Links in “Credit Unions”

When tackling vendor management for any size institution, a comprehensive and tailored approach can more than help. AffirmX analyst Rachel Osborn introduces the AffirmX Vendor Management Solution tool, which offers to do just that. [3/11/16]

The latest action from NCUA is being met with great disappointment. In a letter to Congress, NCUA Chair Debbie Matz states that the earliest that the Agency  could provide credit unions with an 18-month exam cycle would be the end of 2017, explaining that it will take that long to adjust to regulatory improvements and build out systems to processes to support them. What? [3/11/17]

If you can’t get approved for a loan large enough to meet the needs of your small business, why not just have your employees and friends submit falsified loan applications to make up the shortfall? Because that can land you in jail. A member of Bell Community Credit Union is now facing three years in federal prison for bank fraud for making 15 false loan applications over a period of 14 months and has been ordered to pay restitution in the amount of $207,116. [3/11/16]

And that's as specific as he would get in his remarks before the Consumer Bankers Association. He did go on to say that a rulemaking process on payday lending will begin "in the coming months." [3/10/16]

Debbie Matz took the helm of the NCUA board in the midst of the financial system's distress. For a total of 11 years she has served with the NCUA. "I am proud of all that the NCUA has accomplished to bring stability, advance growth, and promote flexibility in our nation's credit unions," Matz said. [3/10/16]

The number of federal legislators calling for the CFPB to use its authority to better protect credit unions rose to at least 330 signers, and counting. The letter has driven support from both sides of the aisle. [3/10/16]

With cybersecurity being the point of interest for many people in recent years, it's easy to forget about physical security. With the recent observation of funds being reallocated to support cybersecurity, where does the credit union stand when it concerns face-to-face threats of violence? [3/9/16]

Eliott C. Ponte, Regulatory Compliance Counsel at NAFCU, writes of an experience where he was a victim of phone fraud. For most, this could be an alarming experience. Those who manage to handle the situation responsibly can protect their financial well-being. But those who let their emotions take control may accidentally release information they may regret later. Here are some resources to help prepare for these situations. [3/9/16]

Payment Card Industry Data Security Standards, or PCI DSS, audits are required to be done by major payment card issuing companies of retailers and other businesses that process more than 1 million card transactions in a given year. The FTC regards these audits as an assessment to see how well any company protects consumer data. [3/9/16]

Scrutiny of Bank Secrecy Act compliance at financial institutions everywhere is surging. Fines and enforcement orders are all over the headlines. Regulators, as well as board members, want to know that banks and credit unions have taken a good look at what their exposure is, and have a solid plan in place to address those risks. What are the elements of a solid BSA Risk Assessment? [3/8/16]