Links in “Credit Unions”

The Treasury Department is now accepting electronic payments through the PayPal and Dwolla platforms. Through its secure web portal, pay.gov, payments can be made for loans, fines, Freedom of Information Act (FOIA) requests, and National Parks filming permits. [4/23/15]

August 1^st will be here before you know it. Are you sure you’ll be ready for a smooth implementation of the new TILA/RESPA integrated disclosures? Here’s ten questions to ask yourself to make sure you’re prepared. [4/23/15]

CUNA is using its grass roots action network to call out the troops (CU employees, volunteers and members) to contact their Senators and urge support for the Data Security Act of 2015.  This bill would impose stronger security standards on merchants and mandate that merchants notify consumers when a breach has occurred. [4/23/15]

That is the question that was addressed recently by the NAFCU Compliance blog.  Under the new integrated disclosure rules, there are specific requirements regarding when and how a credit union may have to provide a borrower with a refund of closing costs that exceeds the permitted tolerances. [4/23/15]

The CFPB and the FTC have announced that they have levied a $15 million civil money penalty and ordered restitution to consumers in the amount of $48 million to be paid by Green Tree Servicing, LLC.  The agencies found that the servicer had illegally failed to honor loan modifications for loans from other servicers, demanded payment before offering loss mitigation options, delayed decisions on short sales, and harassed and threatened borrowers—in some cases calling borrowers as many as 20 times per day. [4/22/15]

According to a recent survey conducted by the American Institute of CPAs (AICPA), one in every four Americans was affected in the past year by an information security breach.  As a result, 82% off those surveyed stated that they have changed their purchasing behavior and are using more cash and checks, and 40% reported they have reduced their online presence. [4/22/15]

In this month’s The NCUA Report, NCUA Chair Debbie Matz provides details about how the agency could allow for supplemental capital. Matz stated that the NCUA might count certain forms of subordinated debt (which could be extended to both members and nonmembers)  as supplemental capital for the risk-based capital ratio.  Matz added that the supplementary capital would not be insured and detailed other changes that would have to occur to make this change possible. [4/22/15]

Two bills, the Protecting Cyber Networks Act and the National Security Protection Advancement Act, are scheduled to be voted on today and tomorrow in the House.  The bills both aim to establish clear communication channels for cybersecurity information between government agencies.[4/22/15]

Several community institutions have led the way in developing apps for new smart watches. As the apps can be almost identical to regular smart phone apps, it may be well worth your while to invest in new app development to keep up with the smart watch trend. [4/21/15]

A cybersecurity expert who steals credit cards and hacks accounts to expose weak points discusses the common problems he encounters in financial organizations security. What does he state is a credit unions best defense? Employee and member education. [4/21/15]