Links in “Credit Unions”
- Booming Subprime Auto Lending Industry = Booming DOJ Attention
Santander Consumer joins General Motors as recipients of Department of Justice subpoenas related to their subprime auto loans, a booming market segment fueled in part by an influx of money from private-equity firms. [8/11/14]
- Risk Watch 24: Proposed Risk-Based Capital Rule: What You Need to Know in Less Than 9 Minutes
Confused or overwhelmed by the volumes of material written about the controversial risk-based capital proposed rule? In the latest episode of Risk Watch, SVP and In-House Counsel Jane Pannier boils it down to what you really need to know in less than 9 minutes. [8/8/14]
- Retail Credit Card Rates Far Exceed Those at Credit Unions
You need to tell your members that the next time their favorite retailer offers them one of their credit cards, they should think twice! A recent survey shows that on average retail card rates are 200 basis points higher than average credit union card rates. The survey noted that lowest retail rate belonged to Office Max at 9.99% APR, while Toys R Us weighed in with a hefty 26.99% APR. [8/8/14]
- 4 CUs Criticized by CFPB for Lack of Transparency with Their University Partnerships
There is no regulatory requirement that states that financial institutions make public the agreements they may have with universities to market their products to students. However, the CFPB feels that students should be aware if a financial institution is paying their university for access to the student body and in January 2013 urged financial institutions to voluntarily post these types of agreements online. Now the CFPB is publicly criticizing six banks and four credit unions that have marketing agreements with large universities for not taking this voluntary step. [8/8/14]
- Matz Changes Stance on Vice Chair Appointment
In response to concerns raised about her announcement that she was appointing Rick Metsger as Vice Chair, NCUA Chair Debbie Matz is now planning to bring the matter for a vote at the September Board meeting. The NCUA Board does not meet in August. [8/8/14]
- Real Time “Motorcycle” Banking in Thailand
More banks in Asian countries are switching to real-time core banking systems to accommodate young consumers on motorcycles who "want to be able to start a transaction while riding and finish it at an ATM." [8/8/14]
- Asking Applicants about Disabilities Costs Fifth Third $1.5 Million
Justice Department settles with Fifth Third Mortgage Co. to resolve allegations that it asked loan applicants to provide a letter from their doctor to document the income they received from Social Security Disability Insurance. [8/8/14]
- Russian Gang Snags 1.2 Billion Passwords: Time to Get Serious About Password Security
Reports of potentially the largest breach ever are emerging that a Russian crime ring has stolen 1.2 billion password and username combinations and more than 500 million email addresses. [8/7/14]
- Is There Really a Student Loan Debt Bubble?
Report says no. Student debt represents 7% of GDP, whereas mortgage debt peaked at 62% in 2007. [8/7/14]
- Are Customers Really Going Mobile?
Yep. Mobile banking logins exceeded online logins for the first time in late 2013. Here are the results of a survey of what those mobile customers are using their smart phones for. [8/7/14]
