Links in “Credit Unions”

NCUA will be conducting a webinar entitled "Merger Best Practices” on Wednesday, September 17^th at 2:00 pm EST. A panel of NCUA experts will discuss the characteristics of a credit union heading towards a merger, knowing when to merge, merger structure and negotiations, and how to achieve the maximum benefits for merging the credit union and its staff. [9/3/14]

The second quarter growth observed for federally insured credit unions marks the highest year-over-year loan growth since 2006. NCUA Board Chairman Debbie Matz attributed the growth to a stronger economy and a stronger credit union system, saying the two go "hand in hand." Despite the observed growth in lending, interest-rate risk continues to be a concern and priority for NCUA. [9/3/14]

Home Depot appears to be the latest target of a security breach. Credit card info was offered for sale on an underground site that traffics in stolen financial information. The data were labeled "American Sanctions," which suggests it was intended as retribution for sanctions against Russia. [9/3/14]

As mentioned in our last blog post about E-SIGN, AffirmX has received numerous questions about the E-SIGN Act over the past few months. In this post, AffirmX's Senior Analyst Coppelia Padgett turns our attention to similar recurring questions centered around one somewhat simple phrase in the regulation: “reasonably demonstrate.” [9/2/14]

The 1.4% loan increase in July is the largest monthly increase since August, 2005. Leading the way are new auto loans followed by ARM loans, used auto loans, and unsecured loans. [9/2/14]

In an article in the Sunday New York Times, credit unions were praised for using a unique approach to encourage their low-income members to save. Prize-linked savings accounts, which are permitted now in several states, treat every deposit as the purchase of a ticket for a prize-winning lottery. Legislation is pending at the federal level that would make these types of accounts available for more financial institutions. [9/2/14]

NCUA issued three prohibition orders in August against Donna Harabin, former manager of Telco FCU, Cindy Moser, former employee of Logan Medical FCU, and Marnett Pich, former employee of St. Jean’s CU. [9/2/14]

The IRS has released guidance and draft forms for employers to use to comply with the Patient Protection and Affordable Care Act. Employers with more than 1oo employees must offer insurance by January 1, 2015 or face a fine of $2,000 per employee. Employers with 50 through 99 employees have until January 2016 to comply and employers with less than 50 employees are exempt from the insurance mandate. [9/2/14]

The push to hold officers and directors of "systemically important" financial institutions to a higher fiduciary standard than officers and directors of other types of corporations may eventually trickle down to smaller financial institutions. Who will want to serve on a board then? [9/2/14]

Criminals can use an iPhone attachment to turn their iPhone into an infrared camera to take a picture of the keypad right after it is used, allowing them to see which keys were pressed and in which order, since the first keys pressed will show less heat. Here's a tip for protecting against this threat. [9/2/14]