Links in “Credit Unions”
- Cybersecurity: How Would You Steal from Your Credit Union?
Regularly ask "How would I steal money from this credit union?" That's one of five key actions credit unions should take to bolster their cybersecurity, according to this presentation at the CUNA/NASCUS symposium. [8/25/15]
- Bricks and Mortar: Credit Unions and Banks Going in Opposite Directions
The trend in banking is in closing branches. But the opposite is true for credit unions. [8/25/15]
- Why Student Lending Might Be America’s Next Big Crisis
A report from the NY Federal Reserve Bank reveals that as of June 30th seriously delinquent student loans increased to 11.5% from 11.1% at the end of the previous quarter. This may not seem like a significant increase; however, only about 50% of student loans are in repayment; the balance are still in deferral status. If the delinquency rate is applied to only those loans in repayment, the actual delinquency rate becomes 23%. [8/24/15]
- A Closer Look at the NCUAs Rejection of Longer Exam Cycles
According to NCUA Board Member Mark McWatters, he was unaware of NAFCUâs request for extended exam schedules for certain  low-risk credit unions until notified by the CU Journal. McWatters stated that the lack of board debate on the issue is further evidence of the lack of transparency and collegiality within the agency. [8/24/15]
- Did Target Intentionally Delay Breach Notification?
Evidence has come to light that may show that Target intentionally delayed taking action on data breach alerts in order not to interrupt Cyber Monday. A Minnesota judge has ordered a 55-page document filed by attorneys representing five financial institutions that are suing Target for the breach to be unsealed. [8/24/15]
- Congress Demands Answers
Congress isnât happy and is demanding answers from the Office of Personnel Management related to the massive date breach that affected 21.5 million current and former federal government employees. The House Oversight Committee wants to know the precise date that the OPM contacted the US-CERT and has requested all internal OPM documents related to the breach. [8/24/15]
- Risk Watch 66: Four Elements of Effective Enterprise Risk Management
Enterprise Risk Management is a tricky one for financial institutions. But it all comes down to where your institution is today, where it wants to go in the future, and what elements stand in its way. Chris McCullock, Regulatory Counsel for AdvisX, breaks down these fundamental components of Enterprise Risk Management. [8/21/15]
- NY Times Spotlights Credit Union in Paperless Mortgage Closing Story
A recent article in the New York Times on the increase in paperless mortgage closings focused on the settlement process at Mountain America CU in Utah, which participated in a CFPB pilot program called eClosings. The Times reported that consumers like âgoing paperlessâ and found the electronic closing process made it easier to review documents in advance. [8/21/15]
- MasterCard Close to Settlement Agreement in Data Beach Lawsuit
Following close on the heels of the announced settlement between Visa and Target, MasterCard says it is close to an agreement, but the amount of the possible agreement was not stated. MasterCard issuers previously turned down a $19 million proposed settlement that would have given issuers about $1.90 per card. [8/21/15]
- NCUA to Issue Letter to Credit Unions on Fixed Asset Rule
NCUA Chair Debbie Matz says that the agency will issues a Letter to Federal Credit Unions concerning the fixed asset rule changes that eliminate the 5% cap on investments in fixed assets before the October 1 effective date. According to Matz, the letter will provide detailed guidance on examiner expectations and credit union responsibilities. [8/21/15]
