Compliance

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.

The docket at the U.S. Second Circuit Court of Appeals quickly attracted appeals to Judge John Gleeson's Dec. 13 ruling to approve the class-action swipe-fee settlement on an antitrust case that has lingered in his court for nearly nine years.

Visa Inc. said it awarded Chief Executive Officer Charlie Scharf compensation for fiscal year 2013 valued at $10.5 million.

A federal judge approved the multi-billion dollar settlement of a lawsuit over credit card swipe fees, resolving an eight-year long battle between banks and retailers.

Bitcoin enthusiasts are expressing confusion and surprise after Casascius Coin, which encodes a digital bitcoins onto physical coins, halted operations after receiving notification from the Financial Crimes Enforcement Network that it is subject to the department's oversight.

ATM owners and operators will watch closely and provide support from the sidelines as the new Debit Network Alliance seeks to resolve the industry's nagging EMV debit routing issue at the retail point of sale.

MasterCard released new standards that require companies that use payroll cards to provide educational resources, increased fee transparency and allow free access account information.

WASHINGTON — Mandatory arbitration, a flash point for consumer advocates, is much less common at credit unions for credit cards and checking accounts disputes than at big banks, the Consumer Financial Protection Bureau reported Thursday.

The Debit Network Alliance, formed this week through the collaborative effort of ten PIN debit networks, is seeking the membership and cooperation of other industry players, including the major card brands.

The Federal Financial Institutions Examination Council on Wednesday issued final guidance aimed at helping, credit unions, banks and other financial institutions manage risks related to social media.

A new company has formed to tackle the pressing issue of routing EMV debit transactions in compliance with federal mandates, a task the payments industry has undertaken for nearly two years.