Links in “Credit Unions”

The NCUA and the AARP will be hosting a free webinar on June 24^th at 2:00 P.M. EST that will provide information about how to detect elder abuse. The panelists will discuss examples of fraud and scams, helpful prevention tips, guidance on how to safely conduct online transactions, and information about AARP’s Fraud Watch Network. [6/16/15]

According to CUNA, the NCUA needs to take an innovative approach to the FOM rules in order to better reflect how today’s members live, work, and play.  CUNA is recommending a 3-prong approach that includes, among other items, recommendations that would streamline the approval process, allow merging credit unions to retain both FOMs, eliminate the population cap on local communities, and expand the definition of community and TIP charters. [6/16/15]

The CFPB has filed suit against RPM Mortgage, Inc. for violating the Loan Originator Compensation Rule and the Consumer Financial Protection Act.  The suit alleges that the company CEO designed and implemented a scheme that allowed loan originators to receive compensation tied directly to the interest rate of the loan through their individual expense accounts. [6/16/15]

A new House bill would take the NCUA to task on its proposed RBC2 rule by requiring a public study on the appropriate capital requirements for federal and state chartered credit unions. The bill, which would delay the finalization of NCUA’s proposed rule, would also require the agency to explain its rationale for the risk weights assigned to specific assets and why credit unions should have similar or different capital requirements from other financial institutions. [6/16/15]

NCUA Chair Debbie Matz has sent a 3-page letter to the House Financial Services Committee in which she states that the pending budget transparency bill, which would require NCUA to hold “pre-decisional” public budget hearings, would undermine the agency’s independence. She also underscored that this requirement is without precedence and that no other financial institution regulator is subject to a similar requirement. [6/15/15]

It’s good to be a credit union CEO in Idaho. According to the latest report issued by the NCUA the median loan growth nationally for the past 12 months was 4.0%, but Idaho led the country with a loan growth rate of 13.4%. In addition, while the median asset growth nationwide was 1.8%, Idaho had an asset growth rate of 4.8% with only Alaska at 5.6% reflecting a higher asset growth rate. [6/15/15]

The FBI is reporting that it is seeing an increase in cyberattacks from a malware called “Punkey” named after the Punky Brewster TV character. The malware is designed to steal personal information from point of sale terminals and is increasingly being used in retail locations, such as restaurants, hotels, casinos and resorts. [6/15/15]

The NCUA’s Office of Inspector General has issued its audit report in which it finds that the agency does not require credit unions to encrypt member information during exams or use its tools to protect that information. The result is that sensitive member information could be at risk. [6/15/15]

Social media has broken down the traditional barriers between credit union and members. It's a pretty neat tool, but can also be tricky to navigate with compliance. This article offers 5 guidelines to taking advantage of social media while staying in check. [6/12/15]

CUNA is urging the exemption of credit unions from certain new Home Mortgage Disclosure Act (HMDA) Regulation C data reporting requirements. Concerns come from "particularly burdensome and prohibitive consequences on credit unions and their members." [6/12/15]