Compliance

WASHINGTON – The recent swearing in of Richard Metsger to the NCUA Board puts the helm of the agency back up to its full complement of three board members – just in time for the regulator to tackle a host of critical issues, including everything from its derivatives proposal and the agency’s budget to CUSO oversight and risk-based net worth.

Lawyers for clothing retailer Genesco Inc. last week requested summary judgment on its request to dismiss $10,000 in data breach fines from Visa Inc.

The U.S. Federal Reserve asked that its rules on debit-card transaction fees and processing be left in place while it appeals a decision that they are illegal.

The Financial Crimes Enforcement Network will continue discussions with the Bitcoin community after meeting with the Bitcoin Foundation and a host of regulators and law enforcement officers in Washington D.C. today.

A Bitcoin trade group will meet today with the U.S. Treasury Department's Financial Crimes Enforcement Network and an array of law-enforcement officials and regulators to discuss oversight of the digital currency.

Tradehill Inc., an exchange for virtual currencies such as Bitcoin, is moving customer accounts to a U.S. credit union, a shift designed to make it easier for clients to complete transactions.

WASHINGTON – A litany of new mortgage rules has been issued this week by the Consumer Financial Protection Bureau.

With the fate of debit interchange rates wrapped tightly in legal red tape, the payments industry is facing uncertainty at a time it can least afford it.

Several money transmitters are offering their state licensing portfolio to emerging payments agents, allowing them to get to market quicker — but startups lose some autonomy if they go this route.

The Federal Reserve Board will appeal a court ruling that calls for the central bank’s debit swipe fee cap to be invalidated, its top lawyer said.

Visa Inc. and MasterCard Inc. will pursue a multibillion-dollar antitrust settlement with U.S. merchants over credit card fees even though opposition to the deal reached a level that would have allowed the card firms to walk away, according to the head of MasterCard.

A new Baltimore federal court filing shows that more than $2.9 million was seized by the Department of Homeland Security from Mutum Sigillum LLC, a U.S. subsidiary of Tokyo-based Bitcoin exchange Mt. Gox, in May.

WASHINGTON – President Obama met yesterday at the White House with financial regulators to discuss ongoing implementation of the Dodd-Frank bill.

While some Bitcoin businesses hesitate to respond to the evolving regulatory framework surrounding digital currency, Robert Pargac, director of global investigations and compliance at Navigant Consulting, says Bitcoin businesses should stay proactive and aggressive in their approach to risk and compliance.

The German Finance Minister has ruled that Bitcoin is a “currency unit” and a form of “private money," and that the digital currency's users should pay sales tax as well as capital gains tax, Ars Technica reported on Aug. 18.

Bitcoin users who help maintain the digital ecosystem's official record of transactions may soon find themselves required to register with the Financial Crimes Enforcement Network as administrators of the alternative currency.

A federal judge raised the possibility that banks will have to repay billions of dollars to merchants, but legal experts say the court lacks the authority to enact such an order.

Microsoft Corp. is joining Eurosmart, a Brussels, Belgium-based association that develops security standards for smart cards, terminals and other electronic applications.

A court ruling that debit card fee caps be lowered could also enable merchants to play card networks against one another.

With its latest proposal, the Payment Card Industry Security Standards Council aims to make card data security more straightforward for merchants and organizations accepting payments.