Links in “Credit Unions”

Citing his disagreement with the dual membership requirement that mandates membership with CUNA if a credit union joins its state league, Jim Blaine, CEO of State Employees Credit Union, announced that the credit union will not be renewing its membership with the Carolinas Credit Union League and with CUNA.  Blaine identified his main concern with CUNA as a difference of opinion with the association’s legislative priorities. [2/10]

Federal Reserves Q4 outlook looks at HMDA reporting requirements and the CFPB announces it is looking at making changes to reporting requirements. [2/10]

The message from the credit union trade associations during the 3-day Senate Banking Committee hearing on data security was that the government needs to ensure consumer data is protected at each step of the payment process. Criminals will focus their energies on the weakest link in the chain, which is currently the retailer. [2/7]

According to industry sources, Apple executives have met with the major retailers and others about playing a larger role in mobile payments. While a financial institution may still the ultimate funding source, experts predict that an enhanced Apple footprint in the mobile payment market could result in brand erosion for credit unions and banks. [2/7]

The ban on unfair, abusive or deceptive acts and practices is getting heavy-duty scrutiny. See what other financial institutions are being hit with. [2/7]

Consumer site touts the benefits of shared branching, which allows members to conduct many banking transactions at participating credit unions within the network, as if they were conducting in their own credit union. [2/6]

Letters to Congress seek to make clear that last year, 77 percent of data breaches occurred at healthcare facilities and other retailers and only 4 percent at financial institutions, despite financial institutions being on the hook for reimbursements and card replacements. See also this post. [2/6]

NCUA is presenting a free webinar on “Field of Membership Strategies for Federal Credit Unions” on Wednesday, February 19^th at 2:00 EST. NCUA presenters will discuss the requirements and benefits of the different types of charters and expansion strategies. [2/6]

Under NCUA’s proposed Risk-Based Capital Rule, credit unions with concentrations in member business loans will have to maintain a capital level of 14%. The result is that a number of credit unions that are now well-capitalized or adequately-capitalized will become undercapitalized under the new rule. [2/6]

The love-fest between credit unions and their members should also include a healthy dose of fear in this ever-changing landscape of consumer finance laws and regulations. [2/5]