Links in “Credit Unions”

Fraud growth is accelerating at a faster pace than purchase volume. Unfortunately, more than $5 of every $100 spent worldwide was spent on fraudulent transactions, with the majority of those transactions occurring in the United States. [8/10/15]

If you’re a betting person, putting your money on prepaid payroll cards is a good bet. A recent report shows that the use of prepaid payroll cards will far eclipse the use of paper paychecks by 2019. The reasons are simple; they’re less costly to the issuer, provide instant access to funds without many of the fees associated with paper checks and most payroll cards offer protection against loss or theft. [8/10/15]

In a letter to a group of advocacy organizations, NCUA Chair Debbie Matz responded that the agency has no enforcement authority over CUSOs and other third parties that may be engaged in predatory lending. The advocacy groups had expressed concerns about loans issued through ITT Educational Services. However, Matz pointed out that all seven credit unions involved in this program had ended their relationship in 2012 following a warning from NCUA. [8/10/15]

“Masque attacks” are the latest malware that uses vulnerabilities in the Apple mobile operating systems to steal personal information and send it to a remote server. The malware looks like popular apps like Facebook, Twitter, and Google Chrome and is installed when a user clicks on a link in an email, text message, or fake advertisement. [8/10/15]

In a unprecedented move, a three-judge panel from the D.C. Circuit Court ruled unanimously that a small community Texas bank had the standing to challenge the constitutionality of the CFPB. The bank filed the suit after they were unable to continue issuing mortgage loans to lenders and complete wire transfers due to CFPB rules. [8/3/15]

For the most part financial institutions agree that they need to revamp their branch infrastructures. But the institutions don't seem to have any idea where to start. As a result, no infrastructure renewal takes place, and this leads to falling branch traffic, mounting costs, and outdated operations. [8/3/15]

A CUNA working group of credit union league representatives recently updated the Model Credit Union Act. The Act is a guide to help frame issues and initiate discussions within the credit union system and public policymakers. The updates were adopted to help the act meet current challenges and members' needs. [8/3/15]

Nearly $2 million was stolen by a former CU manager over a 13 year period. Kathryn Sue Simmerman would swipe money from the Shoreline Federal Credit Union  vault and hide it in her purse. Simmerman agreed to plead guilty to embezzlement and structuring transactions to evade reporting requirements. [7/31/15]

NCUA issued four orders prohibiting individuals from participating in the affairs of any federal insured financial institutions. All four individuals have been convicted on crimes while working for a credit union. [7/31/2015]

According the the analysis of more than 1,300 credit unions nationwide, 75% to 85% of credit unions plan to give raises this year. And more than 70% of credit unions polled said they offer some form of bonus or incentive pay to full-time employees. [7/31/15]