Links in “Credit Unions”

Although certificate rates declined this year, credit unions still consistently offer higher rates than their bank counterparts.  The current average 12-month CD rate at credit unions is .47% compared to .27% at banks. [12/27]

CUNA is asking credit unions to keep a tally of their costs for replacement cards and for fraudulent charges and report the information to a data collection website that CUNA is developing.  The aftershocks of the breach are continuing to occur.  The FTC is warning consumers that scammers are already sending  out phony Target emails offering help with compromised cards. [12/27]

While it is important to recognize that innovation is a vital part of U.S. economy, the financial system must also address the money laundering or terrorist finance concerns of Bitcoin. [12/27]

Peter Muoio, chief economist for Auction.com Research, shares 11 predictions for 2014. [12/27]

More fodder for your disaster recovery/business continuity plan: In the aftermath of its massive data security breach, Target sets up special website to communicate with its impacted customers. The move comes in response to reports that customers are being approached by fake communications claiming to be from the company. [12/27]

Target has already been hit with three class action lawsuits and is being questioned by attorneys general in Connecticut, Massachusetts, New York and South Dakota. The breach has called into question the use of magnetic stripes on the back of cards, which is seen as antiquated technology.  Credit union leagues and security experts are urging the industry to adopt chip and pin technology, which is less vulnerable to breaches. [12/26]

Mark your calendars.  NCUA is hosting a free webinar on Wednesday, January 15^th, at 2:00 pm EST.  The webinar entitled “Strategic Uses of the Low-Income Designation” will draw on the experiences of industry leaders in developing unique products to serve this market. [12/26]

While the trend is towards multi-channel contact centers, most companies don’t do it right. Among other pitfalls, the most common mistake is setting up different teams or groups to handle each new interaction channel. [12/24]

As the black market is being flooded with the stolen data, there are measures that credit unions can take to protect themselves and their members. This article summarizes the information resources that are available to assist you with your risk management efforts. [12/24]

K. You’ve gotten your new marketing budget approved for 2014 and now it’s time to develop those marketing campaigns.  Creditunions.com has provided links to their most read marketing articles from 2013. Here’s a chance to learn from your peer’s successes. [12/23]