Links in “Credit Unions”

The Federal Reserve Board has issued a final rule that affects the interest payments on certain balances maintained by or on behalf of eligible financial institutions at federal reserve banks.  Going forward the interest payment on these balances will be based on the daily rate of interest instead of an average interest rate for the maintenance period. [6/22/15]

A former Pennsylvanian credit union assistant manager has agreed to plead guilty to aiding in bank fraud. She has also agreed to cooperate with federal prosecutors in providing information concerning the unlawful activities of others. [6/19/15]

That's what CUNA has to say about a proposed member-business lending (MBL) rule from the NCUA that moves to a principles-based approach. The rules would remove guarantee requirements, eliminate the need for waivers, and more. [6/19/15]

A large component of IT risk assessments that examiners are looking very closely at is the backup and recovery aspect. This article outlines four things about your Backup and Recovery plan that examiners want you to know. [6/19/15]

CFPB Director Richard Cordray stated that the bureau will propose a delay of the final implementation of the TILA/RESPA integrated mortgage disclosure rules until Oct. 1. The decision was made to correct an administrative error that was just discovered  concerning meeting federal law requirements. [6/18/15]

Virginia-based LastPass, a password managing service, disclosed and confirmed a breach of its databases. Hackers stole user email's and password reminders. [6/18/15]

The House Appropriations Committee has adopted language by voice vote which reflects concerns of CUNA and credit unions regarding the NCUA's continuing work to issues a risk-based capital (RBC) regime for credit unions. [6/18/15]

FinCEN is expected to release new enhanced due diligence requirements in August. The four key elements the new rule will address are: (1) identifying and verifying member identity; (2) verifying identity of beneficial owners of business entities; (3) understanding the nature and purpose of member relationships; and (4) conducting effective ongoing monitoring for suspicious activity. [6/17/15]

A bill recently introduced in the House would mandate that employers with 10 or more employees that do not offer a retirement must set up a retirement account for their employees.  This account, called a SAVE Up Account (Secure, Accessible, Valuable, Efficient, Universal Pension Account), would have to be funded by employer contributions based on a defined dollar amount that would be adjusted annually for inflation. [6/17/15]

Visa and MasterCard have confirmed that credit unions may disclose the name of merchants involved in data breaches.  This could eliminate some of the reputational risk when credit unions have to reissue cards to their members, but credit unions need to be careful to first confirm the name the merchant that has been breached in order to avoid potential legal issues. [6/17/15]