Links in “Credit Unions”
- Average Data Breach Cost Company $1,000 Per Record
A recent study of insurance claims revealed that the average data breach compromises 3.2 million records and that each record that is compromised costs the company an average of $1,000 for notifications, legal fees, etc. Health care companies remain the number one target, but financial institutions are number two. [11/5/14]
- State Leagues Are Speaking Out About Dual Membership
The state credit union leagues remain divided about CUNAâs decision to retain the dual membership policy that requires credit unions that join their state league also join CUNA and pay membership dues to both. The New York Credit Union Association is the latest to join the chorus against the policy after a survey of their members found that 80% are in favor of membership choice. However, Mountain West Credit Union Association has announced its support for CUNAâs position. [11/5/15]
- Brace Yourself for the Coming Cyber-Extortion Wave
Activists have reportedly stolen sensitive business and consumer data. Their modus operandi is to demand that a business take a particular action or release the data publicly. The FFIEC wants your financial institution to be prepared to face such a cyber-extortion attempt. [11/4/15]
- Will the MBL Issue Survive the Mark-up Process?
Regulatory relief measures are going through the mark-up process, and increasing credit unions' member business lending cap is seen as a top issue, but whether it is "top" enough to survive remains to be seen. "The panel can't do everything at once." [11/4/15]
- What You Need to Know About Regions Bankâs $7.5 Million Overdraft Penalties
Quite a few eyebrows were raised at the announcement of Regions $7.5 million fine, but itâs important to note that there was no new interpretation of law here on the part of the CFPBâjust a misinterpretation on the part of the bank. Regions Bank sets an example that all financial institutions can and should learn from. A closer look shows just how easy it is to get off track. [11/3/15]
- Consumer Use of Apps Rising, Along with Wariness, Lax Security
Consumers admit they may have themselves to blame for lax protection when using cloud-based apps, with 43% of those who have been breached admitting to opting out of certain security features that were available. Perhaps not coincidentally, their concerns about security when using cloud-based apps is rising. [11/3/15]
- NCUA’s Website: Where’d Everything Go?
NCUA has launched a new website. The new design is designed to be more mobile-device responsive. [11/3/15]
- Five Star Becomes First CU to Buy Two Banks
The $345 million Georgia credit union has just purchased Farmers State Bank and last year purchased Flint River National Bank. [11/3/15]
- Got Member Business Lending?
With the awaited finalization of the NCUA's rule changes, member business lending has been looking rather appealing lately. Credit union lending to businesses has risen over the last few years, and the proposed changes are expected to encourage even stronger growth. The NCUA rule changes would allow more flexibility and autonomy for these loans and businesses would have new sources to funds needed. [11/2/15]
- NCUA’s Vicious Cycle
An increasing number of defections from federal to state charters means a decline in operating fee revenues, which puts pressure on the NCUA to raise the operating fee rate. But that could create a vicious cycle of even more conversions to state charters. [11/2/15]
