Links in “Credit Unions”

It could be. This smart wallet works without a smart phone or the cloud, can carry up to 10,000 cards, and claims stronger security controls than competitors. Wocket protects whatever information is stored on it on a tamper-proof, encrypted chip protected by a biometric voice print. Wocket users maintain full control over their information, so it never uploads card data to a server or stores it on devices such as a smartphone. [4/30/15]

The World Council of Credit Unions is coordinating with a number of relief agencies to provide assistance to employees and members of local credit unions in Nepal. The Council asks that all donations be made directly to the council at www.woccu.org/give.

NCUA has made it clear that cybersecurity will be a hot button issue for examiners this year. To help credit unions, NCUA is hosting a free, 90-minute webinar entitled, "Cybersecurity Basics” during which a panel of experts will discuss the precautions that credit unions should be taking and the consequences of not adequately protecting member information. [4/30/15]

A Maryland-based title company's executive and loan officers offered kickbacks in exchange for mortgage referrals. These kickbacks were funneled through a network of companies owned by the company and were in amounts ranging from $130,000 to $500,000. [4/30/15]

According to the FBI and local Tennessee authorities, three suspects are still at large for attempting to kidnap Y-12 FCU CEO Mark Ziegler. After breaking into his home, the suspects demanded that he go to the credit union and obtain cash to secure the release of his wife and son, who were being held as hostages.  When Ziegler didn’t return as quickly as the suspects expected, they released the hostages and fled. [4/29/15]

According to a recent survey by Accenture, consumers trust their financial institutions far more than any other type of institution to protect their personal information. In addition, the survey shows that 80% of those responding stated that they view their relationship with their financial institution as transactional and not necessarily for the purpose of having access to financial advice. [4/29/15]

This may sound like good news to the handful of credit unions that are directly examined by the CFPB, but industry experts suggest that the motive may be more political than practical and could affect other credit unions. They claim the CFPB could be positioning itself to use its self-created backlog to pressure Congress for an increased budget and, possibly, expanded examination authority. [4/24/15]

Pricing is one aspect of lending discrimination that is increasingly coming under focus. If you use a risk-based pricing model, your pricing must be based on a sound methodology that evaluates risks and costs and not simply based on what competitors are charging. [4/24/15]

Citing unsafe and unsound practices, the Ohio Division of Financial Institutions has placed $27.3 million Montgomery County Credit Union into conservatorship. The credit union’s doors will remain open with the NCUA overseeing the operations as the appointed agent for the conservator. [4/24/15]

The NCUA board is scheduled to look at a final rule that will automatically qualify more association groups into credit unions’ fields of membership, and to review a proposed rule that would allow credit unions to offer other forms of insured escrow accounts similar to IOLTA accounts. [4/24/15]