Links in “Credit Unions”

Consumers are burning up the plastic this year. CardHub reports that credit card charges year-over-year have increased 34% for the third quarter; the largest increase in the third quarter since 2009. [12/10/15]

Representatives for Home Depot are denying that Home Depot authorized the settlement letters that were sent to the financial institutions that are suing the retailer for losses resulting from its 2013 data breach. Home Depot claims it has reached a tentative settlement with Mastercard, but that the settlement is contingent on its acceptance by a certain number of financial institutions. [12/10/15]

The NCUA's proposal to allow a Combined Statistical Area as a well-defined local community does not sit well with this banking industry advocate. [12/10/15]

Presenters at the CUNA Supervisory Committee and Internal Audit Conference stated that the most common audit findings are weak internal controls, particularly as they relate to IT system access and controls, and segregation of duties.The presenters identified other areas that are often cited. [12/9/15]

NCUA Chair Debbie Matz told the members of the House Financial Services Committee that the relationship the NCUA has with the Financial Stability Oversight Council is "mutually-beneficial" and helps the NCUA better protect credit unions and their members. However, some members of the committee claimed that the FSOC is acting as a shadow regulatory agency and hammered Matz during her testimony. [12/9/15]

An effective supervisory committee can be a board of directors' best friend because it can help strengthen the "M" in the credit union's CAMEL rating. With the Federal Reserve poised to raise interest rates, supervisory committees need to ensure that appropriate IRR policies and safeguards are in place. [12/9/15]

Earlier this year, the CFPB released compliance bulletin warning mortgage lenders that marketing service agreements, or MSAs, present substantial risks involving illegal kickbacks and referral fees under RESPA, the Real Estate Settlement Procedures Act. With these risks on the rise, here’s what you need to know from the compliance bulletin. [12/8/15]

If your credit union is considering entering into commercial lending or is thinking about expanding its MBL portfolio, this article is a must-read. It is key that credit unions understand the soundness of various types of commercial properties as business entities and as potential collateral for  loans. [12/8/15]

The House Financial Services Committee is scheduled to mark up two bills today that will offer regulatory relief to credit unions. The first bill will call for more transparency and efficient use of NCUA funds. The second will create national data security standards and consumer notification requirements for all entities that handle sensitive consumer information. [12/8/15]

Counsel representing financial institutions in the data breach case against Home Depot are urging credit unions and other financial institutions to either reject or decline to opt-in to the settlement being offered by Home Depot and Mastercard. Counsel is concerned that the settlement terms are vague and don't appear to adequately reimburse credit unions for their losses. [12/8/15]