Links in “Credit Unions”

It may not be the most enjoyable thing that we can reminisce about from 2015, but reviewing the top ten data breaches for the year can provide valuable insight. The 781 data breaches that exposed 169,068,506 records in 2015 represents a slightly lower number than in 2014. The industries that were the most common targets (beginning with the most frequent target) were:  Medical/Healthcare; Government/Military; Banking/Credit/Financial; and Educational. [1/8/16]

Industry experts warn that we should expect to see more major data breaches in banking and POS applications in 2016. As customers and members demand more flexibility and mobile access, our vulnerability increases. This article highlights some of the forms these attacks are likely to take. [1/7/16]

Marijuana banking has been dealt another setback. A district court judge has dismissed a lawsuit filed by a cannibas credit union, Fourth Corner Credit Union, against the Federal Reserve Bank of Kansas City for denying the credit union’s application for membership. The Federal Reserve Bank had denied the application on the grounds that marijuana is still illegal under federal law. The credit union, which was chartered in Colorado in 2014, is still unable to accept deposits or issue credit. [1/7/16]

Community Development Financial Institutions may now begin applying for bond loans under the U.S. Treasury’s 2016 bond guarantee program, which will provide up to $750 million for community development purposes. CDFI’s must submit their applications by March 18^th. Credit unions not yet certified as CDFI’s must submit their request for certification by February 12th in order to be eligible to apply for the bond program this year. [1/7/16]

First, it was missing ATM signage and then it was credit card disclosures not posted on the credit union’s website. Now, at least 12 credit unions in nine states have been hit with class action lawsuits over their overdraft protection practices. The focus in these cases appears to be on the methodology used by the credit unions to assess overdraft protection fees. [1/6/16]

The NCUA announced that it is monitoring credit unions in Missouri and Mississippi affected by the recent flooding in those states to ensure continued credit union service. Federally-insured, low-income credit unions in these areas are eligible to apply for up to $7,500 in Urgent Needs assistance. [1/6/16]

Now that the NCUA has expanded share insurance coverage for lawyers’ IOLTA accounts and other similar escrow accounts, do you know the compliance requirements and specifically which accounts are covered? This article provides a useful summary of what you need to know. [1/6/16]

The CUNA Mutual Group (CMG) has entered into a partnership with the NAFCU to offer mortgage payment protection programs to NAFCU members. CMG claims that there is no correlation between offering this one product to NAFCU members and what CMG does for CUNA and the state leagues. [1/6/16]

The employees and board members of $17.2 million Shoreline FCU were devastated to learn that their beloved manager, Kathryn Sue Simmerman, had been stealing cash from the credit union’s vault for over 16 years. Simmerman, who employed an intricate series of transactions to hide her theft, pled guilty to embezzlement and structuring and has been sentenced to 6.5 years in prison and ordered to pay restitution in the amount of $1.9 million. [1/5/16]

There are 1,280 fewer credit unions today than there were in 2010. Here are three things that would help slow the decline. [1/5/16]