Compliance

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.

WASHINGTON -- A recent advisory from the Consumer Financial Protection Bureau continues to muddy the waters for credit unions trying to decipher seemingly conflicting messages from the bureau regarding its Qualified Mortgage (QM) rule that goes into effect in January.

If Target can't protect itself from a data breach, how can any retailer hope to do so?

WASHINGTON -- Federal financial regulators have extended the comment period on their proposed policies for assessing financial institutions' diversity policies and practices.

Ellen Richey has become the new chief legal officer at Visa, where she will be responsible for legal functions as well as oversight of the card network's compliance and audit teams.

Retailer Target Corp. is investigating a massive data breach that may have affected the card data of millions of bank customers, according to security blogger Brian Krebs. The breach of credit and debit card records is said to have begun on or around Black Friday 2013, the day after Thanksgiving.

ALEXANDRIA, Va. -- NCUA issued a draft version of its strategic plan for the 2014-17 that included a set of priorities the agency hopes to achieve during that time.

The spread of Bitcoins is now prompting regulators in Scandinavia to draft new rules in an effort to prevent virtual money from slipping into a legal gray zone.

WASHINGTON -- NCUA is collaborating with the federal bank regulators in a 10-year review of rules, the Government Accountability Office said in report.

MasterCard is tightening the screws around the use of prepaid cards as a way to pay employees. Some issuers will find its demands are straightforward and achievable; others may consider discontinuing the product.

Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges, according to China Business News, which is affiliated with the Shanghai government.