Links in “Credit Unions”

NCUA has released a new video that addresses fourth quarter credit union economic trends.  While the data reflects a stronger economy, the video also draws attention to the agency’s concerns about interest rate risk. The video can be viewed at https://www.youtube.com/user/NCUAchannel. [12/23]

The rule, approved by NCUA Board late last week, provides new ways in which CUs may use their pre-approved investment powers to support charitable donations and contributions to the community. [12/23]

Is check-cashing for the underbanked a potential profit center, or are banks setting themselves up for regulatory nightmares down the road? [12/23]

Chip Filson of Callahan and Associates in a recent blog post takes NCUA to task for its inability to use current resources in an effective manner. Filson cites numerous examples of how the information required about CUSOs under the new rule has been readily available to the agency for years.  Filson also notes the lack of supporting data for the CUSO rule expansion, as well as other recent actions by the NCUA Board. [12/20]

The massive data breach at Target stores involving more than 90 million credit and debit cards may mean huge losses for credit unions.  The theft of the mag stripe data means that criminals have all of the information they need to manufacture new fraudulent cards to access member accounts. [12/20]

NAFCU warns that an increase of 14 basis points for a typical 30-year mortgage may further contribute to a slowdown in the recovery. For perspective, the association points out that a 10-basis-point increase would cost a borrower $4,000 over the life of a 30-year, $200,000 mortgage. [12/20]

40 million stolen credit card identities later, Target plans to hire a third-party digital forensics firm to investigate the breach and recommend information security improvements. [12/20]

The now 2,002 low-income credit unions have nearly 20 million members and $176 billion in assets and are designated by meeting certain benchmarks. Benefits of designation are significant. [12/20]

President Obama has announced that he plans to nominate Mark McWatters to the NCUA Board to fill the seat currently held by Michael Fryzel, whose term expired in 2008. McWatters, a Texas tax attorney, is a former TARP panel member and is currently Assistant Dean of Graduate Programs at the Southern Methodist University School of Law. [12/19]

Mortgage industry expert Tracy Ashfield says that rising interest rates are slowing the demand for mortgage refinances, but credit unions should be seeing an increase in purchase money mortgage applications. Ashfield shares advice on how credit unions should position themselves to take advantage of this shift. [12/19]