Links in “Credit Unions”
- ABA’s CU Watchdog: Common Bond Abuses Jeopardize Tax Exemption for All Credit Unions
ABA's credit union watchdog cites PenFed for making a "mockery" of the common bond requirement; says such abuses will ultimately jeopardize the tax exemption for credit unions. [9/5/14]
- ED Changes SCRA Procedures for Servicers of Student Loans
Rather than wait for a loan borrower called to military service to request relief under the Servicemembers Civil Relief Act, the Department of Education (ED) announces new procedures that allow servicers to proactively check their database of borrowers against the Department of Defense's database to identify candidates for a servicemember's rate reduction. [9/5/14]
- The Practical Reality of IRR Management
Chip Filson of Callahan and Associates says that NCUAâs focus on static programming to pass shock tests and the agencyâs belief that IRR management is simply a matter of proper balance sheet programming is wrong. In the real world, credit union managers make daily decisions about pricing for loans and shares, investment terms, and which products to market to protect their margins. [9/4/14]
- CUNA Recommends Changes to Regulatory Review Process
Federal bank regulators are required to review their regulations at least once every 10 years. CUNA recommends that NCUA establish a regulatory review working group of publicly-elected credit union officials and NCUA staff that could make annual recommendations to improve, reduce, or eliminate regulations, reporting requirements, and other directives. [9/4/14]
- California League Exec Chosen to be NASCUS CEO
Lucy Ito, the EVP and COO for the California and Nevada Credit Union Leagues has been selected to be the new president/CEO of NASCUS. Ito will replace long-time CEO Mary Margaret Fourtney, who is retiring later this year. [9/4/14]
- EMV Cards Expected to Push Fraud Losses Up; Here’s Why
"Card not present" fraud expected to increase as EMV implementation rolls out, which could start shifting consumer wrath from physical retailers to online retailers. [9/4/14]
- Malware on Vendor’s System Source of Goodwill Breach
Criminals accessed 10% of all Goodwill stores through malware placed on a third-party vendor's system. The breach lasted as long as six months at some stores. [9/4/14]
- Risk InboX’s Twitterversary
@AffirmX (Risk InboX's Twitter handle) is officially two years old. Over the past two years we've tweeted about everything from security breaches to discrimination. Follow us to stay updated on current events in compliance (we follow back)! [9/3/14]
- Are Credit Unions Vulnerable to APTs?
Thatâs "advanced persistent threats," like the one that hit JPMorgan Chase. APTs differ from ordinary hacks because the hackers start with a specific target and stick with it, sometimes for months, until theyâre able to penetrate it or until theyâre called off by their masters. [9/3/14]
- NAFCU Submits Comment Letter to NCUA on Reg Updates
NAFCU has submitted a comment letter to NCUA citing its âdirty dozenâ list of regulatory requirements that should be eliminated or amended. In particular, NAFCU states that the Member Business Lending Rule is far too restrictive and burdensome and that certain bylaw provisions need to be revised to reflect modern practices. [9/3/14]
