Links in “Credit Unions”

The FBI has issued a bulletin warning that EMV technology is not a panacea to stopping data breaches and that no one technology can prevent fraud. According to the FBI, chip-enabled cards are more secure than magnetic strip cards, but the chip doesn’t necessarily prevent these cards from being used fraudulently—either online or at point-of-sale terminals. [10/14/15]

It’s not certain whether the increase in purchases at Walmart using stolen debit cards is a result of the previous data breach or if Walmart is just proving to be an easy target. Philadelphia FCU has told its members that it will deny Walmart charges processed as “pinless debit” transactions due to the increased risk. [10/14/15]

Why is implementing EVM technology lagging behind credit cards? As a result of the  Durbin Amendment to the Dodd-Frank Act, debit cards in the U.S. must support routing to two different unaffiliated networks. EMV technology was developed to process EMV transactions for a single proprietary network. The challenge now is to bridge that gap. [10/14/15]

A delegation of representatives from the World Council of Credit Unions, state leagues, and credit unions recently visited Cuba to meet with the Ministry of Foreign Affairs and other government and financial representatives to talk about potentially establishing the framework for credit unions in Cuba. [10/14/15]

The second risk-based capital rule, which the NCUA is expected to vote on Thursday, includes what is being called the "wild card" on capital adequacy that would allow examiners to determine that a credit union has insufficient capital, regardless of what the ratios are. [10/13/15]

43 lawmakers tell the CFPB not to impose overly burdensome restrictions on prepaid card providers that could lead to their elimination from the market. [10/13/15]

With the NCUA expected to address its Risk-Based Capital Rule on 10/15, Former NCUA Chair Dennis Dollar cuts through all the hullabaloo and breaks down what you really need to know about the proposal as well as what you can expect going forward. Bonus points for doing it in plain English. [10/9/15]

Once your member business loan is on the books, how well are you set up to detect warning signs to protect your portfolio? [10/9/15]

NCUA Chair Debbie Matz told the attendees at the National Directors Roundtable Conference that those credit unions that are not successful in attracting younger consumers may not survive. Matz reported that the average age of a credit union member is 47, while the peak borrowing years for consumers is 25 to 44, adding that offering the latest technology and promoting credit unions through new media may be key to survival. [10/8/15]

This month the Senate will consider almost two dozen amendments to the Cybersecurity Information Sharing Act, but none of these amendments include giving NCUA authority to examine third party vendors. Senator Elizabeth Warren had proposed an amendment giving NCUA the expanded exam authority, but the amendment was dropped following  an outcry from the industry. [10/8/15]