Compliance

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.

WASHINGTON -- Likening his role as an NCUA Board member to that of a CU director, Richard Metsger urged volunteers at CUNA's Governmental Affairs Conference to make sure their credit union remains relevant to members.

WASHINGTON -- NCUA is part of a new working group that includes members of law enforcement, intelligence communities and other financial services regulators, to better understand the cyber threats and vulnerabilities facing banks and credit unions.

NAPERVILLE, Ill. -- The decision by the Illinois Credit Union League to ban volunteers from its board of directors last year has been panned by some in the community, but a league representative said it was a necessary step approved by delegates.

NEW YORK -- For Montauk Credit Union to continue to meet the borrowing needs of its members, it may have to switch to a mutual savings bank charter, says the credit union's CEO.

ALEXANDRIA, Va. -- NCUA will hold three "Listening Sessions" this summer hosted by Chairman Debbie Matz.

WASHINGTON -- No more Mr. Nice Guy.

Federal authorities on Friday took their most forceful step to date toward bringing state-licensed marijuana businesses into the financial mainstream.

The new fines for late call reports at NCUA and the need for CUs to not shy away from mortgages in light of the CFPB's qualified mortgage rule were among the hot topics during a joint conference call featuring NCUA Chairman Debbie Matz and CFPB Director Richard Cordray late Wednesday.

ARLINGTON, Va. -- While the credit union community sees NCUA's new risk-based capital calculator as valuable, some question whether making the tool accessible to the public is the right move. Concerns exist over letting consumers see preliminary ratios, in advance of a final rule, particularly for CUs whose risk-based number is below well capitalized.

The payment system is unexpectedly the center of attention in the financial services policy world after spending years being overshadowed by the financial crisis and other pressing issues.