Links in “Credit Unions”
- A Look at the Less Obvious Risks for a DDoS Attack
DDoS attacks are on the rise. While the obvious target may be your website or your online banking site, other online connections, such as the connection from your core to your online banking service, your email system, and the connections to your ATM and shared branching networks may also be vulnerable. [7/30]
- Safe Harbor Exemption from Remittance Transfer Rules
With 10/28/2013 compliance deadline looming, here's a closer look at the safe harbor exemption for CUs that facilitate lower volumes (100 or fewer remittance transfers per year). [7/30]
- Number of Problem CUs Falls in Q2
NCUA reports that the number of credit unions with a CAMEL 4 or 5 rating fell by 9 during Q2 2013. [7/30]
- Islamic Bank Endorses the Cloud
COO of Islamic Bank of Britain says banks should not be afraid to go further and faster in their adoption of cloud computing. [7/30]
- ATM Trapping Making a Big Comeback
Thieves are using ever-more sophisticated traps fitted into an ATM cash or card slot, which prevent the consumer from retrieving his or her cash; when the angry consumer leaves, the thief returns to the ATM and empties the trap. The use of these devices, which has caused huge losses in Europe, is heading back to the states. [7/29]
- Why Isnât a Share Certificate a Certificate of Deposit?
Why federally chartered credit unions are not permitted to refer to a share certificate as a âcertificate of depositâ or a âCD.â Even NCUA, in its recent July Report, doesnât always get this right. [7/29]
- 365/360 Interest Accrual Method: UDAAP-ish?
Using the actual/360 interest accrual method on a $100 million portfolio earnings can increase earnings for a financial institution by over a $1 million, but will it attract regulatory attention as an Unfair, Deceptive or Abusive Act or Practice? [7/29]
- Does FCRA Prohibit Use of Credit Report Info to Make Additional Offer?
If a consumer applied for an auto loan, giving the institution a permissible purpose to pull the report, does Fair Credit Reporting Act prohibit that institution from making an additional offer of credit based on that report? [7/29]
- “Hacker 1” and “Hacker 2” Named in Fed Indictment
Newly unsealed federal indictments reveal more breached organizations as well as names of Hacker 1 and Hacker 2 in largest-ever data breach scheme prosecuted in the U.S. [7/29]
- Inserting Compliance Personnel into Questionable Transactions on a Real-time Basis
Among three IT tools to drive compliance is working to be able to seamlessly bring AML personnel into the workflow to approve or reject questionable transactions. [7/29]
