Links in “Credit Unions”
- A True Believer in the Power of Credit Unions Retires
Cliff Rosenthal spent 30 years pursuing his passion for helping the underserved as CEO of the National Federation of Community Development Credit Unions before moving on to the Consumer Financial Protection Bureauâs Office of Financial Empowerment. His moving story is a reminder to us all of what our movement is all about. [11/5/14]
- Credit Unions Lose Two Top Supporters Despite Other Wins
Yesterdayâs election results are in and credit unions have lost two key Democrat supporters. Senator Mark Udall of Colorado was a sponsor of the MBL bill and Alaska Senator Mark Begich was the only senator to publicly support the credit union tax exemption during the 2013 tax reform discussions. [11/5/14]
- Complianceball: The Art of Winning an Unfair Compliance Game
In light of the recent Giants victory in the World Series, AffirmX's Ken Agle explains what financial institutions can learn from another baseball story: Moneyball. [11/4/14]
- Tonightâs Elections Could Alter Key Committees
At risk is the composition of committees with jurisdiction over the financial industry and taxation issues. Hereâs a quick look at possible changes that could impact credit unions. [11/4/14]
- Flaw in New Secure Card Chip Technology Could Let Hackers Steal Up to $1 Million Per Card
According to researchers in the UK, the card system developed by Visa for use in the U.S. doesnât recognize foreign currency transactions and can be tricked into approving such transactions for up to $999,999.99. In addition, the contactless technology could allow a thief carrying a card reader designed to read a card thatâs stored in a wallet or purse to conduct fraudulent transactions without the victim ever removing their card. [11/4/14]
- NCUA Issues Five Anti-Fraud Videos
NCUA has released the first five videos in an eight-part series designed to help credit unions detect and deter employee dishonesty and fraud. The videos, which can be viewed on the NCUA YouTube channel, address issues such as separation of duties, handling of employee and family member accounts and the red flags that may indicate fraudulent activity. [11/4/14]
- NCUA Confirms Separation of IRR from RBC Proposed Rule
NCUA has confirmed that it will be eliminating interest rate risk considerations from the soon-to-be released and revised risk-based capital proposal. A separate rule addressing interest rate risk is expected to be issued in the first half of 2015. [11/4/14]
- Some Assembly Required: Building a Sound Relationship with a Money Services Business
Just as âsome assembly requiredâ is a red flag to non-DIY types, âmoney services businessâ is a red flag to many institutions. However, as AffirmX's Jane Pannier explains in this article, money services businesses (MSBs) "provide a much-needed service for individuals that may not have access to or donât want to use traditional banking accounts or services." Read this "instruction manual" to find out how to more safely offer these types of accounts. [11/3/14]
- Retailers Strike Back at Credit Union Data Security
In a letter to NAFCU and CUNA signed by the Retail Industry Leaders Association, the National Association of Convenience Stores and other organizations accused credit unions of using misleading arguments with the media and before Congress. The groups argue that 34% of the data losses that have occurred this year have been at financial institutions, while only 11% affected retailers. In addition, the groups criticized credit unions for being slow in adopting chip and PIN technology. [11/3/14]
- CUES Honors Award Winners
CUES announced that its Outstanding Chief Executive for 2014 is Tony Budet, President/CEO of University FCU in Austin, TX. CUES further announced that it has inducted four leading credit union executives into its Hall of Fame. [11/3/14]
