.

ARLINGTON, Va. — With the Consumer Financial Protection Bureau set to look into debt-collection practices, NAFCU issued a letter Friday urging the bureau to distinguish between credit unions collecting debts on their own behalf and third-party debt collectors.

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

It is a fair question, but a deeply sensitive one around credit unions and their boards of directors: Are CUs doing enough to weed out older board members who have served for decades but lack the financial knowledge and experience to be effective?

Some governments are getting into the digital currency game, offering their own alternatives to cash with traits that differ in meaningful ways from cross-border cryptocurrencies like Bitcoin.

WASHINGTON -- If NCUA rethinks the proposed new capital rule's risk weights and allows CUs to access supplemental capital, the final rule would be much improved, says CUNA's chief economist.