Links in “Credit Unions”

Members of Monterey CU, a $209 million institution in California, voted in favor of amending the credit union's charter to become a mutual savings bank. [8/7/14]

One in every three Americans belongs to a credit union. This represents a growing trend among consumers who continue to rate credit unions as the most trusted choice among financial institutions and highest in satisfaction ratings. [8/6/14]

NCUA announced yesterday that all 62 credit unions subject to fees for late filings of their first quarter 5300 Call Reports have agreed to pay the fines. Originally, NCUA had identified 104 credit unions as late filers, but 42 of those credit unions were able to demonstrate mitigating factors that affected the timing of their filings and NCUA agreed to eliminate the late fees. Individual fees ranged from $150 to $20,000. [8/6/14]

Digging a little deeper into the numbers behind the reports that "fully 10% of people who used their cell phone to deposit a check had it returned to the originating institution due to fraud" shows some noteworthy qualifiers to that claim. [8/6/14]

62 of the 104 credit unions that filed their first-quarter 2014 Call Report data after the deadline were penalized by the NCUA, with the penalties ranging from $150 to $20,000. [8/6/14]

A recent survey by Fair Isaac reveals that millennials are five times more likely that consumers over the age of 50 to close their accounts if they have a negative experience with their financial institution. On the other hand, they are also more likely than older members to recommend your credit union to friends if they have a positive experience. [8/5/14]

First Commerce Credit Union in Tallahassee, Florida, is hoping to be the sixth credit union in the past three years to purchase a bank. The purchase and assumption agreement has been approved by both boards and is awaiting approval from state and federal regulators. [8/5/14]

NCUA Chair Debbie Matz consulted with the NCUA General Counsel before designating board member Rick Metsger to serve as Vice Chair. Although the Federal Credit Union Act does not reference the position of Vice Chair, the NCUA Rules and Regulation had previously been interpreted to require that the board elect a member to serve in the Vice Chair position. [8/5/14]

Bring Your Own Device (employees using their own phones or tablets to access corporate data) is here to stay, with one report noting that 70% of employees use their own devices, 21% in spite of established policy otherwise. But BYOD brings significant benefits, not just risks. [8/5/14]

The Internet Crime Complaint Center has issued a warning about a new fraud that involves hacking into the email account of an executive and then issuing emails to company employees requesting them to take certain actions such as transferring funds. Knowing that most employees will respond promptly to an executive’s request, the Center noted in its IC3 notice that the average loss from these fraudulent actions is $55,000. [8/4/14]