Links in “Credit Unions”

Maybe. This thought-provoking article focuses on the increased use of guidance versus regulation by the federal regulators and how the legal distinction between the two is becoming a distinction without a difference. The answer may be to amend the Administrative Procedures Act in order to require that the federal regulators first subject their interpretations and guidance to notice and comment before they are finalized. [12/11/14]

In a recent address, NCUA Chairman Debbie Matz urged retailers and other third parties to shoulder more responsibility in cases of security breaches. That being said, she did not let financial institutions off the hook, but instead issued the reminder that cyber security will remain an area of supervisory focus in 2015. [12/10/14]

Recently, Senator Tom Coburn (R-Okla.) issued a scathing report that proposed the elimination of the credit union tax exemption. CUNA's Nussle and NAFCU's Berger have the rebuttal here and here. [12/10/2014]

CUNA has written to the FCC in support of an exemption for credit unions and other financial institutions from provisions of the Telephone Consumer Protection Act that restrict automated calls to mobile devices. CUNA argues that financial institutions should be able to send non-telemarketing messages that address topics such as fraud or identity theft alerts, possible data breaches, or concerning actions needed to arrange for receipt of pending money transfers. [12/9/14]

FNMA and FHLMC have announced that they have revised their requirements to permit qualified applicants to apply for mortgage loans with as little as 3% down. The new program, which is scheduled to begin in March 2015, will be limited to first-time home buyers who get housing counseling. [12/9/14]

Nearly two out of every three credit unions has a mobile app. Mobile remote deposit capture is also on the rise as credit unions continue to outpace banks in providing mobile services. [12/9/14]

The women’s clothing chain BeBe confirmed that its payment system was breached over a 2.5-week period last month and that the stolen data may have included cardholder names, account numbers, expiration dates, and verification codes. [12/8/14]

And now the number is up to four. Joining Navy Federal Credit Union and America’s First Credit Union are UW CU in Madison, WI, and L&N FCU in Louisville, KY. Experts predict that there will be hundreds of credit unions offering Apple Pay by the end of the first quarter in 2015. [12/8/14]

Credit unions have experienced the highest annual loan growth since 2006. As a result, NCUA is reporting that credit unions are relying less on long-term investments, which should better position the industry to minimize interest rate risk when interest rates begin to rise. [12/5/14]

Under a tough new debt collection regulation, consumers in New York will be able to tell debt collectors that they may only contact them through email and not by phone. Many experts see this as a foreshadowing of the direction the CFPB may take when it looks into further regulation on debt collection practices. [12/5/14]