Links in “Credit Unions”
- Before You Launch That Member Sweepstakes…
...here's what you want to know (besides the fact that sweepstakes are highly regulated and can raise significant compliance issues). [3/26/15]
- FDIC Chair Takes Heat for His Role in Operation Choke Point
Sean Duffy (R-Wisc) tells FDIC Chair that FDIC personnel who support Operation Choke Point "have no place in government and if you allow them to stay you have no place in government." [3/26/15]
- Where CUs and the CFPB Could Meet
While there may be much about the CFPB that gives credit unions heartburn, they both share something in common: both have as their touchstone a focus on consumer impact. [3/26/15]
- Advice You Can(‘t) Trust
"Advice you can trust." That was the caption beneath a life-size poster of an investment advisor in a Virginia credit union's lobbies last year. The poster is now gone and the investment advisor has just been sentenced to 10+ years for bilking millions of dollars from 20 credit union members. [3/25/15]
- Mergers of 11 CUs in February
The largest was the consolidation between a $335 million credit union and a $757 million credit union in California. Here's a rundown of the rest. [3/25/15]
- “NCU” Goes Phishing
NCUA issues a warning that an Australian phishing scheme is sending out emails from an NCUA lookalike called "National Credit Union," which is seeking to persuade consumers to provide personal information and transfer large amounts of money. [3/25/15]
- Spring Training for AML Monitoring
Spring training for Major League Baseball is winding to a close, which means opening day will soon be upon us. Over the course of a long season, the teams that have used their spring training wisely frequently find that it makes the difference between being a playoff contender and an also-ran. In a similar fashion, efforts to thoroughly validate an anti-money laundering system can pay off in the long run. How do you achieve a strong AML system? Here are four areas to work on to get you closer to post-season form. [3/24/15]
- CUNA Says CFPBâs Proposed Rule on Prepaid Accounts May Have Adverse Consequences
In a comment letter to the CFPB regarding its proposed rule on prepaid accounts, CUNA warns that applying Regulation E to prepaid accounts may not be appropriate and could result in these types of accounts being less accessible, particularly by the underserved. [3/24/15]
- Trade Associations Debunk Retailers Chip-and-PIN Claims
Retailers are telling lawmakers that a combination of chip-and-PIN technology will be the most effective way to prevent card fraud. Financial trade associations are crying foul, stating that 75% of merchants are still not able to accept PIN transactions, even for debit cards. [3/24/15]
- Are Freddie and Fannie Heading for Another Bailout?
According to a report released by the Inspector General for the Federal Housing Finance Agency, the answer is âvery possibly.â The report noted that income growth from guarantee fees may not be sufficient to offset the loss in income from retained portfolios. [3/24/15]
