Compliance

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.

Federal Reserve Board Chair Janet Yellen said today that the central bank does not have the power to supervise Bitcoin, the most widely-recognized digital currency.

The Royal Canadian Mint, which casts coins for the Canadian federal government, has started a pilot test of its MintChip digital currency. Through these tests, the Mint must make clear what this new currency is and what it is not.

The U.S. payments industry has long agreed to disagree on the way to properly route EMV debit transactions, stalling the country's shift to chip-based cards. First Data hopes its decision to support and share Visa's technology will finally break the stalemate.

WASHINGTON -- Comments on NCUA's new risk-based capital proposal, now published in the Federal Register, are due May 28, according to CUNA.

Sen. Joe Manchin (D-W.Va.) wants federal regulators to ban Bitcoin.

JPMorgan Chase is the first bank to adopt a new, standardized disclosure box for its prepaid cards that was developed by Pew Charitable Trusts.

Visa Europe Ltd.'s pledge to reduce credit-card fees was accepted by European Union regulators in a settlement that ends an antitrust probe that dates back more than a decade.

Credit unions should expect new Consumer Financial Protection Bureau rules on mortgage closings and credit reports this year, a panel at CUNA's Governmental Affairs Conference warned attendees Tuesday.

WASHINGTON -- The NCUA's risk-based capital rule, along with new regulations coming out of the Consumer Financial Protection Bureau, may threaten credit union growth and even the future of some institutions, say a number of CU executives attending CUNA's Governmental Affairs Conference here.

WASHINGTON -- Citing recent challenges from the economy and those that lie ahead, NCUA Board Member Michael Fryzel told CUNA Governmental Affairs Conference attendees that collaboration will be a key to the continued success of the movement.