Compliance

Should new credit union examiners spend time working inside CUs before going to work for their respective regulators?

Migrating to EMV does not mean card issuers have to do away with their instant-issuance systems.

ATM operators have a lot at stake in the fallout of a federal judge's ruling last week that the Federal Reserve Board needs to review the debit fee caps and network routing mandates set under the Durbin amendment.

The Payment Card Industry Security Standards Council is making its security standards available on a Russian-language microsite as part of a move to promote data security in Russia.

The Visa Ready Program has approved Swiff, SCCP Group's chip-and-PIN mobile payment acceptance technology.

Launched in April 2010, Think Computer Corp.'s FaceCash application signed up 25 Bay Area merchants and 500 consumers to use its novel technology, which combined mobile bar code scanning and photo identification. Then regulators put it out of business.

A federal judge ruled that bitcoins are “a currency or form of money” and therefore subject to relevant U.S. laws in a case against a Texas man accused of creating a fraudulent Bitcoin hedge fund.

Meracord is allowing businesses to leverage its money transmitter platform and state license portfolio, a move to help startups navigate the complex and expensive regulatory environment surrounding transmitting funds.

NASHVILLE – A prolific plaintiffs’ lawyer who has filed more than 100 suits against credit unions and banks over provisions of the Americans With Disabilities Act requiring all ATMs to be accessible to the sight impaired added another seven ADA actions Monday, including six filed here in federal court.

ATLANTA – The Georgia Department of Banking and Finance has exempted any overdraft fees charged by credit unions on deposit accounts, including check, debit card or ATM transactions, from the state’s maximum allowable interest rate, known as the usury restriction.

Even if the Federal Reserve Board does not backtrack sharply on its debit-fee cap as a result of last week's court ruling, the legal battle has created fresh uncertainty that may have some U.S. issuers questioning their long-term strategy.

OMAHA, Neb. – A federal appeals court on Friday overturned a lower court ruling and reinstated an ATM fee disclosure suit against Mutual First FCU, one of more than 100 suits that appeared resolved before last year’s bill eliminating one of the two fees disclosures.

The payments industry was thrown for a loop when a judge struck down the Federal Reserve Board's cap on debit interchange fees. It was the latest twist in a long-running saga that is far from over.

ARLINGTON, Va. – NAFCU told the Department of Defense the current regulations the DoD is considering to revise are working well and need not be revised.

WASHINGTON – A federal judge today dismissed a lawsuit challenging the constitutionality of the Dodd-Frank Act, ruling the Texas bank that brought the suit and 11 states’ attorneys general who signed on did not show the likelihood of harm from the new law.

A symbiotic relationship between security and revenue may sound too good to be true, but it's not. ISOs and acquirers can succeed by creating opportunities that pair enhanced PCI compliance tools with new revenue streams.

Though some issues remained, it seemed the card brands and debit networks were closer than ever to resolving their longstanding debate over EMV debit card routing when a federal judge potentially changed everything.

ALEXANDRIA, Va. – Credit unions are calling on NCUA to make major changes to its financial derivatives proposal by expanding the authorized derivatives they may purchase; establishing provisions for clearing derivatives on an exchange; setting higher limits on average life of an instrument; and most of all, eliminating fees to be charged for examining credit unions who elect to buy derivatives.

NORTH AUGUSTA, S.C. – SRP FCU has signed with NB Risk Partners, recently acquired by NeighborBench, for compliance risk management services.

Retailers were singing the praises of a federal judge's ruling July 31 that the Federal Reserve Board overstepped its authority in how it capped debit-card fees. And banks were humming a different tune.