Compliance

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.

WASHINGTON -- The Target Corp. data security breach and now the Neiman Marcus cyber attack have NAFCU asking NCUA to partner with the Federal Trade Commission and other regulators as new rules are made to ensure the safety of data security systems.

MasterCard's recent commitment to its U.S. EMV-chip card migration timeline is only one piece of the puzzle. Now, all eyes are on Visa to see if it will support or counter its rival's move.

The European Commission is sticking to its original Single Euro Payment Area migration deadline of next month, but is establishing a grace period of an extra six months for banks and businesses struggling to make the switch to euro payment formats.

The Consumer Financial Protection Bureau may consider expanding exemptions for credit unions and small lenders from its new qualified mortgage rule, depending on how the rule actually impacts the industry.

American Express Co. said it's appealing a federal judge's order approving Visa Inc. and MasterCard Inc.'s $5.7 billion settlement that ended years of litigation with U.S. merchants over allegations that credit-card swipe fees are improperly fixed.

After nearly a year of debate, comment, complaining and preparing, the Consumer Financial Protection Bureau's Ability-to-Repay and Qualified Mortgage Standards Rule will finally go into effect Friday.

In his first major move as head of the agency that oversees Fannie Mae and Freddie Mac, ex-Rep. Mel Watt said Wednesday that he will delay a planned fee hike that would have raised the cost of most home loans backed by the government-sponsored enterprises.

Washington -- NAFCU said Tuesday that it has added three attorneys to its team of regulatory compliance counsels to better enhance service and bolster assistance to members "as regulations continue to roll out."

ALEXANDRIA, Va. -- NCUA released its Share Insurance Estimator Tuesday, a redesigned version of the agency's E-Calculator.

The Target Corp. data breach just before the holiday shopping season triggered another round of rhetoric on the merits and shortcomings of chip-based cards. But the breach's direct effect on merchant EMV plans is largely up in the air.