Compliance

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.

Bitcoin's earliest adopters used to launch scathing criticism at the U.S. for being the first to regulate digital currency in 2012, but their ire seems to have cooled off.

Corporate payment provider Wex is already laying the groundwork for 2015, when it plans to use the ExxonMobil fleet payments program to jump-start its efforts in the large network of European countries that comes with the new product.

MasterCard has named Tim Murphy as its new general counsel and chief franchise officer.

Federal legislation is needed to enhance cyber-threat information sharing so that good-faith responsive actions and information sharing will not trigger legal liability.

Congress is hearing two sides to the story about the role the card networks' Payment Card Industry data security standard has in fighting fraud.

American Express Co. said it might scuttle its settlement with retailers over credit-card swipe fees if some businesses continue trying to pursue legal challenges to the company's rules.

The central bank of Estonia, where Swedish banks dominate the lending market, urged consumers to steer clear of Bitcoin and similar virtual currencies, warning such software could prove to be little more than a "Ponzi scheme."

WASHINGTON -- More credit unions will be negatively affected by the new risk-based capital rule than the National Credit Union Administration has indicated, say the two main CU trade groups.

The National Credit Union Administration's new risk-based capital rule has some credit unions saying it's time to consider switching to a bank charter while others applaud the agency's effort.

Acquirers and independent sales organizations can generate more revenue by closely studying what security levels their merchants need, according to a new survey.