Links in “Credit Unions”
- Missing $1.7 Million Expedites Wisconsin CU Merger
Wisconsin regulators moved quickly to approve the merger of $28.2 million Oshkosh Central Credit Union with $2 billion Community First Credit Union when they discovered $1.7 million in cash was missing from Oshkosh CUâs vault. Previous significant irregularities had led to the suspension of the long-time CEO and the bookkeeper. [8/20/14]
- Backlash Building Against CFPBâs Consumer Complaint Narrative Proposal
The backlash is building against the CFPBâs proposal to allow consumers to post complaint narratives on its public database website. The credit union trade associations in conjunction with the Financial Services Roundtable is kicking off a campaign to oppose the proposal over concerns about reputation risk issues. [8/20/14]
- NCUA Wins Back Ability to Pursue Banks Over Deceptive MSBs
The 10th Circuit Court of Appeals has handed NCUA a victory by reinstating its ruling that allowed NCUA to sue several banks over alleged deceptive practices related to their sales of mortgage backed securities to corporate credit unions. The ruling affects six cases pending in the 10th circuit. NCUA has settled similar cases and recovered more than $1.75 billion. [8/20/14]
- 5 Common Questions about the Suddenly Hot E-SIGN Act
E-SIGN is getting more attention than ever, it seems. The reason is that regulatory and technological changes are forcing the industry to find new ways of achieving compliance in a cost-effective manner, which almost always involves the use of electronic signatures or providing important documents electronically. AffirmX's Senior Analyst, Coppelia Padgett, provides five questions she's received about E-SIGN and their answers. [8/19/14]
- Are You Prepared to Manage the Compliance Risks of Social Media?
Social media is all the buzz in credit union marketing departments, but is your compliance staff prepared to manage the compliance risk associated with using this media? Many social media activities generate compliance requirements under a host of federal consumer protection statutes. This article provides a good overview of what you need to consider when establishing your internal procedures. [8/19/14]
- How Can You Help Your Members Achieve Their Homeownership Dreams?
Some credit unions have found the answer through down-payment assistance programs. In the past 6 years, the average home purchase down payment has increased from $4,000 to $9,840 leaving many first-time home buyers out in the cold. Home down payment assistance programs provide means to overcome this hurdle. [8/19/14]
- Being CEO of a Trade Association Has Its Rewards
CUNAâs Form 990 shows that its top executives are well-compensated for their efforts. Former CEO Bill Cheney received a base salary of $775,773, plus bonuses, incentives and other compensation, for a total compensation of over $1.3 million. CUNA Chair, Dennis Pierce, commented that while Cheneyâs base pay increased in 2013, his overall compensation declined by 2% from 2012. [8/19/14]
- CU Poised to Buy Bank Branch
Florida regulators approve Florida Central Credit Union's application to purchase a branch from First Federal Bank of Florida. NCUA approval is pending. [8/19/14]
- AML: It Takes a World
Another Liberty Reserve executive pleads guilty to charges of money laundering. The digital currency operation, branded as the "bank of choice for the criminal underworld," was shut down by regulators last year. Agencies from 17 countries combined to take Liberty Reserve down. [8/19/14]
- One More Reason for National Data Security Standards
A national supermarket chain, SuperValu, Inc., announced that it suffered a potential data breach of its point-of-sale network between June 22 and July 17. The company, which operates 180 grocery stores plus stand-alone liquor stores, is not yet certain whether any debit or credit data was stolen and is continuing its investigation. [8/18/14]
