Links in “Credit Unions”

While TILA provides that borrowers may rescind their mortgage loans within three days, that time period can extend to three years if the creditor fails to make certain disclosures. Some circuit courts have held that borrowers can exercise their right to rescind a transaction under this TILA provision by notifying the creditor within three years of consummation, while others have held that the borrower must file a lawsuit within the three years. The Supreme Court is set to hear arguments in November. [9/22/14]

With constantly changing regulations, it may be more efficient to outsource compliance functions rather than creating an extensive in-house compliance department. [9/22/14]

While it will make fraud more difficult, EMV technology won't make fraud go away. Right now, it's easier for the crooks to go after cards without the enhanced technology of EMV cards. However, as older technologies begin to go away, expect the bad guys to exploit weaknesses in the EMV technology. [9/22/14]

Santa Ana, California — David Lugo, former IT vice president of SchoolsFirst Federal Credit Union, admits to having embezzled over $2.6 million dollars by ordering unnecessary IT equipment and billing the credit union for it. Will they never learn? [9/19/14]

#1: Follow the lead of First Choice Federal Credit Union and sue the retailer for damages. #2: Do as credit unions in Maine are doing and proactively issue new cards to your members. [9/19/14]

At least for now, according to the Federal Reserve Board. However, NAFCU finds that this 21 cent fee cap is not nearly high enough to allow credit unions to break even on debit payment services for their members. [9/19/14]

The results are in from McWatters' first monthly board meeting for NCUA. Among the happenings are technical amendments to parts 701, 706, and 790 of NCUA's rules and regulations. [9/19/14]

With its announcement that 56 million cards were compromised, Home Depot surpasses Target's 40-million-card breach. That said, so far the cost of its breach, estimated at $62 million, is coming in at less than half the Target breach, at $148 million. [9/19/14]

The agenda and results of Thursday's NCUA Board meeting are now available. Video recordings will also be available soon, and can be viewed for one year following the meeting. [9/19/14]

ABA survey finds one in eight Americans depositing a check using mobile devices at least once within the past year, and 80% of those using mobile deposits at least monthly. [9/19/14]