Links in “Credit Unions”

The good news is that hundreds of credit unions are in the queue to go live with Apple Pay. The bad news is that only Navy Federal is live now and the others don’t know when they’ll go live. PSCU reports that they may have a couple of member credit unions that may be on board in early December. For the others, it’s a waiting game. [11/18/14]

You’re probably familiar with the NCUA rules regarding data breaches and member notifications. But did you know that 47 states, plus the District of Columbia, have their own data breach regulations that may require additional or different steps to be taken? In addition, many of these state laws use different definitions to determine when a breach that requires consumer notification has occurred. [11/17/14]

Over the next 45 days the two corporates will be performing due diligence and hosting meetings with their members. As a result of previous mergers, the new entity will include capitalized members from eight states.  Under the proposed agreement, KCCU will act as the new corporate, although a new name will be selected to better reflect the scope of the full membership. [11/17/14]

With cybersecurity a top priority for NCUA this year, it is likely that it will take a larger role in the examination process according to Tim Sergerson, Deputy Director of the Office of Examination and Insurance.  The focus will be on what the credit union is doing to mitigate the risk of a cybersecurity attack. [11/17/14]

NCUA attorneys have filed suit against Maria Hernandez, former CEO of the failed El Paso FCU to recover $19 million in funds she allegedly stole from the credit union.  According to the NCUA most of the stolen funds have been linked to unrecorded share certificates sold to non-member financial institutions that Hernandez converted for her personal use to purchase additional homes, to take lavish vacations and for gambling. [11/17/14]

A U.S. tax court ruled earlier this year that taxpayers are limited to one IRA rollover per year regardless of the number of IRAs they hold. This represents an abrupt departure from the long-standing position held by the IRS that a taxpayer could rollover each individual IRA he or she owns once in any 12-month period. [11/14/14]

At its November 20^th meeting, the NCUA Board will be addressing the 2015 budget, the overhead transfer rate, and the operating fee schedule. The Board will also review the quarterly Temporary Corporate Credit Union Stabilization Fund. NCUA has already stated that there will be no future assessments to credit unions for the stabilization fund. [11/14/14]

The proposed rule on prepaid accounts just issued by the CFPB has been expanded from the 2012 proposed rule to include a wider range of accounts.  In addition to the use-anywhere prepaid cards, the proposed rule also covers such things as campus cards used for financial aid disbursements, some government-benefits cards, tax-refund cards, and prepaid cards that some companies use to pay employees. CFPB Director Richard Cordray added that prepaid accounts are more than just cards and include other types of accounts, such as PayPal, Google Wallet and possibly certain mobile payment plans. [11/14/14]

The NCUA Office of Small Credit Unions is reminding small credit unions of the November 30^th deadline for submitting applications for consulting assistance. To date in 2014, 400 federally-insured credit unions and 26 new credit union organizers have received consulting help from an NCUA Economic Development Specialist. [11/13/14]

According to NAFCU and CUNA the answer is “yes” and it is the reason that retailers need to be subjected to the same level of regulation as financial institutions. Specifically, NAFCU and CUNA are telling Congress that retailers must be required by regulation to protect consumer data, as well as being required to notify consumers when  a breach has occurred. See also. [11/13/14]