Links in “Credit Unions”
- Majority of Credit Unions Fail Penetration Testing
TrustCC, a security assessment firm that performs penetration testing for credit unions, reported that in 2013, for 63% of the credit unions tested, their employees were able gain access to the credit unionâs internal network. Seventy-nine percent of the time they were able to compromise sensitive data, and escalate to domain admin privileges 58% of the time. [5/9]
- 3 CFPB Proposals: Reason for Optimism?
Three CFPB proposals provide a rare bright spot for those who have been navigating complex compliance regulations lately. A look at proposed rules on privacy disclosures, Ability-to-Repay/Qualified Mortgage rules, and Remittance Rule. [5/9]
- ATR? Yes! Everything Else? Not Yet.
The House Financial Services Committee passed the CFPB-amended final Ability to Repay rule this past Wednesday, while putting holds on other bills such as the Mortgage Choice Act of 2013, the Portfolio Lending and Mortgage Access Act, and more. [5/8]
- There’s a New Interim CEO in Town
CUNA Chief Economist, Bill Hampel, will take the (interim) reigns of the association until they can find a permanent CEO. Bill Cheney has stepped down in order to head SchoolsFirst Federal Credit Union in California. [5/8]
- NASCUS Champions Rural CUs through Various House Bills
The National Association of State Credit Union Advisors (NASCUS) notes efforts in introducing various House bills that allow state-chartered, privately insured CUs to join the Federal Home Loan Bank system, provide the National Credit Union Share Insurance Fund coverage for trust accounts, and ensure rural FIs can provide credit to consumers and small businesses. [5/8]
- Preparing for the DDoS Storm
DDoS attacks are like an emergency storm warning: when they arrive, you start running around your house, locking all the windows, and getting the flashlights outâall the while forgetting just about everything else. In the same way, DDoS attacks act like a smokescreen, distracting institutions from protecting against more dangerous cyber attacks. So put down the flashlights, step away from the windows, and learn what you should really be doing to defend your credit union against DDoS attacks. Register here. [5/8]
- Regulatory Relief Bills Pass through House
The highly anticipated regulatory relief bills have passed through the US House of Representatives. These include bills concerning rural area designations, coverage for trust accounts, and the Capital Access for Small Community Financial Institutions Act. [5/7]
- Threats to Kill among FHFA Officials
The chief operating officer of the Federal Housing Finance Agency reportedly threatened to kill (by way of shooting) both former director Edward J. DeMarco and himself. Investigation has not revealed any possible motives. [5/7]
- Facebook Dramatically Increases Advertising Costs
Credit unions that have a page on Facebook will be interested to know that the percentage of their fans who see their posts is going to decrease from 16% to 1%. This makes organic popularity nearly impossible, and dramatically increases the cost of advertising  your page. [5/7]
- Now Serving: Marijuana Processors and Producers
Numerica Credit Union recently became the first CU in Washington state to accept membership from pot processors and producers. Recreational marijuana is legal in Washington, but many other CUs are still hesitant to offer accounts to these types of businesses. Numerica CU hopes that offering accounts to legitimate businesses will lower the crime involved with a typically cash-only market. [5/6]
