Links in “Credit Unions”

NCUA will be livestreaming a 90-minute panel discussion entitled “Unique Challenges and Opportunities Servicing Hispanic Credit Union Members” on Dec. 1^st  at 2:00 pm EST. A panel of experts will discuss the opportunities, challenges and strategies for engaging Hispanic members. [11/25/14]

The latest CFPB Compliance Bulletin reminds financial institutions about the regulatory requirements for pre-authorized debits under Regulation E and identifies some best practices regarding consumer notifications. The issue also contains a snapshot of this month’s consumer complaints, focusing on concerns about opening and closing accounts, dispute resolutions, and check holds. [11/25/15]

What are the top five cyber security threats that your credit union faces and how should you respond to those threats? That is the topic of an editorial by NAFCU CEO Dan Berger reminding us that point-of-sale attacks are far from over, the importance of training for both your staff and your members, and the importance of monitoring your social media accounts. [11/25/15]

A new SEC rule and Title III of the JOBS Act have created an opportunity for federally-insured credit unions to become “qualified third parties” for the maintenance and transmission of investor funds through crowdfunding sites. Credit unions would not hold a stake in the companies, but would supply the introduction of their members to businesses that need capital. While establishing crowd funding sites would not represent a significant revenue source, it could allow credit unions to become more involved in their local communities. [11/25/15]

Is Internet Archive Federal Credit Union slipping away because it was too innovative, such as trying to provide banking services to Bitcoin, thereby making regulators too uncomfortable? The New York Times takes a look. [11/25/15]

Theodore Longust, former Business Relationship Manager at the $1 billion Scott Credit Union in Illinois, has been indicted on nine counts of fraud, misapplication of funds, and money laundering involving millions of dollars. This follows on the heels of a lawsuit filed against the credit union and other parties in April by former NFL star David Butz and business partner, Eugene Schill, that claimed consumer fraud and negligence. If convicted Longust could face up to 240 years in prison and restitution of $4.5 million. [11/24/15]

In a report submitted to the House Financial Services Committee on its new RB rule, NCUA outlined its support for allowing healthy, well-managed credit unions to issue supplemental capital that can be counted as net worth. NCUA further stated that it plans to finalize a supplemental capital rule before implementation of the new RBC rule in 2019. [11/24/15]

You don’t need to look any further than the high volume of consumer complaints about collection practices and recent CFPB enforcement actions against debt collectors to recognize that the focus on collection activities has increased. Recently, the FTC as well as federal and state law enforcement agencies have jointly launched Operation Collection Protection to focus on enforcement of the Fair Debt Collection Practices Act and other federal and state laws that govern collection activities. [11/24/15]

According to 95% of financial institutions surveyed that offer remote deposit capture services, the answer is “yes.”  While they note that there are risks involved, the benefits exceed the costs and risks. In addition, the survey results revealed that risk-related concerns were not as dramatic as most feared with less than 25% of the respondents reporting that they incurred transaction losses. [11/24/15]

Industry experts at a recent CUNA conference identified the red flags that may signal illicit activity. This checklist should become part of your staff training in order to ensure that potential money laundering and other illegal activities at your credit union are detected in a timely fashion or avoided entirely. [11/23/15]