Links in “Credit Unions”

Fewer colleges are sponsoring credit cards and, according to the CFPB, most of those colleges are in violation of regulatory disclosure requirements. A recent study shows there are 65% fewer credit card programs on college campuses today than there were in 2014. [12/22/15]

The SBA has been authorized to extend up to $26.5 billion in loans through its 7(a) small business loan program for the 2016 fiscal year, which represents an $8 billion increase in funding from the previous year. Loans extended through the 7(a) program are guaranteed for up to 85% of the loan amount and for credit unions the guaranteed amount does not count towards the 12.25% MBL cap. [12/22/15]

It seems like we’re seeing more and more of these kinds of news stories. Jacqueline Ray, a 30-year President/CEO of the former New Orleans credit union, Ochsner Clinic FCU, has been charged with embezzlement. Ray created 149 fictitious loans and 71 fictitious member accounts over a six-year time frame in order to steal $1 million. [12/22/15]

Cheryl Vickers, a retired vice president, from Houston Police Federal Credit Union has been charged with embezzling $1.2 million over a period of 18 years. Vickers, who was in charge of accounting and IT, had outstanding checks reissued to herself rather than escheating the funds to the state. Vickers had pled not guilty to the charge. [12/21/15]

NCUA has returned control of the A.E.A. Federal Credit Union of Yuma, AZ back to its members. NCUA had placed the credit union into conservatorship in 2010. On the same day, NCUA announced that  it has liquidated Bethex Federal Credit Union of the Bronx, NY. The loans, assets, and shares of the credit union were immediately assumed by $1.07 billion USAlliance FCU. [12/21/15]

The President has signed into law the Fixing America’s Surface Transportation Act (FAST Act), which is an omnibus spending bill that includes several provisions that affect credit unions. Here’s a closer look at those provisions and their effective dates. [12/21/15]

The CFPB has announced that the asset threshold for determining reporting requirements under HMDA will remain at $44 million for reporting in calendar 2016. At the same time, the CFPB also announced that the threshold for exemption from the escrow account requirement for higher-priced mortgages under Reg. Z will decline from $2.06 billion to 2.052 billion effective 12/31/2015. [12/21/15]

Internet Archive FCU, a three-year old credit union, has opted for a voluntary liquidation rather than continue to be subject to what it describes as restrictive regulations and oppressive oversight on the part of NCUA. NCUA had originally given the credit union permission to serve the non-money business side of Bitcoin, but then later began to focus intently on that aspect of the credit union’s activities. [12/21/15]

NCUA and other federal partners have launched a new Fraud Prevention Center. The easy-to-use site is designed to provide consumers with a variety of resources and information so they can learn about how to recognize common scams, what actions to take if they believe they have been a victim of fraud, and how to protect their finances. [12/17/15]

That was the question raised at a recent House sub-committee meeting. With new data breaches being announced almost daily, there is concern about the massive amount of data that the CFPB is collecting on consumers. While the full extent of the data the agency has collected is not known, it is known that the CFPB collects arbitration case records, automobile sales records, consumer credit report information, credit card details, credit scores, mortgage loan-level data, private student loan data, and payday loan information. [12/17/15]