Links in “Credit Unions”

Two Florida men have been arrested for running a sham company and controlling a small, low-income New Jersey credit union in order to operate an unlicensed Bitcoin exchange. According to New York federal prosecutors, the scheme was designed to launder money for criminals. [7/23/15]

The Senate Appropriations Committee will be marking up a bill today that contains numerous regulatory relief measures that will benefit credit unions, including the ability of privately-insured credit unions to join the Federal Home Loan Bank to requiring that NCUA conduct public budget hearings. [7/23/15]

If you can call it "happy," the Dodd-Frank Wall Street Reform and Consumer Protection Act turns five years old today. And Democrats and Republicans aren't shy in showing their opinions. [7/22/15]

Last week, the CFPB and DOJ announced a settlement to resolve alleged discriminatory auto lending practices by American Honda Finance Corporation against minority borrowers. Honda's settlement with the DOJ is subject to court approval. [7/22/15]

The Consumer Financial Protection Bureau has issues a final rule delaying the effective date of the Integrated Disclosure Rule to Saturday, October 3, 2015. In addition to the final date, the rule makes it clear the CFPB will not be giving any sort of grace period or dual compliance. The CFPB does reiterate that they will be "sensitive." [7/22/15]

A former U.S. Marine has allegedly stolen $138,789 from Navy Federal Credit Union accounts belonging to his fellow marines. He was charged with five counts of bank fraud, four counts of fraudulent claims, and one count of fraud with identification documents. [7/21/15]

The NAFCU will monitor today's mark-up by the Senate Finance Committee of a package of business and individual tax provisions know as "tax extenders." Two of these extenders would benefit credit union members with mortgages, allowing them to exclude forgiven mortgage debt from their income. [7/21/15]

Major retail photo sites have been the target of a cross-company credit card information breach. CVS, Rite Aid, Sam's Club, Costco, Walmart Canada, and several other retail chains have suspended their online photo services following the possible breach. [7/21/15]

Samsung Pay has been debuted in Korea with trials of it's mobile payment service in preparation for a full rollout. The mobile payment technology utilizes near field communication and card readers with magnetic secure transmission technologies, meaning it's already fully compatible with most POS terminals. [7/20/15]

Part 2 of this NAFCU blog post continues the break down of different portions of NCUA's MBL proposal and highlights key issues they need feedback on. This part discusses the scope and applicability of NCUA's proposed exemption for small credit unions from this rule. [7/20/15]