Links in “Credit Unions”
- CU Fraud Felon Forfeits $1 Million Lottery Winnings
According to Billy Joel, âOnly the good die youngâ and it appears the bad win lotteries. John Struna, an Ohio businessman,  purchased his lottery tickets with money he stole from Taupa Lithuanian Credit Union. Then his luck ran out. He was convicted of bank fraud and now a judge has ordered that he use his winnings to pay restitution. Struna is also serving a 3-year sentence in a federal prison. [2/24/15]
- Email Marketing: When to Opt-In and When to Opt-Out
If members who has supplied you with their email address elect to opt-out of marketing messages, credit unions typically discontinue all marketing messages. However, proactively providing members with a range of opt-in choices upfront may be a more effective approach. [2/23/15]
- How the NCUA Targets CUs to Audit for Fair Lending
Fridayâs webinar sponsored by NCUA highlighted how the agency selects the 25 credit unions it will audit for Fair Lending compliance in 2015: HMDA data outliers; member and whistleblower complaints; prior regulatory violations; general compliance risks; and recommendations from field examiners. NCUA also plans to conduct 50 offsite supervisory contacts this year, as well. [2/23/15]
- A Look at FFIEC’s Business Continuity Updates
Here's a look at the FFIEC's recent updates to business continuity planning guidance, which devoted much of its attention to third parties. [2/20/15]
- How Can a $24 Million CU Deal with Regulations Designed for Billion Dollar Banks?
President of $24 million credit union says institutions under $50 million are besieged. "If something does not happen right now, there won't be any of us left in five or 10 years." [2/20/15]
- Number of Troubled CUs Declines
NCUA reports that there are 12 fewer troubled (CAMEL rating of 4 or 5) CUs than the previous quarter, and 31 fewer than a year ago at this time. [2/20/15]
- NCUA Charters First Credit Union in 2015
The Finest Federal Credit Union has received a charter to serve the law enforcement agencies in New York City. The credit union, which has a potential field of membership of over 74,000 people, also received a low-income designation. [2/19/15]
- Debit Card Rewards Programs Are Back With a Twist
When the Durbin Amendment set a cap on interchange fees for debit cards, most card issuers abandoned their rewards programs due to their high cost. To the delight of consumers, those programs have come roaring back, but with a new twist. Credit unions and other card issuers are shifting the cost for the rewards programs away from the financial institution to retailers and other third party reward program providers. [2/19/15]
- Strong Discussion Scheduled for CUNA GAC Conference
Attendees at this yearâs CUNA GAC will be meeting with their Congressional representatives to discuss the importance of preserving the tax exempt status, stopping merchant data breaches and improving data security standards, as well as avenues for regulatory relief for credit unions. [2/19/15]
- Are Data Breaches Becoming an Epidemic?
According to credit unions responding to a recent NAFCU survey, the answer is âyes.â The survey data shows that on average credit unions spent $226,000 and 1,600 man hours last year dealing with credit and debit card fraud issues caused by merchant data breaches. [2/19/15]
