Links in “Credit Unions”

Can you believe November is already here? The October report covers topics including the small credit union threshold, NCUA's plan to acquire vendor authority, and possible field of membership changes. [11/2/15]

Although the numbers are down somewhat, card fraud and identity theft are still the most often reported crimes according to a recent Gallup poll. Given that, it’s probably no surprise that 70% of the poll participants stated that they “frequently” or “occasionally” worry about hackers stealing their card information or becoming a victim of identity theft. [10/30/15]

It’s all trick and no treat. Take a look under the covers of the five most pervasive investment scams that primarily target baby boomers and retirees, and share them with your members. [10/30/15]

Just last month U.S. and British law enforcement officials announced they had dismantled the notorious Dridex malware, which had cost $30 million in bank fraud losses in the U.K. and $10 million in the U.S. Now…..it’s back and its first target appears to be IKEA customers, but more victims are likely to follow. [10/30/15]

Paul Ryan takes over the reins today as the new Speaker of the House and that is good news for credit unions. Ryan has been a friend to credit unions during his tenure in the House and a supporter of the credit union community. [10/30/15]

According to the CFPB’s snapshot of complaints for credit cards, the two issues that consumers are most steamed about are late fees and confusing payment processing schedules. The companies that received the most complaints, accounting for about 60% of credit card complaints, were Citibank, Capital One, GE Capital Retail and JPMorgan Chase. [10/29/15]

The NCUA’s Office of Small Credit Unions is hosting a free webinar on Wednesday, November 18^th at 2:00 EST that is designed to assist credit unions in being more competitive in the auto lending market. A panel of experts will discuss strategies for harvesting auto loan refinances and building portfolios by making more loans to applicants with low credit scores while managing the risk of non-prime loans. [10/29/15]

A recent study by the Filene Institute takes a look at the future for credit unions and sees a changing role. Retail services will continue to transition to mobile devices, credit and cash usage will decline as digital payments become the norm, and sophisticated start-ups will continue to eat away at credit unions’ core lending markets. To survive, credit unions will need to deliver exceptional member service without human interaction. [10/29/15]

The U.S. Department of Education has announced a proposed rule that would ban overdraft and transaction swipe fees on student debit card and prepaid card accounts. Schools would also be banned from requiring students to open an account with a specific financial institution in order to receive student aid benefits. [10/29/15]

The bottom line is that, over time, paying your executive team less robs the credit union of critical management talent. This article provides best practices a board can follow to manage the balancing act between paying too little and paying too much. [10/28/15]