Links in “Credit Unions”

Oklahoma Senator James Inhofe recently wrote the NCUA expressing his concerns about the proposed risk-based capital rule, including the estimation that Oklahoma credit unions would have to raise about $105M to just meet the capital requirements. What would your institution have to do to keep up with RBC? [8/12/14]

Perhaps not yet, but NAFCU is continually working to reduce the regulatory burden of several areas including mortgage rules, remittances, overdraft services, and prepaid cards. [8/12/14]

A report conducted by the Center for Financial Services Innovation (CFSI) revealed that the underserved (including minorities) are 50% more likely to pay higher "time costs" for cash access, amongst other findings. [8/12/14]

The NCUA has accepted 179 credit unions into its free consulting program, thanks to the Office of Small Credit Union Initiatives (OSCUI). Find out how you can apply for the first half of 2015. [8/12/14]

No, we're not just talking the World Cup losses. Brazil's unique Boleto payment system, which is used for 100% of business-to-business payments, made it the ideal target for cyber criminals, who have potentially stolen $3.75 billion. [8/12/14]

Undaunted by more sophisticated currency, counterfeiters continue their efforts to produce higher quality bogus bills to slip into the economy. More than $88 million in counterfeit currency was confiscated in 2013, an increase of 9% over 2012. [8/11/14]

The Wall Street Journal reported changes to credit scoring that might give some consumers a fresh start: credit scoring will no longer include documentation of late or failed payments for debts that have been paid or settled. Will this improve credit access at your credit union? [8/11/14]

During the Great Recession, home equity lines of credit were quite popular with consumers—the majority of HELOC balances left at the end of 2013 were originated during this time. Those HELOCs created between 2005 and 2007 often had 10-year draw periods, which means the balances will come due soon. A study by TransUnion reveals these consumers may experience "financial" shock when their end of draw periods end. [8/11/14]

Last week, four credit unions were called out by Rohit Chopra, an assistant director at the CFPB, for not properly disclosing deal terms for products and services marketed to university students. It turns out that two of these credit unions, Indiana University Credit Union and Purdue Federal Credit Union, don't even have marketing agreements with their local universities. [8/11/14]

Personal privacy issues aside, consistency of behavioral patterns (same phone, same general location, same general time) in aggregate is a better risk than asking the consumer for his or her mother's maiden name, which can easily be obtained via social media. [8/11/14]