Links in “Credit Unions”
- Your Call Center May Be Your Weakest Link against Fraud
Smaller institutions are seeing an increased number of fraud attacks by highly organized criminal gangs, reports Shirley Inscoe of the Aite Group. Larger institutions are beginning to use very sophisticated software to identify voices and other markers to detect fraud. As a result, these organizations are turning their sights on smaller institutions that may not be as well-protected. [11/4]
- Whereâs the Data to Support the CFPBâs Contention of Discrimination in Indirect Auto Lending?
A group of Senators, along with NAFCU staff, are asking this question about the Bulletin issued by the CFPB in March 2013 that focuses on discrimination in indirect auto leasing. The Senators have requested to see documentation to support the CFPBâs contention that disparate impact is present in the indirect auto industry and warrants the onerous measures laid out in CFPB Bulletin 2013-02. [11/4]
- Issues on Which Banks and CUs Can Agree: Patent Trolls and Privacy Notices
Two joint trade association letters sent to Congress regarding patent trolls and privacy notices. [11/4]
- Mayfair’s 77 Years of Operations Come to an End
NCUA places Mayfair, a federal credit union chartered in 1936 that served a low-income community in Philadelphia, into conservatorship. Represents the fourth such placement for 2013. [11/4]
- Protecting Members Against Social Engineering Scams
Consumers need to be educated, especially during the holiday season, about fraudsters who try to pass themselves off as their credit union in an attempt to gain confidential information. This is one of several tips offered by NCUA in its October report. [11/4]
- NCUA Developing New Fraud Risk Exam Procedures
NCUA is working on new fraud exam procedures to improve its ability to detect fraud particularly in small credit unions. The new procedures come on the heels of NCUAâs decision to reduce the amount of onsite exam time for credit unions with assets of less than $10 million and a CAMEL rating of 3 or worse. [11/1]
- Credit Union Wins Approval to Purchase a Bank
Municipal Employees Credit Union of Baltimore (MECU) has received approval from the state to for a purchase and assumption of the assets and liabilities of Advance Bank. The final step in the process is a vote by the bankâs depositors to be held on Nov. 15. MECU plans to retain the bankâs two branch offices and its 20 employees. [11/1]
- Prize-Linked Savings Accounts May Be Coming to Your Door
Bills allowing credit unions and other financial institutions to offers prize-linked savings accounts (PLS) have been introduced in both the House and the Senate. These accounts are designed to promote savings by offering account holders the opportunity to earn entries for cash drawings every time they deposit a minimum dollar amount. Currently, many states do not permit financial institutions to operate lotteries. [10/31]
- Report: Business at Ongoing Operations Is Ongoing
CEO Kirk Drake reported that an announced public sale of the companyâs assets was the result of a default by its largest client (not a credit union) that created financial difficulties for Ongoing Operations, a CUSO that provides business continuity services around the country. Drake stated that the companyâs issues with its primary creditor have been resolved and that service to its 500 clients was not and will not be interrupted. [10/31]
- A Look at the Diversity Policy Statement Relative to the Industry
In response to the agencies' joint statement on the Dodd-Frankârequired establishment of the Office of Minority and Women Inclusion, author sees few problems with female diversity in community banks, but greater work ahead in achieving racial diversity. [10/31]
