Links in “Credit Unions”

There will be a U.S. House subcommittee hearing on regulatory burden from a regulators perspective in congress this week. It will host a number of witnesses from federal regulatory agencies, including the NCUA. [4/21/15]

CUNA has reiterated in the comment letter it submitted to NCUA that RBC2 is unnecessary and should be withdrawn. CUNA asserts that NCUA has no legal authority to establish a two-tiered RBC structure, and that there is no evidence that had RBC2 been in place prior to the financial crisis that the losses would have been less. CUNA also offers additional recommendations for revisions to the proposed rule. [4/20/15]

Operation Choke Point, a Justice Department initiative, allows the Financial Fraud Enforcement Task Force to investigate whether financial institutions and payment processing companies are enabling fraudulent activity. In a letter to the House Financial Services Committee, NCUA Chair Debbie Matz wrote that the agency does not dictate to credit unions which accounts they can open as long as the business qualifies for membership. Some credit union leaders may disagree. [4/20/15]

Fraudsters are using social engineering and stolen credit card information to penetrate vulnerabilities in call centers to activate new Apple Pay accounts. Experts say that mobile technology could keep these threats at bay. [4/20/15]

CUNA, who just joined the offense against Home Depot, is encouraging credit unions to join the class action suit before the deadline. Parties must be identified and evaluated within the next two weeks. [4/17/15]

A new study from Gallup noted that both managers and employees alike are not engaged with their work. Only 13% of employees and 35% of managers say they feel truly engaged while at work. And the effect is "cascading." [4/17/15]

Will RBC2 actually keep credit union assets safe? Or is the logic surrounding RBC2 somewhat flawed? These, and other questions, are being raised as the comment period for the RBC2 proposal draws near an end. [4/17/15]

At the NACUSO's Annual Conference attendees were encouraged to examine their institutions for areas with hard to use technology. These "customer pain points" are areas where consumers become frustrated with available services, and present an opportunity for disruptor's to come in with a better, faster, or easier service, ultimately pulling members away. [4/16/15]

The NCR launched a new product which may help move ATM software to the cloud. The new software platform runs self-service devices remotely, and could reduce the cost of ATM ownership by 40%. The system is already being piloted in ATMs in San Francisco and Plano, Texas. [4/16/15]

CUNA agreed to join financial institutions plaintiffs nationwide in the lawsuit against Home Depot's huge data breach last fall. "We stand with our credit union members and believe consumers must be protected from merchant negligence."  [4/16/15]