Links in “Credit Unions”

Credit unions have just jumped back into the cross hairs of banks by receiving the highest marks for service that Consumer Reports has ever given, thus bringing to limelight the banker backed push for more regulation and changes to credit union tax status. But what if credit unions aren't the problem banks think they are? Are credit unions really presenting unfair competition or are credit unions providing a new business model? [3/1/16]

When your CEO is about to retire and the search for a new candidate is underway, what strategies should your Board of Directors employ to make this transition as easy and efficient as possible? Peter Myers, vice president of CUES Supplier member and strategic partner of DDJ Myers expands on this idea. [2/29/16]

CUNA describes its Compliance Community, a resource for credit unions that have a question that could benefit from multiple views. Compliance experts share their interpretations and experiences with different situations that occur in a credit union's day-to-day operations, offering opinions and answers. [2/29/16]

Have you ever wondered whether you needed to abbreviate Annual Percentage Yield (APY) or Annual Percentage Rate (APR) in your advertisements? Benjamin M Litchfield, Regulatory Compliance Counsel, breaks this matter down to its bare essentials for easy understanding. [2/29/16]

Though personality tests are mainly used for discerning what type of personality an individual has, did anyone ever try to attribute this idea to their institution? Type-A or Type-B, the forward thinker or the laid-back and steady worker, an evaluation like this could give an institution a perspective of where it is and where it could go. [2/26/16]

With the growing concern that regulatory compliance costs are imposing a negative outcome regarding credit unions and their capacity to offer higher levels of service to its members, many credit union leaders share these cost, listed by state, with policymakers. [2/26/16]

The CFPB and FFIEC released two  "file specification" instructions for compliance with the updated Home Mortgage Disclosure Act (HMDA) data submission requirements. Though these requirements do not become effective til January 1, 2018, keeping up-to-date on rule changes can prevent future headaches. [2/26/16]

A California credit union receives a call from a reporter about an ongoing hack of its website, and laughs it off as a scam, while the hack goes on, potentially exposing member passwords. A few days later, the reporter gets a sheepish call from the CU's VP of information systems. [2/26/16]

FINRA is proposing a rule change that would permit 15-day holds (or longer) to be placed on accounts belonging to individuals 65 or over if the institution believes that the individual is being financially exploited. Although FINRA rules do not apply directly to credit unions, many credit unions offer investment products through third party brokerages that have agreements with FINRA members. The rule would also permit holds on accounts for individuals over 18 if the institution reasonably believes that the individual is mentally or physically impaired and not able to protect his or her own financial interests. [2/25/16]

NAFCU, CUNA, and the Independent Community Bankers of America have joined together to dispel the notion that debit interchange caps have benefited consumers. In an American Banker editorial the trade associations wrote that a recent survey of merchants revealed that very few are passing on the savings to their customers. The total amount that retailers have saved as a result of the Durbin amendment is estimated to be $32 million. [2/25/16]