Compliance

Visa, Mastercard and PayPal may have magnified the biggest risk they face — tougher regulation — by becoming early backers for Libra, Facebook's new digital money.

For many banks, especially midtier institutions, payments isn’t a core business — and their batch processing-based legacy systems weren’t designed to deliver real-time payments.

As many as 20% of institutions haven't started planning for the new standard, according to one study. Many say CUs must start now in order to be ready, even if the rule is postponed.

A court decision brings much needed clarity to the complex world of money transmitter licensing by holding that the transmission of information alone is not engaging in the business of money transmission under Pennsylvania law, writes Anita Boomstein, a partner with Manatt, Phelps & Phillips, LLP.

A recent proposal by the Financial Stability Oversight Council to focus less on certain nonbank firms and more on risk activities would create unintended economic harm.

In the eyes of regulators, Facebook and bitcoin have a lot in common. Both challenge citizens' relationship to privacy, and both use technology in ways that current laws were unprepared for.

As the Federal Credit Union Act turns 85, industry figures are working on issues related to executive compensation, UDAAP and more, all while girding for a slowdown in membership and loan growth.

Credit union executives discussed serving the legal marijuana and hemp businesses during NAFCU's annual conference in New Orleans, including vastly different motivations for serving the industry.

Facebook is focusing the initial discussions around its cryptocurrency project as a preemptive strike against the privacy and legal concerns the public and politicians have about the huge social network.

The National Credit Union Administration's controversial risk-based capital proposal could see further delays or changes as thousands of industry professionals head to CU conferences across the country.

A huge portion of European companies will not clear PSD2's regulatory hurdles for digital connections between banks and payment apps, but that hasn't slowed down some companies that see value in open banking and payments.

India’s government has taken drastic steps to encourage and standardize digital transactions, and those moves appear to be paying off.

By making sure their payment processing solution is compliant, they can save themselves the hassle of declined payments and make sure they’re capitalizing on the expansive European e-commerce market, writes Ralph Dangelmaier, CEO and board member at BlueSnap.

Credit unions have a busy week ahead of them in Washington, including more than half a dozen bills that could impact the industry.

PayPal and Mastercard are independently making high-profile moves to shore up gaps in open banking and data compliance, and both companies are downplaying any competitiveness.

Santander Bank and Santander Consumer USA have put many problems behind them in recent years under CEO Scott Powell, but he still has a Federal Reserve enforcement action to resolve and is negotiating with Fiat Chrysler to preserve a crucial auto lending relationship.

It's a multibillion-dollar industry in a state of payments-regulation limbo and as a result, the U.S. cannabis business has mainly operated on a cash basis.

In stark contrast to his predecessor, C. Allen Parker said Thursday he accepts regulators' criticism and suggested that the bank may struggle to achieve revenue growth until it moves past its regulatory woes.

Its CEO says organic growth is preferable, but after spending five years tackling a series of enforcement actions tied to BSA compliance, the Pennsylvania bank has options.

The revised statute provides clarity on director travel, supervisory committees, conservatorship and more.