Links in “Credit Unions”

Numerous credit union members have filed civil suits against Alabama One CU alleging they were encouraged to take out personal loans and then lend the proceeds to businessman Danny Ray Butler in order to help him pay off his $20 million dollar loan to the credit union. Butler, who was indicted last year for bank fraud, has signed a plea agreement with federal prosecutors to provide information about others who knew about his crimes. [3/17]

Of all consumer complaints, identity-theft-related complaints topped the list at 14%. Here are some resources provided by the Federal Trade Commission to help educate consumers. [3/17]

Despite a team of security specialists, a $1.6 million malware detection tool and compliance with PCI standards, Target employees still failed to heed the red flags. Even after the malware software detected the hacking activity it was weeks before Target responded. [3/14]

Not all loans made for business purposes are considered member business loans under NCUA rules. A bill sponsored by Rep. Ed Royce from California, the Credit Union Residential Loan Parity Act, would add a new exemption for 1-4 family family buildings that are not owner-occupied. [3/14]

There are complications involved in converting a charter from a bank to a credit union. [3/14]

Bill Cheney is leaving the CEO post at CUNA to become CEO of the $9.8 billion Schools First FCU in Santa Ana, CA. Cheney is expected to stay on at CUNA until June and an executive search will begin immediately for his replacement. [3/13]

Jim Payne, CEO of Wilkes-Barre City Employees FCU committed suicide Monday evening after speaking earlier in the day with the credit union’s attorney. The FBI has confirmed that the credit union is part of an ongoing investigation, but would not confirm whether Payne was a target. [3/13]

Senate Banking Committee Chair Tim Johnson (D) and Ranking Member Mike Crapo (R) announced their current draft housing finance reform measure would preserve credit unions' access to the secondary market. [3/12]

Maybe not. Just this past Monday, the banker trade groups urged the House Ways and Means Committee to eliminate the credit union tax exemption arguing that it is outdated and favors wealthy credit union members.  The tax reform draft released by the Committee last month did not include any changes to the tax exemption status. [3/12]

On April 8, 2014, Microsoft will discontinue its support of the Windows XP operating system, on which the vast majority of ATMs in the U.S. run, exposing the system to much greater risk for a security breach. Switching to Windows 7 is not a viable option for many machines, leaving some credit unions in a difficult position. Here is some guidance on what they can do. [3/12]