Links in “Credit Unions”

Writing the Suspicious Activity Report narrative is arguably the most challenging part of many financial institution’s BSA programs. From the AffirmX Operations Center, where SARs from financial institutions all across the country are constantly reviewed, Analyst Rachel Osborn presents some examples of bad and good SAR narratives. (Part 2 of 2.)

According to new research, millennials (who make up 36% of the current workforce) trust information posted by users 50% more than from regular media. This means traditional methods of advertising financial products might need an overhaul. [4/3]

The NCUA and other regulatory agencies recently issued new guidance on what institutions can do to combat the increasing risk of security attacks on ATMs and other card authorization systems. This guidance contains new cyber security standards that institutions are expected to meet. [4/3]

The annual Cherry Blossom Ten-Mile Run is scheduled for this weekend in Washington, DC.  Thousands of runners, including about 900 Congressional staffers, have signed up to participate in the event sponsored by the Credit Union Miracle Day. [4/2]

The free webinar will be held on Wednesday, April 11^th at 2:00 EST and will focus on alternative payday lending.  Representatives from the NCUA and two credit unions will discuss the benefits, as well as the costs, of offering these short-term loans. [4/2]

Many credit unions say “no,” but this is the percentage that raises the red flag for examiners. John Welch, NCUA’s chief economist, claims that NCUA doesn’t supervise to a single, arbitrary number, but a credit union with 35% or more of its assets in long-term loans and investments is above the 75^th percentile for the industry. [4/2]

The CFPB's new Small Entity Compliance Guide for the TILA/RESPA integrated disclosures rule clocks in at 89-pages, which seems long, but is substantially more manageable than the nearly 2,000-page final rule. Here's some info on the guide. [4/2]

Credit unions have been struggling for years with the desire to implement a “sales culture.” Maybe what’s needed is rethinking the conversion from selling something to the member to “saving the member.”  Here’s a look at the tools that your front line staff needs to perform these lifesaving functions. [4/1]

NCUA has liquidated the $14.3 million asset Mayfair Federal Credit Union in Philadelphia after determining that the credit union was insolvent with no prospect for restoring viable operations.  The members and assets of the credit union have been assumed by Freedom Credit Union, a $623 million asset credit union in Warminster, PA. [4/1]

Tomorrow begins National Financial Literacy Month. See what credit unions across the country are doing to celebrate. [3/31]