Links in “Credit Unions”

At its December 11 meeting, the NCUA Board will take up a final appraisal rule that focuses on appraisal requirements for existing extensions of credit and the availability of copies of appraisals. In addition, the Board will discuss the 2015 budget for the Temporary Corporate Credit Union Stabilization Insurance Fund (TCCUSIF). [12/5/14]

SBA loans can be an important lending tool for credit unions, since the portions of the loan guaranteed by the SBA, usually from 50% to 90%, do not count against a credit union's member business lending cap. Although credit union SBA lending has increased by 50% over the past 2.5 years, many credit unions are still not taking advantage of this member business lending opportunity. [12/5/14]

Examinations can feel like a power struggle between institution and examiner—and examiners often win. In this video, AdvisX President Ken Agle share with you one way to help tip the scales back in your favor and take control of your examination. [12/5/14]

A Minnesota federal court judge has ruled that Target had a duty to protect debit and credit card information from cyber thieves. This means that the plaintiffs, which include CSE Federal Credit Union, can proceed with their case for damages based on Target’s negligence in protecting consumer data. [12/4/14]

The Michigan Department of Insurance and Financial Services announced the liquidation of Metropolitan Church of God Credit Union of Detroit. The credit union—which was chartered in 1971, served 191 members, and had assets of $141,494—is the 10^th federally-insured credit union liquidated in 2015. [12/4/14]

In a unanimous vote the House passed a bill that would call for a study to reform Regulation D. In particular, the study would look at raising or eliminating the limitation on transfers from nontransaction accounts. The bill now goes to the Senate for its consideration. [12/3/14]

The Federal Financial Institutions Examination Council (FFIEC) has issued an updated version of its BSA/AML Examination Manual that clarifies regulator expectations and incorporates regulatory revisions that have occurred since the last update in 2010. [12/3/14]

In 2013 the Lending Club, an online alternative lender, originated $2 billion in new loans, many of which are loans that consumers traditionally sought from credit unions. How do you compete with the speed and convenience that online lenders can offer? You need to understand and learn from their business model. [12/3/14]

One of the primary reasons for fraud losses is insufficient internal controls. NCUA is hosting a webinar entitled “Best Practices for Strong Internal Controls” to be conducted by a panel of experts from within and without the agency. Registration is still open for the session which will be held at 2:00 pm EST on December 17^th. [12/2/14]

Alex Spirikaitis, former CEO of the liquidated Taupa Lithuanian Credit Union, will have a long time to consider whether the money he stole was worth the price he now has to pay. A federal court has sentenced him to more than 10 years in federal prison and he has been ordered to pay restitution of $15 million. [12/2/14]