Links in “Credit Unions”

The Federal Reserve’s new ACH Rule is drawing considerable criticism for two particular issues: the rule that requires that receiving depository financial institutions (RDFIs) must accept same-day ACH transactions and that they must incur the costs for processing those transactions. Many small credit unions argue that they should have the opportunity to opt-out of same-day transactions. [9/28/15

NAFCU has requested a federal appeals court to permit it to join an action against the FCC’s order under the Telephone Consumer Protection Act that generally prohibits financial institutions from autodialing their account holders. At issue is that the narrow exemption that permits certain autodialed calls to address fraud and identity theft is not broad enough to allow credit unions to communicate with their members when they need to share important information. [9/28/15]

When it comes to understanding your credit union fiscally or in other technical areas, how much industry-specify training does the NCUA expect of your Board of Directors? Dennis Dollar of Dollar Associates, and former chair of the NCUA, shares what credit unions should be aware of when it comes to continuing education for their directors. [9/25/15]

The answer is probably “yes.”  The author of this article says there are 10 ways in which we are hurting our children financially from not talking to them about money, to not setting good examples, to supporting adult children. More important, however, is what can we do to correct this.[9/25/15]

The CFPB and the Department of Justice have entered into the largest redlining settlement in history ($32.75 million) against Hudson City Savings Bank. The joint agency action alleges that the bank provided unequal access to credit to minority neighborhoods in New York, New Jersey, Connecticut and Pennsylvania by intentionally locating branch offices and mortgage originators outside of minority neighborhoods and limiting its marketing to non-minority areas. [9/25/15]

The bad news just keeps coming for the 21.5 million individuals adversely affected by the massive data breach at the Office of Personnel Management. Now it seems that 5.1 million of those individuals also had their fingerprints stolen, as well. Experts say that for now the ability to misuse the fingerprints is limited, but that could change in the future. [9/25/15]

The Federal Reserve has announced approval if its same-day ACH enhancements that will allow originating depository financial institutions (ODFIs) that want same day ACH processing the option to send same-day transactions to accounts at any receiving financial depository institutions (RDFIs). CUNA says not enough consideration was given to the burden this could place on credit unions. [9/24/15]

NCUA is citing the return of control of Key Federal Credit Union in Key West, FL to its members as a great success story.  NCUA conserved the credit union in 2009 when its net worth ratio fell to 2.37%. As of June, 2015, its net worth had risen to 5.75%. [9/24/15]

CUNA President/CEO Jim Nussle has announced plans to reduce membership dues in 2016. With the number of credit unions declining, this represents a reversal of the trend over the past four years when dues have steadily risen. [9/24/15]

Not a headline you expect to see, but Bank of America has pledged $10 million to the National Foundation of Community Development Credit Unions.  The money is to go the Federation’s Community Investment Program, which provides money to CDCU’s to increase liquidity, boost net worth mitigate risk, and develop new products. [9/24/15]