Links in “Credit Unions”

Husband of former account clerk of a Conn. CU defaulted on loan on which she co-signed; CU later took a $14K disability check deposited to her account. [8/19]

Recent NAFCU survey shows that credit unions rely to a greater extent than banks on the GSEs as a source of liquidity since banks have more options to hedge against interest rate risk; approximately half of the respondents stated that the elimination of the GSEs would significantly affect their ability to offer mortgage loans. [8/16]

CUNA Executives Bill Hampel and Paul Gentile make the case that the improvement in the performance of NCUA’s legacy assets negates the need for any additional corporate credit union assessments. [8/16]

Lenders cannot base a borrower's DTI ratio on teaser rates and must show that the borrower can repay the loan over the long term, not just during an introductory period where the rate is lower. Other clarifications also provided in CFPB's second round of mortgage rule guidance. [8/16]

The FBI has sent alerts warning that credit unions may experience a cyber attack  on 9/11. Credit unions are encouraged to take reasonable steps to secure their cyber infrastructure and to report suspicious activity to their local FBI Cyber Task Force or to call the FBI’s Cyber Watch Center. [8/15]

Realty Trac reports that the U.S. is on track to end this year with the lowest number of foreclosed homes in six years. However, some states are still experiencing a high rate of foreclosures. The top ten states for foreclosures are Florida, Maryland, Ohio, Connecticut, New Mexico, Illinois, Nevada, Georgia, South Carolina, and Utah. [8/15]

Many credit union boards struggle with the issue of whether to impose term limits on their directors; the benefit of adding diversity and “new blood” has to be weighed against the loss of seasoned and committed individuals. Are there other options to revitalize your board? [8/15]

Cloud adoption is rising; security needs to keep pace. [8/15]

Industry expert Robin Remines from Ongoing Operations identifies four key steps you should take to ensure that you are ready to sail through your next IT examination. [8/14]

American Medical Association has quietly approved a resolution to reclassify obesity as a “disease state," meaning nearly one-third of Americans now have a medical condition that requires treatment; experts are concerned that this could lead to a significant increase in workers compensation claims and higher costs for employers. [8/14]