Links in “Credit Unions”

Credit unions will be able to continue to use estimates on their remittance transfer pricing disclosures until July 21, 2020. The final rule issued by the CFPB on Friday extended by five years a temporary exemption that was due to expire next year. [8/25/14]

The Napa Valley area experienced a 6.0 level earthquake on Sunday morning that caused roads to buckle, damaged buildings, and resulted in a loss of power to some of the region. However,  local credit unions report they are open for business today despite some individual branch closures. [8/25/14]

They say there’s an exception to every rule. In the case of the Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, there are actually TWO major exceptions to keep in mind, especially if yours is a smaller financial institution. In this episode, AffirmX Analyst Abner Rangel shares what those exceptions are and what potential pitfalls they present. [8/22/14]

That’s the position being taken by CUNA Acting President/CEO, Bill Hampel. The proposed rule would utilize a single "expected loss" measurement for the recognition of credit losses, replacing the multiple existing impairment models currently in use that primarily use an "incurred loss" approach. In a letter to FASB, Hampel argues that the proposed changes could have a “significant detrimental” impact on credit unions. [8/22/14]

Loan fraud is the charge being brought against a former assistant manager and four members, including four police officers, of the Wilkes-Barre City Employees FCU. Prosecutors have not yet released information as to the number and amount of the fraudulent loans. The former manager, Jim Payne, committed suicide five months ago after it was rumored he was the target of an FBI probe. [8/22/14]

Median overdraft fees for credit unions is now at $28.50, compared to $30 for banks. Five years ago, credit unions were at $25, compared to $30 for banks, which haven't seen a shift in their median fees since 2010. [8/22/14]

While the highest number of fraud crimes are committed by outsiders, the highest dollar losses result from internal fraud. CUNA Mutual provides seven practical ways that credit unions can fight against embezzlement and other forms of internal fraud. [8/21/14]

Demonstrating once again how important credit unions are to the daily lives of their members, loan officers from $215 million Alliance Credit Union are out on the streets offering local merchants in Ferguson, Missouri, 0% loans to reestablish their businesses, restock their shelves, re-board up windows and to clean up storefronts. [8/21/14]

Are data breaches taking their toll on consumer confidence in online banking? ABA survey finds that while internet banking is still the most popular way to manage bank accounts, with 31% of surveyed customers naming it the method they use most often to manage their accounts, that number is down from 39% a year ago. Banking at branches at 21% and ATMs at 14% are both up from last year (18% and 11% respectively). [8/21/14]

The August NCUA Report is now available online and includes an article that highlights the top 10 cyber security areas that examiners are focusing on during your examinations. This month’s addition also includes an economic update that predicts the Federal Reserve Board’s Fed Fund rate will reach 2.5% by the end of 2016. [8/20/14]