Links in “Credit Unions”

CU Times Editor Sarah Snell Cooke says small credit unions that are run out of someone’s home present significant safety and privacy concerns for both examiners and credit union members. She adds that the only downside to the proposal is that it only applies to federally chartered credit unions and not to state-chartered, federally insured credit unions as well. [1/6]

James spent 34 years with NCUA, during which time she worked her way up from a temporary technician to a series of executive positions. Most recently as the Director of the Office of Minority and Women Inclusion, James focused on diversity, civil rights, and the hiring of more women and minorities. Linda Dent, NCUA’s Associate General Counsel for Administrative Law, will take over as Acting OMWI Director until a permanent director is named. [1/6]

Alabama State Employees Credit Unions appears to be the first financial institution to file a class action suit against Target.  The suit, which was filed on Monday in an Alabama federal court, seeks damages for unauthorized and fraudulent transactions and costs resulting from closing accounts and reissuing new debt cards, credit cards, and checks. [1/3]

NCUA has issued Regulatory Alert 14-RA-01 to provide further guidance in complying with the upcoming Ability-to-Repay/Qualified Mortgage Rule. In the Guidance, NCUA points out that since the underwriting criteria required under the ATR/QM Rule is broader than the requirements under Part 701 of the NCUA Rules and Regulations and most state rules, that compliance with the ATR/QM rule should ensure compliance with Part 701.  However, compliance with Part 701 may not ensure compliance with the ATR/QM Rule. [1/3]

While prices are expected to rise somewhat this year, there are six items that may cause sticker shock for your members.  Here’s what you need to know to better meet your members’ needs in 2014. [1/2]

Protecting the tax exemption and reining in burdensome regulations lead the list of priorities for NAFCU in 2014.  The association also plans to focus on improvements to federal data security requirements for merchants, lowering the debit card interchange fees and continued access to the secondary mortgage market. [1/2]

Privacy concerns aside, a recent survey of over 1,200 adults reveals most consumers really want businesses to understand them on a personal level.  This means tailoring your information to individual members could be the key to successful marketing. [12/31]

Carrie Hunt, Vice President of Government Affairs and General Counsel for NAFCU, submitted a comment letter to NCUA in which she urges the Agency not impose stress testing on credit unions with assets of more than $10 billion. Hunt states that the requirement would have little beneficial impact and would set a dangerous precedent in dividing the credit union industry in this manner. [12/31]

An early New Year’s resolution could be to take this quiet time between the holidays to catch up on your reading.  Below is a listing with links to the Credit Union Executive Society's (CUES) most popular management articles from 2013.  Learn what your peers and industry experts have to say about the pressing issues of the day. [12/30]

Credit unions have until January 7^th to comment on a proposal issued by NACHA last month. The proposed rule change is designed to enable NACHA to better identify and enforce rules against “outlier” originators. The end result should be a reduction in the number of exception items. [12/30]