Links in “CUNA”

The Dodd-Frank Act authorized the CFPB to gather information on businesses, markets, covered persons and service providers in order to analyze market trends. The agency says that it strips all personal information from its files, but CUNA is concerned that this practice could still place consumers at risk for identity theft or fraud. [2/11]

According to Bill Hampel, CUNA’s Chief Economist, the NCUA’s proposed risk-based capital rule could force credit unions to increase their capital levels by a net of $7.3 billion in order to maintain their current margins above the well-capitalized threshold at a time when credit unions are faced with lower rates and moderate loan growth. [2/10]

Citing his disagreement with the dual membership requirement that mandates membership with CUNA if a credit union joins its state league, Jim Blaine, CEO of State Employees Credit Union, announced that the credit union will not be renewing its membership with the Carolinas Credit Union League and with CUNA.  Blaine identified his main concern with CUNA as a difference of opinion with the association’s legislative priorities. [2/10]

CUNA CEO Bill Cheney, in a letter to the Senate Banking Committee, says that all participants in the payment process have to be held accountable and held to the same data security standards. He added that if anything less than this is done, consumers will remain vulnerable. [2/3]

The NCUA Board will be considering a proposed rule on risk based capital at today’s board meeting, but CUNA Deputy General Counsel Mary Dunn has concerns.  While CUNA supports net worth-standard changes designed to better reflect risk, Dunn says that the new requirements should not just be an addition to the current system. [1/23]

According to a recent online CUNA survey, the Target data breach has already cost credit unions almost $30 million and this figure does not include fraud costs. The respondees reported an average cost so far of $5.10 per affected card. [1/22]

According to CUNA, NCUA’s 2014-2017 Strategic Plan needs to incorporate a number of changes.  Among those are how the agency will provide regulatory relief for credit unions and how it can provide more flexibility for well-managed credit unions. [1/21]

Legislation is expected to be introduced in the Senate that would impose breach reporting and notification requirements on all U.S. businesses without imposing any additional duties on credit unions. Similar legislation is being considered in the House and has the support of both NAFCU and CUNA. [1/15]

CUNA is asking credit unions to keep a tally of their costs for replacement cards and for fraudulent charges and report the information to a data collection website that CUNA is developing.  The aftershocks of the breach are continuing to occur.  The FTC is warning consumers that scammers are already sending  out phony Target emails offering help with compromised cards. [12/27]

CUNA, NAFCU and ABA are working together to urge Congress to pass legislation to fight patent abuse. Proposed legislation would discourage entities from sending out patent letters when they don’t have a reasonable claim. [12/18]