Links in “Credit Unions”
- NCUA’s Mea Culpa: An Isolated Incident
NCUA has issued a statement taking responsibility for the data breach at a California credit union that was the result of an examiner losing a thumb drive provided by the credit union that contained sensitive member information. NCUA stated that this was an unfortunate, but isolated incident that involved a violation of internal security procedures and has pledged to reinforce their staff training on security. [12/18/14]
- NCUA Offers New Round of Grants for Low-Income Credit Unions
Newly approved Congressional funding to the Community Development Revolving Loan Fund has made it possible for NCUA to offer grants to low-income credit unions. Low-income credit unions can apply online with NCUA between February 2nd and March 3rd for the first round of grants to fund either staff/volunteer training or to provide students with hands-on experience in credit unions. [12/18/14]
- NCUA Sues Two More Banks for MBS Fraud
In its continuing effort to recover losses from the failure of a number of corporate credit unions, NCUA has filed suits against the U.S Bank National Association and the Bank of America National Association. The suit claims that the banks failed to fulfill their duties under both federal and state law as trustees for 99 residential, mortgage-backed securities. [12/18/14]
- NACHA Proposes Same-Day ACH
Same-day ACH transfers may be a possibility under a new proposed rule issued by the Electronic Payments Association (NACHA). The proposed rule would allow two new same-day settlement windows for three ACH network settlements each day. This would mandate that RDFIs receive ACH files every business day and make the funds available to their depositors by the end of each business day. [12/18/14]
- Payment Security Task Force Recommends Multi-Layered Approach to Card Security
A report issued by the Payment Security Task Force recommends a layered approach to protecting the security of card payments that includes a combination of chip technology, point-to-point encryption, and the use of tokenization to replace account numbers. [12/17/14]
- CUNA Board: Most New Seats Won by Acclamation; One Seat Will Be Contested
Only one of the eight seats available on the CUNA Board (District 3) will be decided by an election. As there was only one nominee for the remaining seven seats, the other nominees were elected by acclamation. [12/17/14]
- NAFCU on NCUA’s Self-Inflicted Black Eye: Practice What You Preach
In light of an NCUA examinerâs loss of a credit unionâs member data, NAFCU CEO Dan Berger is urging NCUA to practice what it preaches and conduct a thorough investigation into the incident and a thorough review of its internal data security policies and procedures. Berger notes that as a steward of credit unions' sensitive data, the agency must be held to the highest standard for safeguarding that data. [12/17/14]
- Congress Passes SCRA Extension
Congress has approved a one-year extension for foreclosure relief under the Servicemembers Civil Relief Act. Servicemembers will now be protected through the end of 2015 from foreclosure while on activity duty and for one year after leaving activity duty. [12/16/14]
- NCUA Examiner Blamed for Data Breach
$13 million Palm Springs FCU did what many credit unions do when NCUA is performing their exam: they downloaded the requested data to a flash drive and provided that to their examiner for review. Unfortunately, it appears now that the examiner lost the flash drive that contained member names, addresses, account numbers, and social security numbers and the credit union finds itself having to notify its members of the data breach. [12/16/14]
- The Fair Lending Self-Assessment âMiracleâ on Ice
What do hockey and fair lending have in common? AffirmX's Ken Agle explains. [12/16/14]
