Compliance

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.

ARLINGTON, Va. -- Both CUNA and NAFCU feel NCUA's proposed new rule on stress tests for CUs above $10 billion in assets is not needed.

Brazil will boost levies on withdrawals abroad to restrain a widening current account deficit and prevent a six-percentage point gap in tax levels from reducing the use of credit cards.

The Reserve Bank of India (RBI) has issued a warning on the risks of virtual currencies, and the country's largest Bitcoin trading platform has shut down.

A recurring theme for Federal Reserve Banks in 2013 had a familiar - and highly complicated - ring to it for the payments industry. The Fed banks want faster payments in the U.S., but the larger retail banks want to preserve their investments in earlier technology.

ARLINGTON, Va. - CUNA is guardedly optimistic that credit unions' regulatory load will lighten in 2014, while NAFCU feels it will be another busy year. But both trade associations agree that capital reform will be one of the biggest regulatory issues addressed in 2014.

The Monetary Authority of Singapore (MAS), the country's central bank, has decided not to interfere with transactions made in the digital currency.

American Express has been ordered by federal regulators to pay nearly $76 million to settle allegations that it used to deceptive marketing and unfair billing practices to sell credit card add-on products to its customers.

Despite various technology challenges and a recent legal stumbling block in resolving the EMV debit routing issue in the U.S., the EMV Migration Forum says it made significant progress in the past year.

Senator Patrick Leahy pledged to pursue cybersecurity legislation in the wake of a massive data breach at retail giant Target.

WASHINGTON -- By assessing nearly $100 million in fines and restitution against Ally Financial on Friday, regulators sent a warning shot to all indirect auto lenders that they will be severely penalized if partnering dealerships charge higher interest rates or fees to minorities.