Compliance

Payment processor First Data has agreed to pay JPMorgan Chase millions of dollars to settle a hiring dispute, the Wall Street Journal reports.

WASHINGTON -- CUNA slammed NCUA over proposed requirements for contacts with federal credit unions -- labeling the rule unnecessary, unjustified and driven largely by a desire for "examiner convenience."

Retailers are letting Congress know they support federal efforts to thwart cybercrime, while voicing their support of chip-based EMV smartcards combined with PIN authentication as a defense against future breaches.

WASHINGTON -- After reviewing the proposed new rule on risk-based capital introduced at Thursday's NCUA's board meeting, CUNA is not changing its stance that credit unions do not need reform that increases their capital burdens.

Large international money transmitters would have to follow the same federal remittance rules that apply to banks under a Consumer Financial Protection Bureau proposal released today.

ALEXANDRIA, Va. -- NCUA approved a strategic plan for the next four years during its first board meeting of 2014 Thursday, including outlining priorities for the agency through 2017.

BIRMINGHAM, Ala. -- With NCUA's proposed new risk-based capital rule due out Thursday, credit unions are anxiously waiting to see if the agency gets it right.

WASHINGTON -- NCUA's warning that it could fine credit unions by as much as $1 million a day for filing late call reports is under more fire.

While it is easy to vilify Target for its recent data breach, the card networks' refusal to take on real card security makes the retailer a victim along with consumers.

NCUA released a list of regulations Tuesday it will review this year, noting that the agency is currently accepting public comments on the substance and clarity of each rule.

It's been roughly a decade since Target executives ended their attempts to convert to EMV-chip payment cards to improve security. After a massive breach of magnetic-stripe card data, it seems they have changed their minds yet again.

Judges for an appeals court appeared sympathetic to the Federal Reserve Board's defense of its rule capping interchange fees on debit cards, fueling hopes by bankers that the agency will beat back a legal challenge.

TEMPLE, Texas -- NCUA's warning that it will fine credit unions filing late call reports by as much as $1 million per day is drawing support as well as criticism from industry leaders, with one executive describing the agency as "tone deaf."

DES MOINES, Iowa -- When it comes to compliance, fraud and risk, CUs this year should pay closer attention to their card rewards programs, how loans are being serviced and ramifications from data breaches.

NCUA's recent warning that it will fine credit unions for filing late call reports by as much as $1 million per day is drawing support as well as criticism from industry leaders, with one executive describing the agency as "tone deaf."

A Virginia congressman is seeking a law that would provide consumers with prepaid card fee disclosures they can easily understand. But the industry doesn't operate in a one-size-fits-all manner.

ALEXANDRIA, Va. -- NCUA wants to make sure credit unions file their call reports on time, stating in a new letter that late filers could face a $1 million-per-day fine from the agency for each day the call report is late.

Apple will refund about $32 million to consumers after the government alleged the company charged minors for mobile app purchases without their parents' consent.

WASHINGTON -- The industry's two largest trade groups are telling Congress Tuesday credit unions need relief from the Consumer Financial Protection Bureau's qualified mortgage rule because of high compliance costs and restrictions on serving members.

ARLINGTON, Va. -- NAFCU wants to see some changes in proposed Automated Clearing House rules.