Links in “Credit Unions”

Score one for the financial institutions in their ongoing battle against retail giant Target over its massive data breach in 2013.  A district court judge has certified five financial institutions as a class, which paves the way for their lawsuit to move forward.  The judge further characterized as absurd Target’s argument that since financial institutions are not required by law to reissue cards they therefore did not have to incur reissue expenses. [9/16/15]

If it's been awhile since your credit union has filed a CTR or a SAR, now might be a good time to double check your system. FinCEN's director says it is investigating why a high number of credit unions haven't filed either CTRs or SARS in some time. She warns that smaller institutions don't get a pass because of their size, noting that criminals often target smaller institutions as "the weakest link." [9/16/15]

Being an effective collector is similar in many ways to being an effective salesperson. This 3-step guide recommends a new approach to collections based on research, effective communication and closing the sale. The end result should be about creating a win-win situation for both your member and the credit union. [9/16/15]

The NCUA has promoted Ralph Monaco to the position of Chief Economist to fill the vacancy left by John Worth, who left the agency in August. Monaco had been serving a Senior Economist for the NCUA since 2011 and holds a doctorate degree in Economics from the University of Maryland. [9/16/15]

The NCUA has recently launched its improved online Consumer Assistance Center portal. Technological enhancements streamline the process for consumers to submit inquiries, complaints, and additional documentation through a secure portal. Shortly, credit unions will also be able to use the portal to voluntarily submit complaint response information. [9/16/15]

We know that the recent changes to NCUA’s fixed asset rule affords federal credit unions more flexibility in acquiring and managing fixed assets. The lifting of the 5% cap on fixed assets has a more positive impact on smaller credit unions as a larger percentage of their assets are tied up in land and buildings (learn more about that in a recent Risk Watch). However, all federal credit unions can benefit from the ability to develop their properties to their full potential. [9/15/15]

In true credit union fashion, the California Credit Union League and other groups have established three funds to help communities devastated by the “Valley Fire” in Middleton, CA and other fires in Northern California. Contributions are needed to assist credit unions and their employees and members and information about where to send contributions can be found here. [9/15/15]

Although the CFPB has a pre-rule action on overdraft protection programs scheduled for this Fall, it is not likely that this will happen as the agency is still actively collecting data. Last week it issued a request for information on POS and ATM disclosures and has now requested that the OMB conduct a national survey of 8,000 consumers in order to gain a better understanding of how and why consumers use overdraft protection services. [9/15/15]

The boards of Mid-Atlantic Corporate Credit Union and First Carolina Corporate Credit Union have agreed to merge. If approved, the new corporate will retain its current offices. Mid-Atlantic President/CEO Jay Murray will become the CEO and First Carolina President/CEO David Brehmer will become the President of the new corporate. A vote by the members is not anticipated until 2016. [9/15/15]

If you are a credit union located in North Carolina, South Carolina, California, or Nevada, the answer is “Yes.”  While credit unions in the California and Nevada Credit Union Leagues will see an average increase of 3.97%, the largest credit unions in the Carolinas will see their dues increase by more than 30%. [9/14/15]