Links in “Credit Unions”
- 84% of Credit Unions Affected by Local Data Breaches
According to a recent NAFCU survey, 84.4% of the respondents stated that they had been impacted by a local data breach in the past two years. The majority responded that they have voluntarily implemented NCUAâs best practices on IT security. [10/10/14]
- Credit Unions Respond to CFPBâs Focus on Checking Account Screening
While the credit union industry applauds the efforts of the CFPB to protect consumersâ interests and to ensure that consumers have access to affordable financial services, there is concern that the CFPB needs to balance its goals against the need for credit unions to manage risk and protect against fraud. [10/10/14]
- JPM Hackers’ List of Known Targets Now at 14
Hackers who breached JPMorgan are now linked to 13 other breach attempts, sending a shudder through Wall Street. [10/10/14]
- On CFPB’s Radar: Checking Account “Black Lists”
Banks that rely on specialty consumer reporting agencies to determine whether to open a checking account for a new customer can expect to see greater scrutiny of their use of these lists, which the CFPB suspects may be overly broad and leave consumers without the ability to dispute any inaccuracies contained in the reports. [10/10/14]
- Biometrics Tipping Point Is Near
Once making a mobile payment becomes faster than using a credit card, it will reach its tipping point to widespread adoption. The use of biometrics, such as fingerprints or voice authentication, is the key to that speed. And it'll be here sooner than you think. [10/10/14]
- Supreme Court to Address Disparate Impact
Financial institutions have long had concerns about the use of disparate impact to prove discriminatory practices. Disparate impact does not require showing intent on the part of the institution, just statistical data that shows that a policy, practice, or action resulted in a disproportionately adverse effect on a protected class. The Supreme Court has agreed to hear the case regarding the Texas Department of Housing and Community Affairs' low-income housing policies. [10/9/14]
- More Assistance for TILA/RESPA Disclosure Changes
The CFPB has issued an updated âreadiness guideâ to assist financial institutions in preparing for the new combined TILA/RESPA disclosures that go into effect August 1, 2015. The guide provides checklists to assist with you with updating your policies and procedures. [10/9/4]
- CFPB Focuses on Checking Account Screening
The CFPB held a forum yesterday to gather information on the methods used by financial institutions to screen applicants for checking accounts. The CFPB is concerned that inaccurate information may prevent some consumers from being able to access this vital service. [10/9/14]
- 12-Step Plan for Consumer Cell Phone Protection
With mobile banking being the preferred method of banking by 10% of consumers, no wonder it has caught the attention of fraudsters. Here are 12 steps your consumers can take to protect the data on their mobile devices. [10/9/14]
- JPM’s Cyber Attackers: If at First You Don’t Succeed…
JPMorgan wasn't the only target of the group that breached its cyber defenses. Citigroup and Region were also targeted by what appears to be the same group, but those efforts failed. But hackers are a resilient lot, so they just kept moving on until they found somewhere they could get in. [10/9/14]
