Links in “Credit Unions”

Cyber security is a moving target and it may be next to impossible to stay ahead of the bad guys, but retailers, like their counterparts in the financial services industry, need to have some skin in the game. [2/14]

During a webinar yesterday with CFPB Director Richard Cordray, NCUA Chair Debbie Matz stated that the Agency will give serious consideration to the comments its receives on the proposed risk-based capital rule. NAFCU Chief Economist, David Carrier, estimates that under the proposed rule credit unions with more than $50 million in assets will have to hold an additional $6.3 billion in additional reserves in order to maintain their current capital cushion. [2/13]

NCUA announced yesterday that there will not be a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. Citing the $1.4 billion settlement from J.P. Morgan and continued improvement in the underlying legacy assets, the Agency added that it’s likely that there will not be any more assessments going forward. [2/13]

A combination of rising home values, an improving economy, and the availability of mortgage modifications has finally resulted in a decline in the percentage of Americans that are 60-days or more behind on their mortgage payments.  At the end of 2012 the mortgage delinquency rate was 5.08%.As of the end of 2013, that rate had dropped to 3.85%, which is definitely a trend in the right direction. [2/12]

NCUA provided marching papers to its examiners late last year when the agency issued a supervisory letter addressing private student loans. From that letter there are three key takeaways on which credit unions that offer private student loans or those that are considering offering private student loan need to focus. [2/12]

In a step toward keeping pace with today's technology and business practices, FHA updates list of documents for which it will accept electronic signatures. [2/12]

The Dodd-Frank Act authorized the CFPB to gather information on businesses, markets, covered persons and service providers in order to analyze market trends. The agency says that it strips all personal information from its files, but CUNA is concerned that this practice could still place consumers at risk for identity theft or fraud. [2/11]

NAFCU Chief Economist, David Currier, said the results of a recent association study are “staggering.”  According to the responders an average of 10,300 debit and credit cards (13.9% of their total portfolio) were affected by merchant data breaches last year alone. [2/11]

According to Bill Hampel, CUNA’s Chief Economist, the NCUA’s proposed risk-based capital rule could force credit unions to increase their capital levels by a net of $7.3 billion in order to maintain their current margins above the well-capitalized threshold at a time when credit unions are faced with lower rates and moderate loan growth. [2/10]

NAFCU is urging that the proposed interagency policy statement on diversity in the workplace be revised to make it clear that the proposed guidelines are not regulations or regulatory requirements and that examiners should not make a review of these policies part of their examination process. [2/10]