Links in “Credit Unions”

In a new blog post, the CFPB outlines the three day rule found in the new integrated mortgage closing disclosures, or the"Know Before You Owe" mortgage rule. [6/4/15]

The NAFCU and others have sent a letter to House and Senate leaders detailing concern over a burdensome reporting provision affecting credit unions and other financial institutions included in trade legislation. The "Trade Preferences Extension Act" would change current law to require credit unions, banks, and brokers/dealers to report to the IRS and members information related to all interest-bearing and non-interest bearing accounts. [6/4/15]

The Wall Street Journal has reported that a confidential FinCEN report identifies more than 50 credit unions as being vulnerable to money laundering.  While not citing any wrongdoing on the part of these credit unions, FinCEN is concerned that these institutions may not have sufficient due diligence and monitoring systems in place to address an increase in the use of smaller institutions by both money services business (that launder money) and drug traffickers. [6/3/15]

Credit unions are relying more on lending and less on long-term investments to generate income. Loan balances are up 11% from last year due primarily to an increase in auto lending. Delinquencies and charge offs are at their lowest level since 2007. [6/3/15]

It is estimated that one third of Americans will use remote deposit capture (RDC) by 2016.  Are you aware of the four most important trends that the industry is seeing in this area, including the rise of multiple image capture and the use of RDC to reload debit cards? [6/3/15]

The bad news is that Heartland Payment Systems, a debit and credit card processor, has suffered a second data breach. The good news, if you can call it that, is that this breach appears to have affected considerably fewer accounts. The first breach in 2008 affected over 130 million credit and debit cards, while it is believed that this breach will impact about 2,200 customers. [6/3/15]

If you’re unclear on the prevalence of DDoS issues, all it takes is a quick online search to turn up headline after headline of DDoS attacks. And those headlines are added to on an hourly basis; DDoS is an epidemic on the rise. Now, more than ever, it is crucial that your organization protects itself. [6/2/15]

A NAFCU webcast will be held on June 10, addressing "Critical Call Report Training." The webcast is for all credit union staff charged with providing their institutions' call reports to the NCUA and will address completing reports, avoiding common errors, etc. [6/2/15]

Australian-based Woolworths accidentally attached a sensitive Excel spreadsheet to a promotional email, unleashing a data breach of 8,000 gift cards containing customers' redeemable codes, names, and email addresses. The total amount of gift card worth comes to AU$1,308,505.  [6/2/15]

A new report from CUNA Mutual Group states that credit union member hold more than $1 trillion in savings. Credit union members had just over $1 trillion in their savings accounts in March 2015, which could be credited to an annual trend that has seen savings rise in March as members receive tax refunds and employment bonuses from the previous year. [6/2/15]