Links in “Credit Unions”

Title insurance agency in Michigan found out the hard way that paying fees to companies under market services agreements based on referrals received was not a good way to get around RESPA requirements. [10/2/14]

The NCUA has resources for credit unions to use as we move into a new interest rate risk environment due to the strengthening economy. Don't let the new terrain trip you up! [10/2/14]

The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Depository Trust and Clearing Corporation (DTCC) have announced a joint venture named Soltra that will deliver software automation and services that will collect, distill, and speed information about cyber threats from a myriad of sources.  The president of Soltra stated that financial institutions need to have cyber intelligence at “network” speed in order to adequately protect themselves. The Soltra solutions should be available to credit unions in the next few months. [10/1/14]

A proposed rule from the DOD would extend the Military Lending Act’s rate cap of 36% to all forms of payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans, and some unsecured lines of credit and credit cards. Currently, the Act only applies to specific short term loans and refund anticipation loans. [10/1/14]

It’s possible. Navy Fed has been offering a 100% LTV mortgage product for which they charge a rate of 5% due to the higher risk and the fact that they waive private mortgage insurance. However, the 5% rate has caused these loans to meet the definition of a higher rate mortgage with the end result being that Navy Fed was the largest higher rate mortgage lender in the country in 2013. [10/1/14]

Republic Hose Employees FCU of Youngstown, Ohio, has been liquidated by the NCUA. The CU had 455 members and assets of $581,487. [10/1/14]

Head of financial crime compliance at HSBC says there is a "need to take the temperature down" in the frenzied effort to root out fraudulent activity or face a potentially career-ending consequence. There is a need to strike a balance. "Every time something goes wrong, we don't need the scalp of a regulator or the scalp of a banker." [10/1/14]

Bank of America, which already offers the EMV chip technology in its credit cards, is rolling out the technology to its debit cards when replacing expired cards and to new customers. Merchants have until October 2015 to place new payment terminals to accept the chip cards, otherwise credit card companies have threatened to pass the fraud liability to the merchants. [10/1/14]

Survey finds point-to-point encryption and tokenization come out ahead of EMV chip technology when it comes to effectiveness at reducing card fraud. [10/1/14]

When it comes to advertising, the Consumer Financial Protection Bureau has its eye on financial institutions. And with the coming holiday season and the spike in advertising that frequently accompanies it, expect the CFPB to be on the lookout for all kinds of false claims, but for one kind in particular. AffirmX's Jane Pannier describes what the CFPB has identified as deceptive and/or abusive to consumers and the guidance they've published to combat this issue. [9/30/14]