Links in “Credit Unions”

The 2014 edition of the top five ways to rob a credit union is here and you may be in for a surprise. Only one of the top five from 2013 made the top five this year. [7/9/14]

Changing gears, NCUA announces that it will provide audio recordings of its listening sessions. Although any topic may be discussed, the sessions to date have been dominated by questions and comments on the proposed risk-based capital rule. The transcripts will be available on the NCUA website within a few weeks of each upcoming session. [7/9/14]

Mastercard has announced that it is extending its zero-liability policy to pin-based debit card and ATM transactions for U.S. cardholders in an effort to calm consumer concerns about recent major data breaches. Credit unions were quick to point out that this is already a standard practice in most of their shops. [7/8/14]

NCUA will have a full-capacity crowd on hand at its listening session on the proposed risk-based capital rule scheduled for this Thursday in Chicago. Due to demand the attendance limit was expanded from 150 seats to 169 seats. The session, led by NCUA Board members Debbie Matz and Rick Metsger, will not be broadcast nor will audio from the session be available. [7/8/14]

Almost one-third of US mobile banking users access their accounts at least once a day and four out of five access their accounts at least once each week according to a recent survey. 81% of users check their balances, 49% transfer funds and 48% reported using their mobile banking service to pay bills. [7/7/14]

According to Cornerstone Advisors, an Arizona-based credit union and community bank consulting bank firm, bill pay usage is going to decline over the next five years. It may not become obsolete, but other less costly alternatives may cause many financial institutions to take a hard look at their current process. [7/7/14]

At CUNA's American Credit Union Conference, speakers Amber MacArthur and Fredda McDonald urged credit unions to take new technology and social media and run with it—if they want to be competitive and reach a larger audience, that is. Specifically, MacArthur provided eight social media best practices, including jumping on the bandwagon of "contagious" trends. A summary of MacArthur's talk can be accessed here. [7/3/14]

Young adults in their 20s and 30s are the prime candidates for loans and related services—from student loans to home mortgages—which is why credit unions with a limited young adult membership are missing out. And that might apply to most credit unions, seeing as the average membership age for credit unions in the United States is 47. Read the article to find out what your institution can do to lower that number. [7/3/14]

Canada has a new anti-spam law which will affect credit unions and other institutions in the US if they have Canadian members. To find out if you meet the implied consent exception or the grandfather clause, read the article at CUNA New Now. [7/3/14]

NCUA has issued a denial concerning reports yesterday that 84 credit unions had been assessed civil money penalties for late filings of their 5300 Call Reports. NCUA confirmed that 104 credit unions were late with their filings, but stated that the agency has not completed its determination of how many of those would be assessed penalties. [7/2/14]