Links in “Credit Unions”

The CFPB is unwilling to exercise exemptions to credit unions, and credit unions are feeling that burden. Now CUNA and NAFCU have come together in letters to Congress saying that it is time to force the CFPB to enact such exemptions. And it looks like Congress is listening. [7/20/15]

Credit union fraud detection has proved to be so slow that thieves are often willing to pay more for stolen card numbers and other data involving credit union issuers. In fact, credit unions and smaller institutions are bigger targets than megabanks like Citibank or Capital One. The looming EMV conversion will likely make this problem worse. [7/16/15]

An NAFCU backed bill was introduced with intent to strengthen the small creditor exemption under CFPB regulations by applying it to all credit unions with assets of less than $10 billion.  [7/16/15]

Federal Reserve Board Chair Janet Yellen expounded for lawmakers that when the Fed decides to start moving interest rates back up, it will do so gradually, and a rate increase this year is likely if economic expectations bear out. [7/16/15]

The Alabama One saga continues with a lawsuit filed by the president/CEO, claiming he was defamed by a member who allegedly posted false accusations and representations. This member allegedly posted accusations he new to be false, claiming that the CEO "engage[d] in criminal conduct." [7/15/15]

A biometrics authentication company NXT-ID, Inc. has announced it has patented its behavior directed mobile payments technology. Such "behavior-metrics" recognize both the individual and the action of the individual. The technology is meant to identify an individual based on facial expressions, gestures, patterns drawn, or even PINs. [7/15/15]

The NAFCU reiterated to congress its strong opposition to the idea of placing credit unions under CFPB authority; instead, a spokesperson pressed for expansion of CFPB exemption efforts so all credit unions may be exempt from various CFPB rule-making. [7/15/15]

CUNA argues that consumers are harmed when the CFPB keeps credit unions from serving them. This was the message sent to the U.S. Senate Banking Committee in an advance hearing with Richard Cordray. [7/15/15]

Last week we brought you a story about NCUA Board Member Mark McWatters’ concerns about the lack of transparency with the collective bargaining process for NCUA employees. NCUA Chair Debbie Matz has now fired back commenting that, “As I’ve said before, it behooves Professor McWatters to step down from his ivory tower, come into the office for more than his typical three days per month and engage in our policy-making process.”  [7/13/15]

The NCUA has liquidated Trailblazer Federal Credit Union in Washington, PA and its deposits and members were immediately assumed by nearby Chrome FCU.  The credit union, which was determined to be insolvent with no prospect of returning to viability,  had 1,535 members and $4.1 million in assets. [7/13/15]