Links in “Credit Unions”

NAFCU’s compliance blog details the new flood insurance requirements that went into effect on January 1^st of this year. The primary change requires large credit unions to escrow for flood insurance premiums, unless the loan qualifies for an exemption. However, there is a “small lender” exemption from the mandatory escrow requirement for financial institutions with less than $1 billion in total assets. [1/19/16]

Hyatt Hotels, which had initially reported a data breach on Dec. 23^rd, has announced that the scope of that breach was significant. Their investigation revealed that the breach affected 250 hotels in 50 countries and that most of the data stolen was from transactions in the hotels’ restaurants, spas, golf shops, parking lots, and from purchases made at the front desks. [1/19/16]

With the areas of scrutiny constantly evolving, how can a financial institution get a sense of what is coming down the road from examiners? Chris McCullock of AdvisX shares some of the drivers he sees as indicators of where regulatory attention is heading. [1/15/16]

What happens when  a board isn’t following its own conflicts of interest policies? Enter the Supervisory Committee to exercise its oversight responsibilities. This is why it’s a good idea for the Board to have at least one Supervisory Committee member attend each meeting. [1/15/16]

There may be much-needed regulatory relief in 2016 with the adoption of final rules addressing member business lending and fields of membership. Still, CUNA has identified 15 top regulatory issues it will be monitoring this year, including a FASB rule on credit impairment, a potential proposed rule on overdraft protection, and a proposed rule on payday loans and other forms of small lending. [1/15/16]

It is estimated that by the year 2020 there will be $500 billion in transactions conducted by wearable devices, such as Apple Watch. Understanding how that market works today and how it will evolve may be key to ensuring that you are meeting the needs and desires of your members for speed and convenience. [1/15/16]

There were aspects of President Obama’s State of the Union address last night that could be music to the ears of credit unions. President Obama stressed that outdated regulations need to be changed and red tape needs to be cut in order to help the private sector. He added that in our new economy, workers, start-ups, and small businesses need more of a voice, not less of a voice. [1/13/16]

Your members should be advised that it may take longer this year for them to receive their income tax refunds. As a result of increasing tax refund fraud, the IRS, state tax agencies and tax preparation companies say they will be using more data points to verify identity, requiring stronger passwords, widening the window for returning refunds and mailing more paper checks in an effort to thwart fraudsters. [1/13/16]

CUNA has just completed a comprehensive study that did an in-depth look at the cost regulatory compliance imposes on credit unions. The study revealed that credit unions spent $7.2 billion on compliance in 2014. This is why CUNA has set regulatory relief as its number one advocacy priority for 2016. [1/13/16]