Links in “Credit Unions”

There are approximately 68 million underserved consumers in this country, many of which are using high cost financial services, such as payday lending. However, the increasing use of smart phones could represent a way to deliver financial services to these individuals at a much lower cost. [9/11]

AffirmX's Jane Pannier breaks down what's coming our way with the Reg. Z ability-to-repay provisions that go into effect in January 2014. [9/11]

Regulators increasingly expect to see a consumer complaint management response program as a part of an effective compliance management system; here are some pointers. [9/11]

Address to Congressional Caucus recalls efforts against most recent crisis and where CU industry needs to push forward. [9/11]

Both the CFPB and NCUA have indicated that they will be focusing more intently on Fair Lending and HMDA data collection in 2014. This increased focus will include additional fair lending exams and a possible expansion of the HMDA-like government monitoring requirements to include auto loans, business loans and credit cards. [9/10]

NCUA has issued a C&D against North Dade Community Development FCU for violations of the BSA/AML and OFAC. Among the issues cited were the lack of a BSA Compliance Officer, the lack of a current BSA and OFAC risk assessment, and the lack of an internal BSA monitoring program. In addition, the CU was cited for opening accounts for money service business outside of its field of membership and for inadequately monitoring the activities of other money services businesses within its field of membership. [9/10]

Survey of how Americans pay their bills. Which do you think is in the top spot: online or mail? [9/10]

The Michigan Department of Insurance and Financial Services liquidated Craftsman Credit Union upon a determination that the $24 million credit union was insolvent. The regulator pointed to significant mortgage delinquencies and losses and very high operating expenses as the primary factors that caused the credit union’s net worth to drop to 1.46%. [9/9]

Alternative lenders think so. While they admit that social media won’t replace a FICO score, they say it can be useful in evaluating applicants who do not have a FICO score or who are trying to rehabilitate their credit. Companies, such as Lenddo, links social networks to develop a social credit score. [9/9]

The report shows strong membership and loan growth for the year ending June 2013. Idaho and Oklahoma led in loan growth, while Idaho and California had the strongest membership growth. See how your state fared in these and other key areas. [9/6]