Links in “Credit Unions”

Survey of IT professionals finds most organizations have gaping security holes when it comes to protecting themselves against insider attacks, putting themselves at risk for significant data loss and reputation damage. [4/10/15]

If you often wonder whether those SARs and CTRs you submit ever lead to investigations, the IRS annual report sheds some light. According to the report, the IRS opened 1,312 cases involving money laundering and 809 cases involving BSA issues with the majority of those investigations leading to prosecution and indictments. [4/9/15]

The NCUA is encouraging credit unions to aid in promoting financial literacy among their younger members. To that end, it is hosting a webinar entitled, “Your Mission in Action: Developing Youth Financial Literacy and Savings Programs” on April 22^nd at 2:00 P.M. EST. The 90-minute webinar is free to all attendees. [4/9/15]

The California and Nevada Leagues announced they are joining the class action lawsuit against Home Depot. Cybercriminals accessed the retailers payment systems resulting in the compromise of 59 million credit and debit cards and costing the credit union industry over $65 million. Thirty other credit unions and leagues have already joined the suit. [4/9/16]

A recent survey by Awareness Technologies revealed some surprising results. In the survey 66% of the credit unions reported that they had security controls in place, but 77% of the credit unions surveyed reported that they did not believe or were unsure whether those security measures provided complete protection against internal data threats. [4/9/15]

The Internet Crime Complaint Center has issued an alert warning about fraudulent government websites and web defacements.  Fraudsters are creating websites that mimic government websites with the intent of obtaining personal consumer information and, in some cases, fees for services that are never delivered.  Both the NCUA and a Montana credit union have been victims. [4/9/15]

Questions arise regarding why the credit union industry was kept in the dark about the NCUA's agenda for changes to the insurance fund. [4/8/15]

The time is right to advocate for regulatory relief on TILA-RESPA, HMDA, and Fair Lending. [4/8/15]

In response to a FOIA request, the NCUA finally releases a September 2013 white paper on the National Credit Union Share Insurance Fund. The paper recommends increasing the equity ratio far beyond current limits. That proposal is "really bad news," according to CUNA. [4/8/15]

A white paper released during April’s Financial Literacy Month reveals an alarming trend.  While student debt is rising, an increasing percentage of college freshmen state that they are less prepared to manage their financial responsibilities than any other responsibility they face in college.  This means there needs to be a greater focus on financial literacy while students are in high school. [4/7/15]