Links in “Credit Unions”

The Senate Banking Committee is scheduled to markup a housing finance bill that would ensure credit unions have continued access to secondary markets. The Committee is also scheduled to vote on the McWatters nomination to the NCUA Board. The Senate Judiciary Committee is scheduled to vote on the Patent Transparency and Improvements Act that would protect credit unions from “patent trolls.” [4/28]

CFPB's upcoming pilot program is designed to pave the way for a more efficient closing process. [4/28]

Big banks aren’t the only financial organizations targeted by DDoS and now the FFIEC has issued guidance to ensure you’re prepared. In this free DDoS webinar, learn about how DDoS attacks impact your credit union, hear stories of attacks and new research that supports DDoS as a smokescreen for breaches including financial and data theft.

NCUA Chair Debbie Matz has said “no” to the joint request from CUNA and NAFCU to extend the comment period for the proposed risk-based capital rule for an additional 90 days stating that the proposed rule has been available to credit unions since January and that is sufficient time for credit unions to review the rule and to formulate their comments. The other two board members have yet to respond to the request for the extension. [4/25]

CEO Gail Cook of Widget Financial FCU in Erie, PA, and two of her employees are being credited with uncovering a massive, nationwide fraud ring.  According to federal prosecutors, the 5-person ring had opened fraudulent accounts across the country and stolen more than $10 million dollars over a 9-year timeframe until the credit union staff discovered they had opened multiple accounts with similar personal information, but different names. [4/25]

The NCUA board, by a 2 to 1 vote, approved the controversial and costly stress testing yesterday at its April board meeting. In a change from the proposed rule, the final rule states that NCUA will keep the test results confidential, at least for the first few years. [4/25]

The CFPB has identified compliance with UDAAP requirements as a prime area of focus. Here are 7 steps you can take within your credit union to ensure you have proper due diligence measures in place to prevent potentially costly violations. [4/24]

Expectations are that the NCUA Board will approve a final rule on stress testing and a proposed rule on associational common bond requirements. The costly stress testing rule that directly affects credit unions with assets of $10 billion and more has been very controversial and industry experts will be closely following the deliberation and voting process at today’s NCUA Board meeting. [4/24]

The National Credit Union Foundation and the Filene Research Institute are partnering with 14 credit unions in a subprime auto loan program. The program designed to assist low- to moderate-income borrowers is being funded by the Ford Foundation. [4/23]

That’s the claim being made by a non-profit group funded by the paper, print and direct mail industries about the campaigns launched by many credit unions on Earth Day to promote e-statements and other paperless services. The non-profit group states that is has already had success in convincing a number of banks and Fortune 500 companies that these types of campaigns violate the FTC’s guidelines for green marketing. [4/23]