Links in “Credit Unions”
- Court Scheduled to Consider Class Action Request Concerning Target’s Data Breach
The U.S. District Court District of Minnesota will consider granting class-action status to financial institution plaintiffs with lawsuits against Target's massive data breach from winter 2013. If the class is certified, financial institutions would be allowed to join their claims against Target and seek damages as a class of plaintiffs, rather than as individuals. [9/9/15]
- A $133 Million Credit Monitoring Contract Set in Answer of OPM Breaches
The Office of Personnel Management and Defense Department have awarded a $133 million contract for identity theft protection and credit monitoring to Identify Theft Guard Solutions LLC. The identify theft protections and credit monitoring services will be offered to data breach victims as a free service for up to three years. Those who were affected will be notified later this month. [9/9/15]
- Former Credit Union CEO and Husband Charged for Embezzlement
The former CEO and her husband, a Baltimore County police sergeant, are now facing theft charges for allegedly embezzling more than $100,000 from the HealthCare United Federal Credit Union. Between the two there are multiple charges of theft and conspiracy to commit theft. [9/9/15]
- Bold or Just Plain Dumb: Embezzling from a Police CU
A former executive at Houston Police FCU is alleged to have created a highly sophisticated system that skirted redundant internal controls over a long period of time. [9/8/15]
- Hackers Breach Hawaiian CU Possibly Via Employee’s Email
Hackers may have breached Hawaii First FCU via unauthorized access to an employee's email account. It terminated the account, reset all passwords and started an investigation to learn what information was taken. [9/8/15]
- Uber = Uber Bad News for Taxi Medallion Lenders
Four New York City taxi medallion lenders foresee widespread foreclosures in the face of competition from Uber unless there is injunctive relief soon. [9/8/15]
- CUNA Asks DOL for Incremental Approach to Proposed Overtime Pay Changes
The DOLâs proposed changes to the rules governing overtime pay would increase the annual salary threshold for non-exempt employees from $23,660 to $50,440. CUNA has responded that 35% of credit unions have no employees earning more than $50,000 per year and has asked that the DOL consider an incremental approach to its proposed changes. [9/2/15]
- Do You Need to Be EMV Compliant by October 1?
If you are a credit card issuer the answer is âyes.â On October 1, the major card companies will shift the liability for counterfeit credit card transactions to the least EMV-compliant party for POS transactions. There is an exception to this date for POS sales at automated fuel dispensers, which have until Oct.1, 2017 to be in compliance. [9/2/15]
- CFPB Focus on Auto Lenders Could Cause Higher Loan Prices
According to the Wall Street Journal, American Honda Finance Company, a unit of Honda Motor Company, recently reached a settlement with the CFPB and the Justice Department over discriminatory loan practices. Following the settlement, Honda lowered one portion of its loansâ interest rates, but then raised the price of another component. Similar overhauls may be expected from other major auto lenders. [9/2/15]
- GM Puts Brakes on CU Discount Program
After almost seven years, GM has announced that it is ending the credit union member discount program that generated 400,000 new credit union loans worth $9.2 billion. An increase in sales had led GM and other auto makers to discontinue other incentive programs as well. [9/2/15]
