Links in “Credit Unions”

News groups submit that CFPB proposal that would require consumers to consent to public disclosure of their complaint narrative should be removed, because the complaints are already subject to disclosure under FOIA. [9/25/14]

While private student lenders have been feeling the heat lately, this trade group points out that the federal student loan default rate is 13.7%, compared to less than 3% for private student loans. [9/25/14]

When an institution loses the BSA/AML war, all too frequently it comes down to the proverbial nail of KYC. AffirmX's Ken Agle gives pointers on navigating the minutiae and winning the Know Your Customer battle. [9/24/14]

New CUNA CEO Jim Nussle has released a video in which he identifies the top priorities for the association as preserving the tax exemption, seeking further regulatory relief, and the promotion of credit unions as the premier financial choice for American consumers.  Nussle adds that his personal priorities are to listen to and learn from member credit unions, league partners, and CUNA staff. [9/24/14]

The gloves are off between Symitar and Fiserv over who has the largest share of the credit union market for core operating systems. Each is publicly disputing the other's data when it comes to the number of credit union clients, retention rates, and conversion rates. [9/24/14]

Find out what the National Association of State Credit Union Supervisors has to say about the CFPB's proposal to expand the publicly available complaint data to include unstructured complaint narratives. Overall, NASCUS points out that potential complications and burdens may outweigh the expected benefits of the proposed change. [9/24/14]

Paper finds credit unions are rarely successful in overturning initial examination determinations, with less than 20% of appeals resulting in the regional office amending the material supervisory determinations. [9/24/14]

CBA writes to CFPB outlining five reasons why adding consumer narratives to the CFPB complaint portal is a bad idea. [9/24/14]

Today, you can't throw a stick anywhere in the compliance news landscape without hitting at least a few items either from or about the agency that likes to refer to itself as "The Bureau." Some may disregard these reports from and about the Consumer Financial Protection Bureau, because they understand that it only directly regulates large financial institutions in excess of $10 billion. However, even if your bank or credit union is far beneath that threshold, the CFPB matters. AffirmX's Dennis Agle explains why. [9/23/15]

A former senior loan officer at Middle Tennessee FCU, who was working on degrees in accounting and law, has pled guilty to embezzling more than $370,000 from the credit union. Latisha Cochran admitted to creating fictitious membership accounts, loans, and credit card accounts from 2006 to 2013. Interestingly, Ms. Cochran hosted a blog that emphasized the benefits of credit union membership and described herself as a “highly creative, recognized as a results-oriented and solution focused individual.” [9/23/14]