Links in “Credit Unions”

An FDIC white paper points out that 90% of the underbanked and unbanked have a mobile phone and 71% have a smart phone. CUNA is urging the CFPB to minimize the regulatory burdens associated with offering mobile banking services so that credit unions and smaller institutions can pursue this avenue. [9/11/14]

The answer could be “yes.” According to Apple, the new Apple Pay iPhone tool, which was announced yesterday, will allow consumers to use their mobile phones to conduct transactions in a much more secure fashion than currently possible with plastic cards because no card information is shared with the merchant. [9/10/14]

The data released by NCUA for the year ending June 30, 2014, shows an increase in the median rate of loan growth, with Arizona and Iowa showing the highest rate of growth. The median growth rate for shares and assets has declined somewhat, but delinquency rates have remained steady. See how your state fared compared to others. [9/10/14]

CUNA has hired Jim Nussle, a former 8-term Congressman from Iowa, as its new President/CEO. Nussle, who also served as the Director of the Office of Management and Budget under President George W. Bush, is scheduled to take the reins from interim President/CEO Bill Hampel in the next few weeks. [9/10/14]

Experian releases report showing student loans increased by 84% since the recession. Students loans have become the second largest debt class behind only mortgage. Massachusetts has the least amount of late payers on student loans; Mississippi has the most. [9/10/14]

NAFCU and CUNA are urging the Federal Housing Finance Agency to drop its proposal to, among other things, increase the guaranty fee (G-fee) as the increase could adversely impact the housing market. The G-fees are charged by FNMA and FHLMC to protect their portfolios against credit losses. [9/9/14]

Home Depot has confirmed that its data systems were breached in April, but claims that no debit PINs were compromised. Still, the retail giant is recommending that consumers who shopped in any of its retail stores in the U.S. and Canada watch their accounts for signs of unauthorized transactions. [9/9/14]

The good news for larger credit unions is that the second quarter data show significant growth and an increase in earnings. However, most smaller credit unions are experiencing dramatic declines in loans and shares. Is an increase in mergers around the corner? [9/9/14]

New York bill would require banks to maintain properties in the foreclosure process that have been abandoned by their owners. It would also require lenders to notify owners that they do not have to move out until the process is complete, which can take years. The move is designed to reduce the number of "zombie" properties that fall prey to vandalism, decay and crime, which impacts their surrounding community as well. [9/9/14]

Fed Governor Daniel Turullo is expected to tell lawmakers today that risk-based capital standards for banks in the U.S. will be tougher than the Basel requirements imposed on their European counterparts. [9/9/14]