Compliance

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.

Taiwan's Financial Supervisory Commission is barring Bitcoin ATMs because the country's regulatory body views Bitcoin as a false currency that should not be used by people or banks for payments.

CUNA wants the Federal Housing Finance Agency's new director to reverse course and clarify several actions set by his processor that the trade group fears could harm credit unions.

In an exclusive interview with Credit Union Journal, NCUA Chairman Debbie Matz outlined the agency's key initiatives for 2014, including proposed new capital rules that that will likely impact about 200 credit unions, due to the amount of risk on their books.

Following the lead of other retailers, the National Retail Federation filed an appeal Jan. 2 of a U.S. District Court ruling to approve the years-long class action against the card brands that resulted in a $5.7 billion swipe-fee settlement.

Sandra Braunstein, the director of the Federal Reserve Board's division of consumer and community affairs, plans to retire on April 1, the agency announced Jan. 3.

The National Association of State Credit Union Supervisors is warning that if results of proposed mandatory annual stress tests for institutions bigger than $10 billion in assets are made public, they could endanger the National Credit Union Share Insurance Fund by mistakenly promoting runs.

Under Fincen's March 2013 guidance, companies that transmit virtual currency must register as money services businesses. De Castro was unsure whether his investment company would be treated the same way. According to the letter from Fincen, its rules are not meant to apply to De Castro's business.

Alabama State Employees Credit Union has filed the first class action by a financial services company against Target Corp. over costs from the massive card security data breach.

WASHINGTON -- The Consumer Financial Protection Bureau was one of the most active regulators in 2013, writing a slew of new rules and taking a host of enforcement actions against banks and nonbanks alike.

ARLINGTON, Va. -- CUNA is guardedly optimistic that credit unions' regulatory load will lighten in 2014, while NAFCU feels it will be another busy year.