Compliance

The National Credit Union Administration is set to vote on revisions to its field-of-membership rule, even as it's entangled in a legal dispute with the American Bankers Association over the rule.

Visa, which was criticized for its vague explanation of a June 1 outage in Europe, was in the process of installing better technology, but the project was not complete at the time of the incident and won't be finished until the end of this year.

Rodney Hood served on the NCUA board from 2005 to 2009, and his nomination to return to the board was greeted warmly across the industry.

Western companies desperately want a chunk of China's vast domestic consumer payments market, though they may find themselves feeling lucky to be left out.

Square Inc. shares climbed to their highest price ever after New York granted the company a virtual-currency license, letting customers in the state buy and sell Bitcoin.

A proposal to revise parts of the Dodd-Frank Act ban on proprietary trading would make it easier for banks to conduct risky trades.

As if ADA suits weren't enough, a California-based law firm is using social media advertising to search for credit union members who have been charged overdraft fees, in the hopes of filing a potential class-action suit.

As contactless cards continue their momentum in the U.K., new use cases are popping up for the tap-and-go technology.

Proposed changes to Dodd-Frank's ban on proprietary trading are unnecessary and put the markets at risk.

Ellen Zimiles, global head of investigations and compliance at Navigant Consulting, shares what she's learned about testing and implementing AI in compliance departments, filing defensive SARs, and hiring the right people to maintain an AI system.

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought.

Federal district court in Virginia finds plaintiff had so standing to sue – again.

Groups representing banks, credit unions, the housing industry and others argue in favor of a bill requiring the CFPB to issue timely guidance on its rules.

Cross-border payments firm Payoneer is seeing growth in Asia from local marketplaces, digital platforms, and merchants selling internationally. It is also benefiting from a rise in payments from India to foreign marketplaces and contractors.

Acting CFPB Director Mick Mulvaney held a roundtable with credit union leaders from the plains states, including discussions of how the bureau would seek input form CUs now that its advisory boards have been shuttered.

With increasing numbers of alternative providers gaining licenses to provide payment services aimed specifically at businesses, Beck predicts the pressure on the banks to offer faster and cheaper services is going to substantially increase.

The Patriot Act, for example, requires all U.S. businesses to comply with regulations issued by the Office of Foreign Assets Control. Those that fail to comply, knowingly or inadvertently, are susceptible to significant fines and even legal action, writes Peter Shore, general manager of Transpay.

Circle Internet Financial Ltd., one of the world’s most valuable cryptocurrency platforms, is looking to make a big leap into the highly regulated realm of U.S. banks and brokerages.

Visa's management faces an unwelcome choice: It can share more information about internal shortcomings or mistakes that caused payments to shut off temporarily, or get summoned to Parliament for a politically-infused public questioning.

The Atlanta bank had previously failed compliance metrics in five straight quarters before passing them last year, according to the settlement's monitor.