Links in “Credit Unions”

The CFPB has issued guidance to address a concern that consumers who receive vouchers from the Section 8 Housing Choice Voucher (HCV) Homeownership Program may be facing discrimination when applying for credit.  Regulation B prohibits discrimination against applicants who receive income from public assistance. [5/13/15]

The Senate Banking Committee unveiled its proposed regulatory relief bill that provides a number of measures that will benefit credit unions with relief from annual privacy notices and a safe harbor for certain qualified mortgages held in portfolio. The proposal also requires that the NCUA conduct a study of the impact of RBC2 on mortgage servicing assets. [5/13/15]

Chances are you haven't crammed for a final in quite some time. But why not give the FFIEC Cybersecurity Exam the old college try? Recently, the FFIEC released several statements to aid financial institutions in not only preparing for a cybersecurity exam, but also in creating a sturdier standard of defense against the almost inevitable threat of cyber attack. [5/12/15]

The NCUA has been ranked as a “best place to work” for minorities, women, veterans and Hispanics.  This is the first year that the agency, which has received high rankings in the past, was recognized in all four categories. [5/12/15]

NCUA’s proposed rule that makes changes to its share insurance rule was published in today’s Federal Register.  The rule provides for pass-through share insurance on IOLTA accounts and other similar escrow accounts.  Comments are due by July 13, 2015. [5/12/15]

The CFPB and the DOJ report they are using different screening methods that are revealing more evidence of redlining. With this data, the CFPB has taken action against Nationwide Biweekly Administration, Inc. for falsely representing that consumers would save money through its program. [5/12/15]

Kaspersky Lab reports that there were 2.2 billion malicious attacks on computers and mobile devices in the first quarter of 2015 alone.  The data shows that the trend is towards mobile device attacks that attempt to steal or extort money and/or financial data from users. [5/12/15]

That appears to be the question that has brought the FBI into the case of a $1 million robbery at Achieve Financial Credit Union in Bristol, CT.  CFO Matthew Yussman had claimed that two men broke into his home, strapped a bomb to his chest, and forced him to rob his credit union, but conflicting stories and a failed lie detector test have caused law enforcement to take another look. [5/11/15]

Based on recent CFPB enforcement actions, it’s clear that financial institutions need to look beyond just technical compliance for their marketing materials, and keep in mind that perception may not be reality.  Be sure that your message is always clear, concise, and true—and pay particular attention to “bad” publicity. [5/11/15]

A judge has denied the request of five financial institutions, including one credit union, to stop a proposed settlement between Target and MasterCard. The five had argued that the settlement was far less than the issuers’ actual damages, was not properly calculated, was negotiated without consulting the issuers, and could pressure other issuers to accept the offer or risk losing the ability to issue MasterCard products. [5/11/15]