Compliance

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.

ARLINGTON, Va. -- NCUA's proposed risk-based capital rule will force CUs with more than $50 million in assets to hold an extra $6.3 billion in reserves to achieve the same capital cushion they have today, NAFCU reports.

MoneyGram plans to restructure its executive lineup and other aspects of its organization as it works to expand consumer-facing services and manage its investments in anti-fraud and compliance programs.

Visa Inc. Chief Executive Officer Charlie Scharf said China isn't opening as quickly as expected to foreign payment processors and must be viewed as a five- to 15-year opportunity.

The Russian government has outlawed the use of Bitcoin.

Financial software company Misys has boosted its retail banking offerings by purchasing IND Group for an undisclosed price.

CUNA is confirming what several analysts have already told Credit Union Journal: that NCUA's proposed new risk-based capital rule will cost many credit unions a lot more to maintain healthy capital cushions needed for growth-in fact, a net $7.3 billion more.

Cash transaction provider PayNearMe is among the growing list of payment companies that are anxiously awaiting the higher volume of transactions that will result from the Affordable Care Act.

What's good and bad about NCUA's proposed risk-based capital rule? The credit union community certainly has a lo t of opinions.

The Consumer Financial Protection Bureau said Thursday it is considering expanding the home loan data it requires from credit unions and other lenders to include Dodd Frank Act mandates of more underwriting and pricing information.

American Express Co. won preliminary court approval of a settlement with U.S. merchants over transaction fees that the retailers say complements a multibillion-dollar accord with Visa Inc. and MasterCard Inc.