Compliance

Credit unions need to think strategically, subscribe to scale and automate to have any hope of meeting compliance demands.

The confirmation of Richard Cordray to director of the Consumer Financial Protection Bureau adds some certainty to the compliance picture ahead, including that the clock is ticking on a host of new mortgage compliance rules taking effect in January.

The biggest compliance issues credit unions will face in the next 12 months relate to every step of the mortgage process, and one person says it's going to have an impact on more than just the mortgage department.

Small and mid-size CUs are being urged to pay attention to new rules related to loan participations.

It takes a village to ... keep credit unions in compliance.

Although "CFPB" has become a four-letter word at most CUs, Linda Clampitt said the Consumer Financial Protection Bureau actually has done a good job in recent months of producing "how to" guides.

Credit unions feeling overwhelmed by the compliance burden should be looking to their respective state leagues, the league's affiliates and business partners, and even third-party vendors.

NCUA said it is amending its exam process to better protect against fraud-particularly at small credit unions.

Credit unions and banks in the U.S. report they are feeling even greater regulatory and risk management pressures than they were at the beginning of the year.

DNCUA said it will realign its regional supervision effective Jan. 1, 2014.

NCUA said it is building a new risk-based capital framework tailored to protect the industry from losses.

ARLINGTON, Va. – The National Association of State Credit Union Supervisors (NASCUS) has told NCUA it will not support a proposed derivatives regulation in its current form as the proposal would limit the authority of state regulators to supervise derivatives activities in their states.

Visa Inc., which operates the world's biggest electronic-payments network, was sued by Wal-Mart Stores Inc.'s Asda unit, William Morrison Supermarkets Plc and Arcadia Group Plc over payment-processing fees.

Payroll card provider ADP is updating its technology to provide greater visibility into users' financial health at a time when payroll cards face fresh scrutiny over costs to users.

MasterCard Inc., in a conference call today to discuss the European Commission's proposal to cut card fees paid by retailers, says it supports increasing competition but warns the proposed regulation could have unintended consequences.

In what its president says could be a "watershed event" in the debate over EMV debit transactions, the Secure Remote Payment Council has softened its stance to welcome Visa and MasterCard applications on EMV-chip cards.

The U.S. should follow the model that worked for the U.K. in its "seamless, coordinated" transition to the EMV-chip card standard seven years ago, Auriemma Consulting Group states in a new report.

Banks face caps on the card fees they can collect on Visa Europe Ltd. and MasterCard Inc. transactions as the European Union seeks to slash charges imposed on retailers by 6 billion euros ($8 billion) a year.

The U.S. Securities and Exchange Commission sued a Texas man over claims he operated a Ponzi scheme involving Bitcoin, the virtual currency that has recently attracted investors including Tyler and Cameron Winklevoss.

Canada's Competition Tribunal dismissed a case against MasterCard Inc. and Visa Inc. over rules that require merchants to accept credit cards with higher fees without imposing surcharges.