Links in “Credit Unions”

Anaheim, Calif.-based online lender used a subsidiary that originated the loans on a South Dakota Indian reservation to issue loans in Iowa that hit up to 169% on an annual basis. The tribal angle didn't fly with the Iowa Division of Banking, which revoked the license and hit the lender with $1.5 million in restitution of 3,400 loans to Iowans. [10/9/14]

NCUA has reissued a bulletin addressing troubled debt restructurings (TDRs) that reflects a revised regulatory policy towards these types of modifications. The revised bulletin also provides clarification concerning the circumstances under which a subsequently restructured TDR no longer needs to be classified as a TDR. [10/8/14]

Many thought that the increased loan demand from a recovering economy would offset the dampening effect of tighter mortgage regulation. However, over 70% of mortgage and housing professionals in a recent survey said that increased regulation has resulted in less money being made available for mortgage loans. [10/8/14]

There are patterns of transactions that could suggest human trafficking and that could be detected by your AML system. If you aren't looking for them, the question may arise "How much human trafficking is being supported in your supply chain with your logo on it?" [10/8/14]

When it comes to fair lending, many institutions leave the picture of their performance incomplete—they know their own numbers, but they fail to give these numbers context based on a comparison to such factors as population, income, age, gender, etc. In this article, AffirmX EVP Ken Agle teaches that analyzing your fair lending data in the right conditions can allow you to make accurate assumptions and derive important conclusions. [10/7/14]

Walmart’s new digital account, GoBank, was thought to be the nine hundred pound elephant in the room when it debuted, but a closer look reveals that credit unions can still offer a better deal. [10/7/14]

One of three winners of the 2015 Herb Wegner Award is Clarence J. Hall, the Chairman of the Board and CEO of Issaquena County FCU in Mayersville, Mississippi, one of the poorest counties in the country. With only 462 members, the credit union still managed an impressive ROA of 2.15%. The other recipients for the 2015 Award are Mike Mercer, president/CEO of the Georgia CU Affiliates and Bob Schumacher, retired president/CEO of MountainCrest CU. [10/7/14]

While bolstering cyber security defenses at financial institutions remains vital, Microsoft is working on a different approach: taking over the infrastructure behind malware attacks. [10/7/14]

Credit unions often rely on plastic card income and interchange fees, but mobile devices, apps, and currencies bypass traditional financial institutions and interchange services. A key defense can be to focus on building relationships rather than increasing transactions. [10/6/14]

FinCEN’s proposed changes to its due diligence rules could increase credit unions’ regulatory burden without providing a counterbalance of benefits. CUNA is urging FinCEN to focus on strengthening BSA/AML rules on non-financial institutions. [10/6/14]