Compliance

RICHMOND, Texas — The National Association of CUSOs said it was cautiously optimistic about the revised CUSO rule NCUA handed down at its November meeting but continues to be concerned about potential "scope creep" in the future.

Rather than simply continuing to absorb the losses from account takeover attacks, institutions should be reevaluating the effectiveness of their authentication methods and increase security to better prevent fraud.

Just as U.S. policymakers are taking a more supportive approach to Bitcoin and other virtual currencies, countries that have taken a hands-off approach may soon weigh in with regulations that mirror those of the U.S.

As a fast, low-cost payment system, Bitcoin provides healthy competition for legacy banks. It's also a bulwark for financial privacy and freedom of speech.

The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.

GrowLife, a company that serves the legal cannabis industry, has developed kiosk-based retail point of sale software.

The central bank is making clear it has doubts about the private sector's ability to implement a faster electronic payments system on its own.

Just as legal online gambling gets started in the U.S., banks and payment processors are refusing to play.

BEAVER, Pa. — WEST-AIRCOMM FCU currently plans to continue business as usual with its mortgage loans come January when the CFPB's QM rule goes into effect, despite the potential regulatory and legal risks involved.

The Federal Election Commission (FEC) has proposed allowing Bitcoin to be accepted as contributions for federal candidates in its draft guidance.

More small merchants are starting to comply with the Payment Card Industry security standards, which describe how to protect card data, but many merchants still do not have an incident response plan in case of a data breach.

Merchants and payment vendors who never change the default password in sensitive systems are getting fresh attention from the Payment Card Industry Security Standards Council.

Mobile wallets, often funded by linked bank accounts, are sometimes described as decoupled debit accounts in disguise — and may suffer from the same challenges decoupled debit faced.

Bank of America Corp. is negotiating with the Consumer Financial Protection Bureau to settle allegations it deceived customers in the sales of credit-card add-on products, according to two people briefed on the talks.

Software-as-a-service provider BillingTree has developed an educational compliance tool to help companies follow payments regulations.

More independent sales organizations are using fees to force merchants to take Payment Card Industry security standard compliance seriously.

With a population of 1.35 billion people, more than half of whom already use mobile services, the People's Republic of China represents the largest and perhaps the most attractive, if somewhat challenging, market for mobile commerce on Earth.

ACI Worldwide completed its $109 million acquisition of electronic billing technology developer Official Payments Holdings.

Verizon Communication Inc. will operate as an approved Qualified Security Assessor for certifying client's payment networks for the Payment Card Industry data security standards.

ATLANTA—The Affordable Care Act has sent a number of small credit unions scrambling to find affordable employee healthcare coverage.