Links in “Credit Unions”

In a letter to the CFPB, CUNA expresses concern about the reputational harm that credit unions could face as a result of permitting consumers to post narrative descriptions of their complaints that could contain “inaccuracies, exaggerations and even intentionally false information.”  In addition, CUNA points out that privacy concerns may not allow credit unions to provide the details necessary to adequately respond to a consumer’s complaint. [9/23/14]

Home Depot underestimated its IT risks. Former employees say that when they sought new software and training, they were turned down with the response: "We sell hammers." [9/23/14]

There is a a growing consensus among both parties that smaller institutions are being overly burdened relative to their riskiness to the system. [9/23/14]

ABA sends letter to the NCUA citing Agricultural FCU for its home page that states "Everyone is welcome. Join today." The website provides instructions on a one-time donation to an organization called CityDance qualifies individuals for membership. [9/23/14]

With an estimated 180 new rules and regulations since 2010, here's a look at how the regulatory burden that is crushing smaller banks is even harder to handle for tiny credit unions and what their demise might mean to banks. [9/23/14]

CFPB official speaking at conference says mortgage servicing environment is not like NASCAR, "where you direct your staff around a predictable track repeating the same steps over and over." Today's mortgage servicing environment is more like the Wild West, with state and federal regulators changing the rules, regulators and attorneys citing services for prior practices, and stiff competition from bank and non-bank servicers. [9/22/14]

“After the brutal beating taken in recession years, capital has been replenished, dividends have been restored, marketing investment in the business has resumed...loan losses have returned to more normalized levels,” and the credit card is once again a financial institution's most profitable loan product. [9/22/14]

In these perilous cybersecurity times, Lancaster Rose Credit Union's Matt Steffy gives 10 tips for personal online or mobile banking safety. [9/22/14]

Does your credit union need a little extra help battling liquidity, interest rate risk, and investments? According to the Credit Union National Association, a product from the Federal Home Loan Banks (FHLB) might be for you. [9/22/14]

The agencies are requesting comments on customer due diligence (FinCEN), fixed assets (NCUA), and Regulation C (CFPB). These comments are due during the month of October. [9/22/14]