Links in “Credit Unions”

The Court of Appeals for the 10^th Circuit has revived a lawsuit that the NCUA had brought against Barclays Capital Inc. to obtain more than a half of a billion dollars in damages for Barclay’s role in selling mortgage-backed securities to US Central FCU and Western Corporate FCU.  Barclays had previously won at the District Court level by arguing that NCUA had waited too long to file suit. [3/4/15]

Mary Dunn, long-time CUNA Senior Vice President and Deputy General Counsel, is leaving her position effective April 3^rd. No reason is cited for her departure, but Dunn has agreed to continue to provide assistance to the CUNA Advocacy Team for an interim period after her departure. CUNA  restructured its management team in January and eliminated some positions. [3/4/15]

Application Programming Interfaces (API), one of the hottest trends in mobile banking, allows companies to integrate their applications with other company’s applications. For example, Uber is using an API to allow customers to arrange for a ride by pressing a button within the Open Table app. See what CO-OP is working on for credit unions. [3/4/15]

This is probably every credit union’s nightmare. A laptop that potentially contains member information is lost. This is the situation in which Piedmont Advantage Credit Union finds itself and it has notified its 46,000 members that member names, addresses, dates of birth, account numbers and social security numbers may have been on the laptop. [3/4/15]

According to Call Report data just released by NCUA, loan growth at credit unions in 2014 was the highest one-year growth rate since 2005. Loans grew in every major category and resulted in an overall loan-to-share ratio for the industry of 74.9%, the highest since 2009. [3/3/15]

A bill in the House would raise the member business lending cap to 27.5% of assets for eligible credit unions. These credit unions would be those that have met 80% of their MBL cap limit for the past 4 quarters, are well-capitalized, and can demonstrate a 5-year history of sound MBL underwriting and servicing. [3/3/15]

NCUA Board Member Mark McWatters is pledging that he will vote against the latest risk-based capital rule.  McWatters claims that the legal opinion NCUA used to support its two-tiered net worth standard is weak. [3/3/15]

A new bill has been introduced in the House that calls for a GAO study of NCUA spending and budgeting. This action comes on the heels of a Senate query about why NCUA does not hold public budget hearings. [3/2/15]

Here’s why we need federal legislation. Uber announced that it was the subject of a hack  during which  50,000 customers’ names and driver’s license information was stolen. Uber discovered the breach on September 17^th and just began informing its customers this past Friday. [3/2/15]

A new bill in the House would exempt loans made to veterans from the member business lending cap. The bill is identical to one introduced last year and is intended to support entrepreneurial opportunities by veterans. [3/2/15]