Links in “Credit Unions”
- NCUA Refutes Claims of Negative Impact; Trades Defend Congressional RBC Letter
NCUA has come out swinging in its response to a letter sent by 75% of the members of the House of Representatives that called into questions the Agencyâs proposed risk-based capital rule. NAFCU and CUNA both encouraged the House members to take action and say that NCUAâs claim that the trades have overestimated the costs of the proposed rule is not supported by the facts. [6/2]
- A Look at the Scope of TILA/RESPA
Which CUs and mortgage loans are covered by the integrated mortgage rules? [6/2]
- Goodbye Paper Checks?
Checking accounts with no checks are becoming more and more of a thing. [6/2]
- Risk Watch 15: Four Keys to a Strong Complaint Management Program (NEW VIDEO)
In this era of excessive information sharing, consumer complaints pose a greater risk than ever before. In this video, AffirmX Analyst Rebecca Drebin delineates four key points to developing and maintaining a robust complaint management program. [5/30]
- NAFCU & CUNA Advocate Limiting Justice Departmentâs Use of âDisparate Impactâ
In a letter jointly signed by six industry trade associations, NAFCU and CUNA are urging Congress to limit the Justice Departmentâs ability to bring legal action solely on the basis of disparate impact. Disparate impact is defined as discrimination that results from an activity, despite any and all reasonable efforts to prevent the discrimination, that results in an adverse impact on a federally protected class. [5/30]
- Once Again, Proof That Crime Really Doesnât Pay!
Former assistant manager and Treasurer, William Memmer, of the failed $15.5 million G.I.C. FCU was sentenced to seven years in prison and ordered to pay $7 million in restitution for embezzlement and fraud. Over a course of years, Memmer used blank credit union checks to pay off over $2 million in personal credit card debt he accumulated on 15 different credit card accounts. [5/30]
- In Pursuit of the Well-Written SAR Narrative
Suspicious Activity Report (SAR) narratives can be one of the more problematic areas of BSA compliance. However, writing a sufficient SAR narrative is a lot easier than it sounds! Read our guide for writing a thorough, FinCEN-worthy SAR narrative. [5/29]
- CUNAâs Comment Letter to NCUA on RBC Highlights Serious Flaws
In a 47-page comment letter submitted to the NCUA, CUNA identifies serious flaws in the proposed risk-based capital rule and urges that the rule be withdrawn. CUNA states that the rule could cause significant harm to the industry, particularly in light of the fact that the Agency has failed to provide adequate justification for the major changes the rule would require. [5/29]
- Nearly Half of U.S. Adults Are Victims of Compromised Personal Data
A shocking report published by CNN Money reports that more than 432 million individual accounts were compromised in the past 12 months. Larry Ponemon, head of the Ponemon Institute that conducted the research, warns that those individuals that believe they have not been victims of a data breach are just not paying attention. [5/29]
- Three on Late Filing List Say Call Reports Submitted to NCUA on Time
Three of the credit unions whose names appeared on the NCUA late filer list say that they submitted their Call Reports on time. It appears that transmission issues may have caused the upload process to not be successful. NCUA has stated that late filers that do not have a legitimate reason for the delay will receive a letter that details the penalty they will be assessed. [5/29]
