Links in “Credit Unions”
- Bankers in Attack Mode Over Proposed FOM Changes
The NCUA Board hasnât even met yet to consider changes to the FOM rules, but that hasnât stopped the bankers from going on the offensive over the proposal. Bankers are claiming that the NCUA is planning to make changes that go beyond their authority and require legislative changes. Read NAFCU CEO Dan Bergerâs response to legislators about the ABAâs misinformation campaign. [11/19/15]
- Survey Shows Customer Satisfaction with Credit Unions Slipping, Still Ahead of Banks
With their increasing membership, credit unions are struggling to stay ahead of small banks in customer satisfaction, according to this survey. [11/18/15]
- CUs Meeting the Niche of Student Loan Consolidation
Forty million millennial borrowers owe $1.2 trillion in outstanding student loan debt, with an average balance of $29,000. Staying true to the credit union mission, CUs are helping their members meet this challenge through student loan refinancing and consolidation loans. [11/18/15]
- What Can the U.S. Learn from Canada’s EMV Rollout?
As a latecomer to the EMV (Europay MasterCard Visa) party, the U.S. can look to it's northern neighbor to see how such cards may perform domestically. For Canada, fraud losses for counterfeit and lost/stolen transactions fell from $245.4 million to $111.5 million in the first five years of the EMV adoption. [11/18/15]
- 5 Steps to an Examination-Ready BSA Risk Assessment
A thorough BSA program is becoming more essential than ever. What five steps can you take to make sure your BSA Risk Assessment is ready for your next examination? Scrutiny of Bank Secrecy Act compliance at financial institutions everywhere is surging. Fines and enforcement orders are all over the headlines. Regulators, as well as board members, want to know that banks and credit unions have taken a good look at what their exposure is and have a solid plan in place to address those risks. [11/17/15]
- When Common Bond Collides with ECOA
The Equal Credit Opportunity Act makes it unlawful to discriminate against any applicant on the basis of race, color, religion, national origin, sex or marital status, or age. But what if the common bond is based on one of these prohibited bases? This credit union critic thinks that NCUA should not give such credit unions a free pass when it comes to ECOA. [11/17/15]
- The CU Difference and Why it Should Be Considered in Arbitration
"Since credit unions have this unique relationship with members, they are more likely to know their members, and are able to resolve conflicts in a quick and amicable fashion," CUNA told the CFPB's Small Business Advisory Panel in regards to the bureau considering proposals on arbitration agreements. [11/16/15]
- Highway Bill Could Drive CU Relief
Congress will proceed with next steps for a House-passed highway bill that would advance association-sought relief on privacy notice requirements. This multi-year transportation bill includes an amendment that advances some regulatory relief measures for credit unions, including the "Elimination Privacy Notice Confusion Act." [11/16/15]
- Business Lending Ability About to Get a Boost?
If proposed NCUA regulations are approved, credit unions ability to lend to business may receive a boost. [11/16/15]
- Study: Compliance Costs are Skyrocketing
The early word from a CUNA survey is that credit unions were slammed with $6.6 billion in compliance costs in 2014. From a bottom line perspective that means that for the average credit union compliance costs now comprise about 20% of total operating expenses and 40% of total staff expenses. [11/13/15]
