Compliance

WASHINGTON—While industry observers brace to see whether the cost of international wire transfers will skyrocket after the new Consumer Financial Protection rule went in effect on Oct. 28, early indications from credit unions are that prices will rise and some may exit the market entirely because of the increased compliance burden.

Western Union Co., the world's biggest money-transfer business, tumbled as much as 13 percent after reporting a drop in third-quarter profit and plans to increase expenses tied to regulatory compliance.

PayPal, having long ago charted the state-by-state regulatory waters for U.S. payments companies, is urging a reform to the rules in an effort that could ultimately help other players in its market.

ALEXANDRIA, Va.—A year after the wind-down of U.S. Central FCU-the industry's ultimate source of liquidity-the NCUA Board voted Thursday to require all credit unions over $250 million to contract for a federally backed source of emergency liquidity, either the Central Liquidity Facility or the Federal Reserve's Discount Window.

Optimal Payments Plc, which is based in Isle of Man, has registered with the New Jersey Division of Gaming Enforcement to provide services to Internet gambling businesses licensed by New Jersey.

TAS Group has upgraded its card management software to allow banks to quickly design new EMV chip-based payment products and develop related programs.

Issuers of store-branded credit cards are facing new regulatory scrutiny over big retroactive interest charges that can hit borrowers at the end of a promotional period.

Financial institutions rely on debit cards to create consumer loyalty and engagement, and the product's business case hasn't been diminished by rising costs and regulatory uncertainty.

Diebold Inc., a maker of ATMs and bank security systems, agreed to pay more than $48 million to settle allegations by the U.S. that it bribed officials in Russia, China and Indonesia.

The migration to EMV cards in the United States remains complicated by the unresolved legal issues surrounding the Durbin Amendment's implementation.

The Federal Trade Commission should take more steps to police the acquiring industry and halt fraudulent practices, says Robert Carr, longtime CEO of Heartland Payment Systems Inc.

Many payments companies see a conflict between innovation and regulation, with each side perceiving the other as out of touch with their needs, particularly when it comes to new technology.

WASHINGTON-Credit unions remain leery about proposed federal guidelines for social media, saying-among other complaints-requirements to include disclosures on federal deposit insurance would take up too many of the 140 characters that Twitter limits for tweets.

MADISON, Wis.-As the Consumer Financial Protection Bureau wraps up implementing its voluminous mortgage rules in January, credit unions should not expect any respite from the compliance burden.

WASHINGTON-Though the first 24 months under the Durbin Amendment were not as difficult as many credit unions had predicted, what really has the movement concerned is the next two years.

Fort Smith Dixie Cup FCU staff pay attention to their membership and the transactions that flow through their office for signs of elder financial abuse.

Even though the U.S. payments industry's regulatory environment can be difficult for startups, there is plenty of investment being made in the market for new disruptive technologies.

Security can be an expensive, time-consuming investment for small merchants, and most have a mindset that security hacks won't happen to them. But independent sales organizations must take an active role in protecting even the merchants that don't want to be protected.

The Chinese market has long been tough for foreign companies to break into, but over the past five years the cultural and political environment has changed in a way that presents some fresh possibilities.

WASHINGTON – Credit unions are criticizing proposed federal guidelines for social media, saying – among other complaints – requirements to include disclosures on federal deposit insurance would take up too many of the 140 characters that Twitter limits for tweets.