Links in “Credit Unions”

A massive phishing scam is targeting the IDs, passwords, and credit card information of 800 million Apple ID accounts worldwide. The fake email looks official, complete with the Apple logo and headquarters address, and asks Apple account holders to provide additional information and to verify passwords and credit card information in order to fix an issue with their account. [11/10/15]

Consumer complaints are a primary source used to trigger regulatory investigations for UDAAP and other regulatory violations. AffirmX Senior Vice President Jane Pannier provided guidance to a group of compliance officers and others on how to identify high risk complaints and steps credit unions can take to mitigate their risk. [11/9/15]

Most of us think we are creating safe passwords, but only 6% of us are actually doing so. The average password is 8 characters and only 4.7% of consumers use special characters. The 20 most-visited websites are not helping. Apparently 17 of the 20 do not require a password to be a combination of upper and lower case letters, numbers, or special characters. Here’s how to create a password that will provide maximum protection. [11/9/15]

So much for loyalty. A recent study by Experian revealed that 75% of millennials are willing to switch their accounts in return for better rates, better reward programs, better identity protections, and better customer service. Almost half said they would use alternative lenders if they offer easier application processes, less reliance on credit scores, more accessibility, and digital savvy. [11/9/15]

The third installment of the NAFCU’s series on the new risk-based capital rule looks at how investments in CUSOs are risk weighted. The rule requires that these investments be assigned a risk weight of 150%, unless the credit union’s overall exposure is “non-significant,” in which case a risk weight of 100% can be used. What does that mean? [11/9/15]

Marcel Blais spent 35 years working for banks before accepting a position with Maine Savings FCU. When he told his banking colleagues about his new job, they claimed he had crossed over the to the “dark side.”  Blais couldn’t be happier. [11/6/15]

Chris Johnson, former President/CEO of the Idaho League, has sued the league, its board members, and the directors of another cooperative for $2.4 million claiming he was defamed when allegations arose that he was biased against non-Mormans and Democrats.  Johnson alleges that the events that led to his termination two years ago have caused him “sever, adverse, physiological, and physical harm.” [11/6/15]

In a Congressional hearing yesterday, Federal Reserve Chair Janet Yellen said that the Fed is actively looking for ways to decrease the regulatory burden on smaller financial institutions. In response to a concern about the effect of a fed funds rate increase on mortgage rates, Yellen added that an increase in the fed funds rate would be gradual. [11/5/15]

NCUA has opened the nomination process for consulting services for the first half or 2016. Credit unions that meet certain eligibility requirements can nominate themselves or can be nominated by their examiner for consulting assistance with strategic planning, new product development and other areas. Nominations must be submitted by November 30^th. [11/5/15]