Links in “Credit Unions”

As any health-conscious person knows, regular physical exams are the key to identifying potential problems while they are still manageable in order to stay at the top of their game. Similarly, for financial institutions to do the same, a “physical” is needed for every aspect of compliance, especially the regulatory behemoth: the Bank Secrecy Act. Recently, AffirmX's Senior Vice President Jane Pannier had an opportunity to spend some time at the NCUA headquarters, and was able to discuss top concerns related to BSA with some of their principal people. She shares three areas that she believes will be crucial in your 2014-2015 BSA exam. [6/24/14]

Credit unions and CUSOs in the fastest moving mortgage markets have had to think outside the box when it comes to their mortgage pre-approval programs. The limited supply of homes for sale has meant that potential buyers need flexibility in order to move quickly on the properties they like. Credit unions and CUSOs have responded with new twists, such as issuing multiple pre-approval letters for tiered amounts and extending the time periods for pre-approvals and interest rate locks. [6/24/14]

Redstone Federal Credit Union, a $3.6 billion credit union in Huntsville, AL, was challenged in its efforts to attract and retain qualified employees due to competition from large defense, technology, and aerospace companies in its back yard. To make employment with the credit union more attractive, Redstone recently opened an onsite health clinic for its employees. The result has been a reduction in medical expenses to the credit union’s self-funded medical plan and a reduction in the amount of time employees need to take off for doctor appointments. [6/24/14]

The growing use of mobile applications and the rewards and risks associated with their usage will be discussed during a free webinar, “Mobile Applications – The Next Step” hosted by the National Credit Union Administration on Wednesday, July 9, 2014, at 2 p.m. Eastern. [6/24/2014]

It may have disappeared from the headlines, but the Heartbleed bug has far from disappeared. Two months after it was discovered, at least 300,000 servers remain vulnerable. [6/24/14]

The House Financial Services Committee Chair and a ranking member have sent a letter to NCUA Chair Debbie Matz that echoes concerns from others on the Hill about NCUA’s proposed risk-based capital rule. The letter calls into question NCUA’s methodology for assigning higher risk weights to certain types of assets and expresses concerns about the cost and burden of implementing the changes. [6/23/14]

In response to an article published on June 6th, Bill Hampel, Interim CUNA President/CEO, penned a letter to the editor of the Wall Street Journal that was published on Saturday in which he takes issues with the article’s characterization that credit unions face increasing exposure to interest rate risk. Hampel remarks that credit unions' exposure to long-term risk is well-managed and points out that long-term CU assets comprise only 35% of total CU assets. [6/23/14]

Cybercrimes are taking their toll, with consumers losing confidence in financial institutions. 29% of U.S. consumers use their replacement cards less as a result of a fraud or breach. [5/23/14]

American Bankers Association has sent a comment letter to the NCUA calling for stronger independence between associations and credit unions, including prohibiting credit unions from paying a member's association dues, not having credit union representation on the association's board, and not permitting individuals to join the association and credit union simultaneously. [6/23/14]

The NCUA has launched a new web resource page for credit unions to use to better understand and prepare for changes in interest rates and the risk those changes present. NCUA Board Chairman Debbie Matz stated, "we are in a very unusual rate environment," and goes on to explain the need for such resources in today's world. The new webpage includes videos, charts,  and applicable links to regulations, interagency guidance, best practice resources, and more. [6/23/14]