Links in “Credit Unions”

This Friday, NAFCU is hosting a free webcast with Mastercard Vice President of Emerging Payments Rita Ramirez who will be discussing Apple Pay and other new consumer payment technologies. The one-hour webcast, which will begin at 2:00 pm EST on the 14^th, is open to both members and nonmembers. [11/10/14]

Credit unions have heard the warning and are scrambling to be ready for the conversion from slide-and-sign to pin-and-chip.  See how some credit unions and card processors are trying to make the transition a little easier. [11/10/14]

For financial institutions, awash in a sea of regulations, compliance problems are inevitable. Less certain is the matter of deciding which problems rise to a level that requires board of directors involvement and how to present them. In this episode, AdvisX President Ken Agle aims to help institutions understand how to tread this fine line. [11/7/14]

One in thirteen Americans are unbanked and it’s not because of trust issues, educational factors, or high fees. It’s lack of money and these consumers say that their preferred options are prepaid cards and local merchants, such as liquor stores, grocery stores, convenience stores and drug stores. [11/7/14]

MPHJ Technology Investments, LLC was riding high using what the FTC termed as deceptive sales claims and phony legal threats that accused small businesses of patent infringement.  This is the first patent infringement action taken by the FTC against a “patent troll.” [11/7/14]

The National Association of Credit Union Service Organizations (NACUSO) has a lot to be concerned about from the new CUSO rule that affords greater monitoring authority to NCUA, to the proposed risk weightings for CUSO investments under the risk-based capital.  The association has created an advocacy fund and is considering a lawsuit against NCUA. [11/7/14]

CUNA President/CEO Jim Nussle says that the results of the midterm elections are overwhelmingly positive for credit unions, but there is still work to do to bring the newly elected up to speed on specific credit union issues. [11/6/14]

Now that interest rate risk is being removed from the revisions to the proposed RBC rule, NAFCU is urging that NCUA make four other changes: lowering the 10.5% RBC ratio; removing the individual minimum capital requirement and creating an independent appeals process that is free of examiner retaliation; including a consideration of a credit union’s portfolio of assets and liabilities in the definition of a complex credit union; and increasing the 1.25% risk to assets ratio for ALLL purposes. [11/6/14]

The credit union trade associations are gearing up for a last ditch effort to push credit union bills through the Senate that have already passed the House. These include a bill to require annual privacy notices only if there has been a change and a bill to provide access to the Federal Home Loan Bank system for privately insured credit unions. [11/6/14]

While CUNA is pleased that NCUA has decided to remove interest rate risk considerations from the proposed risk-based capital rule, it is concerned about NCUA issuing a separate IRR rule. CUNA CEO Jim Nussle stated that the agency already has rules on the books to address IRR and that another regulation is not necessary. [11/5/14]