Links in “Credit Unions”

Bob Letgers, the chief product officer of North American retail payments for FIS says that people are wrong in thinking of October 1^st as the deadline for EMV, when it’s really just the starting point for EMV. There is so much more to come, including a similar liability shift for debit cards. [10/2/15]

NCUA will be hosting a free webinar entitled, “Data Mining: Golden Nuggets for Your Marketing Campaign” on Wednesday, October 21^st at 200 pm EST. A panel of marketing experts will discuss a number of issues from capturing and using member and profitability data to calculating a marketing campaign ROI to current trends in credit union marketing. [10/2/15]

With the TILA/RESPA integrated disclosure requirements going into effect tomorrow, October 3^rd, the CFPB’s Richard Cordray and the other financial institution regulators will be focusing on the financial institution’s “good faith efforts” to comply with the new rule. To that end, examiners will consider institutions’ implementation plans, including actions taken to update policies and procedures, staff training, and the handling of early technical problems or other implementation challenges. However, at the same time Congress has asked the financial trade associations to keep them informed about TRID enforcement activity. [10/2/15]

Recent research has found that men are 225% more likely to divulge personal information as the result of a phishing attack. The report further states that one key to protecting companies against phishing attacks is interactive training. In most companies, the number of phishing-prone staff tends to be around 16%, but after engaging in interactive training and simulated phishing attacks, the likelihood of employees being fooled drops down to 1% or 2%.” [10/2/15]

With the TILA/RESPA integrated disclosure rule going into effect this weekend, NAFCU’s blog tackles a particularly murky aspect of the new disclosures that is raising lots of questions. This issue is what are “lender credits” and why are they disclosed differently on the loan estimate disclosure versus the closing disclosure. [10/1/15]

Due to the recent fires in California the NCUA has asked credit unions to look for opportunities to serve members by saying, “Credit Unions are about serving members, and when disasters, like the California fires, strike, they look for opportunities to help.”

Despite the fact that the TILA/RESPA integrated disclosure rule (TRID) is scheduled to take effect this weekend, the House is poised to vote on a bill next week that would delay implementation. The Homebuyers Assistance Act would also create a safe harbor that would protect credit unions from legal recourse through February 1, 2016. [10/1/15]

Prohibition orders were placed against three former credit union employees in September. Prohibition orders bar individuals from participating in the affairs of any federally insured financial institution. Two of the three pled guilty to embezzlement and received jail terms. [10/1/15]

CFPB Director Richard Cordray told the members of the House Financial Services Committee yesterday that the CFPB may consider providing a hold harmless period after the implementation of the TILA/RESPA integrated mortgage disclosure rule takes effect this weekend. Cordray indicated that hold harmless period could be about six months, more or less, and suggested that more details could be forthcoming later this week. [9/30/15]

Beginning tomorrow, October 1^st, the major card companies will shift the liability for point-of-sale transactions to the party that is least EMV compliant. In other words, if either of the parties to the transaction is the cause of the transaction occurring without the use of an EMV chip, that party will be held responsible for any resulting fraud losses. In short, here’s what you need to know. [9/30/15]