Links in “Credit Unions”

According to NCUA, it was costing $125 per filer per quarter to process paper copies of 5300 Call Reports and other financial and statistical reports. As a result, a final rule issued today will require that all federally insured credit unions submit these reports electronically beginning on January 1, 2014. [10/30]

Members of the House Judiciary Committee heard testimony yesterday about a credit union that was served with a demand letter for patent infringement for technology it was using with features on its online banking service. Other credit unions have had similar and very costly experiences. [10/30]

A year after Sandy devastated many parts of the country, many financial institutions are asking fundamental questions about their business continuity and disaster recovery practices. (Note: See our recent NB Hot Tip item on disaster recovery tabletop exercises.) [10/30]

With the annual audit deadline of Dec. 31 rapidly approaching, here's a rundown of five common troublespots that can trip up a financial institution. (Note: Request our free NB Hot Tip on ACH Risk Self-Assessment.) [10/29]

The general assumption is that our younger members (the Generation Y’ers) don’t use our retail branches, and that if it’s not delivered electronically, they don’t want it. In fact, a recent survey shows that our Generation Y members are more likely that any other age group to visit a branch, drive up to an ATM, or phone a call center. [10/29]

With new rules governing international remittances going into effect yesterday, here's a look at who the players are in international remittances in the credit union world. [10/29]

A new white paper issued by the Filene Research Institute took a look at this question and came up with four surprising answers: 1) Have the stomach to be bad; 2) Avoid gratuitous service; 3) Design systems so the typical employee can be successful; and 4) Teach customers to behave differently. [10/28]

It’s not that megabanks are “too big” to fail. It’s the connections they have to regulators and top Washington officials that makes the difference according to two studies published in the past few weeks. [10/28]

Rather than just something your customer knows (name and password), layered security involves something your customers have (card, token, device), something your customers are (fingerprint, voice, iris), where your customers are (GPS location), along with activity, date/time and usage trends, and more. [10/28]

Yesterday, the NCUA Board approved a final rule that requires all federally insured credit unions to take specific steps to ensure they have adequate liquidity. The requirements are tiered based on asset size. In addition, the Board approved a proposed rule that will required stress testing for all federally insured credit unions with assets of more than $10 billion. [10/25]