Compliance

Visa and Plaid call off merger, ending DOJ litigation

01/12/21

Visa and Plaid have terminated their tie-up and reached an agreement with the Department of Justice to dismiss the litigation brought against them when the deal raised antitrust questions.

[more]

PayPal blocks group that helped Trump supporters travel to D.C.

01/07/21

PayPal Holdings closed an account held by Joy In Liberty, one of the groups that paid for supporters of President Donald Trump to travel to Washington, where mobs stormed the U.S. Capitol on Wednesday.

[more]

Amex said to face inquiry into business credit card sales tactics

01/07/21

American Express is reportedly under investigation by top federal agencies exploring allegations of unethical sales tactics by the company’s small-business credit card sales representatives.

[more]

Credit union groups continue remote notarization push

01/07/21

While some legislatures have extended provisions temporarily allowing online notaries, other lawmakers are pushing for those rules to be made permanent.

[more]

Tiny South Carolina credit union is NCUA's first conservatorship of 2021

01/06/21

CO Federal Credit Union, which has $4.5 million in assets and serves just 785 members, was conserved due to unsafe and unsound practices, the regulator said.

[more]

Wells Fargo released from one enforcement order, still has 10 to go

01/05/21

The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.

[more]

NCUA seeks input to improve transparency

01/04/21

The panel unanimously approved the measure by a notation vote, its second such move in weeks, and the proposal will now be subject to a comment period.

[more]

Strip club scandal, charges of partisanship add to NCUA's rough year

12/30/20

The National Credit Union Administration juggled several challenges this year beyond the pandemic recession, including an inspector general's report about alleged misconduct by two former employees and criticism that board members had lost their old spirit of comity.

[more]

Credit union regulator approves proposal to ease SAR exemptions

12/23/20

Under the terms of the rule, NCUA could exempt credit unions from some Bank Secrecy Act requirements on a case-by-case basis, provided there are no safety or soundness concerns.

[more]

Bankers hope shell-company reforms are prelude to broader AML overhaul

12/22/20

Congress’s passage of a measure requiring startup companies — instead of their banks — to identify true owners was arguably the industry’s biggest legislative achievement in 2020. Now the industry is urging lawmakers to revisit proposals that would ease other anti-money-laundering reporting requirements.

[more]