Links in “Credit Unions”
- California Names 16 Online Lenders Banks Should Avoid
These 16 lenders do not have licenses to do business in California and have been the subject of enforcement actions this year by the California Department of Business Transactions. [10/10]
- NCUA Issues Letter about Revised Examination Process
NCUA Letter No. 13-CU-09 advises credit unions about changes affecting Documents of Resolution (DORs) and examination reports, which will now be separate documents in order for credit unions to differentiate between minor and major concerns. Issues identified on the DOR will be accompanied by the examinerâs concern, support documentation and the agreed-upon corrective action plan. [10/9]
- A Call to Extend CFPB’s Complaint Database to Institutions of All Sizes
Citing differences in the reporting activities between predominately minority and non-minority communities, a recent report by the National Community Reinvestment Coalition recommends that all credit union and financial institutions, regardless of asset size, be included in the CFPB online database. Currently, only financial institutions with assets of $10 billion or more are included. [10/9]
- Fair Lending Risks When Taking Action on HELOCs Due to Changes in Property Values
If a lender undertakes Home Equity Lines of Credit in one area, but not another, or uses different methods of review in one area versus another, disparate treatment issues may arise. [10/9]
- Executives Indicted in CUSO Fraud
The failure of a Wisconsin housing finance CUSO that was a factor in the collapse of Members United Corporate Credit Union has led to the indictment of four of its former executives. The $9.2 million fraud involved the creation of an investment instrument based on a pool of mortgages formed in the name of the CUSO with interest payments going back to the CUSO executives. [10/8]
- Majority of Consumer Complaints about Big Banksâ Checking Accounts
A recent survey conducted by the Public Interest Research Group (PIRG) shows that 95% of consumer complaints are targeted against 25 big banks, and 75% of the complaints related specifically to the opening, closing and management of the accounts. [10/8]
- Credit Unions Warned to Be Vigilant after Adobe Breach
A breach last week of the Adobe network resulted in the theft of consumer information from 2.9 million customers. Sources told Credit Union Times the impact on credit unions may be substantial as the theft included Adobeâs source code. Credit unions are warned to keep their Adobe products fully patched and updated. [10/7]
- Weaknesses in Management and Examination Process Led to Chetco FCU Failure
The NCUA Inspector General says that the $76.5 million loss to the share insurance fund was the result of poor management of the credit unionâs member business loan portfolio as well as a weak response on the part of examiners to a series of red flags. [10/7]
- Poll: Is Pressuring Banks to Cut Online Lender Ties Right? Or Is It Backdoor Policymaking?
Magazine's unscientific poll asks readers to rate the government's right to pressure banks to move away from online lenders. [10/7]
- Is Another Recession Around the Corner?
According to a recent CNN Money survey, almost half of the economists who responded to the survey stated that we will face another recession if Congress doesnât increase the debt ceiling. Financial markets are already responding in a negative manner to the possibility of a U.S default. [10/4]
