Links in “Credit Unions”

BVS Performance Solutions is suing the Credit Union Executive Society (CUES) for breach of contract claiming that CUES didn’t perform certain marketing activities called for under a 2011 agreement. BVS Performance Solutions provides staff training and member education services. [8/18/15]

Alabama One Credit Union President/CEO John Dee Caruth says he has proof the government engaged in a conspiracy against him, several of his colleagues, and his credit union. Caruth has dozens of emails and other documents that he claims show that attorney Justice D. “Jay” Smyth, III conspired with his political friends to force the credit union to settle pending lawsuits for millions of dollars. [8/17/15]

Maybe not. Credit union directors should take note of a pending appeal in a prominent federal case that would lower the standard for liability for bank directors from “gross negligence” to “ordinary negligence.” If the appeal succeeds it means directors could be sued in situations  where they believed they were acting in the best interests of the credit union—but, in hindsight, made a costly business mistake. [8/17/15]

If you weren’t able to attend the NCUA’s July town hall meeting you can now access an audio recording and transcript of the meeting from the NCUA’s website. The webinar addressed issues such as supplemental capital, fields of membership, cybersecurity and regulatory relief. [8/17/15]

FNMA and FHLMC do not currently purchase loans secured by manufactured homes, but that could change. The Federal Housing Finance Agency is working on a proposal that would require the GSEs to purchase loans for manufactured homes where 2/3 of the loan is secured by the vehicle and not the real property. [8/17/15]

A new device has been found in use in ATMs in Mexico that can read data directly off of a chip-enabled debit or credit card. The “shimmer” as it’s being called, acts as a shim between the EMV chip and the chip reader, and records the chip data as it’s being read by the ATM. [8/14/15]

The Office of Personnel Management has requested bids from private contractors to provide government-wide identity monitoring data breach response and protections services. As a result, current and former federal government workers may not receive breach notifications until Thanksgiving. [8/14/15]

It was working like a charm until the duo tried to make a fraudulent cash advance at Municipal Credit Union in Sioux City, Iowa. The scheme involved the use of fraudulent credit cards that were presented for cash advances at multiple financial institutions in multiple states. When the cash advance was denied, the couple encouraged the tellers to contact the customer service number, which was manned by an accomplice who authorized the transactions. [8/14/15]

A recent survey asked a cross section of credit unions and banks what issues their examiners focused on most during their last exam. The top three concerns: insensitivity to market risk; liquidity; and asset quality. [8/14/15]

Consumer Reports is out with its list of companies that offer the best and worst in customer service. Number one on the list…..credit unions!  Credit unions beat out auto insurance companies, brokerage firms, pharmacies, and fast food restaurants for the top spot. Dead last….appliance repairmen and computer tech support. [8/13/15]