Links in “Credit Unions”

Mike Kelly has left his position as CEO of Payment Systems for Credit Unions (PSCU), a nationwide payment systems provider, effective immediately. PSCU is not commenting on the reason for Kelly’s abrupt departure, but stated that the COO, Tom Gandre, will be stepping in as interim CEO during the search for a new executive. [2/10/15]

If your vendors aren't ready for the next disaster, then neither are you. The Federal Financial Institutions Enforcement Council (FFIEC) has issued a new Appendix J to its Business Continuity Planning Booklet. The new appendix, entitled Strengthening the Resilience of Outsourced Technology Services, emphasizes the critical need for an effective third-party management program. [2/9/15]

NCUA Chair Debbie Matz says that they will begin providing an annual disclosure of the board members’ travel costs in order to further enhance budget transparency. NAFCU is urging the board to go a step further and resume public budget hearings. [2/9/15]

If your vendors aren't ready for the next disaster, then neither are you. The Federal Financial Institutions Enforcement Council (FFIEC) has issued a new Appendix J to its Business Continuity Planning Booklet. The new appendix, entitled Strengthening the Resilience of Outsourced Technology Services, emphasizes the critical need for an effective third-party management program. [2/9/15]

The New York Times reported that Fourth Corner, the nation’s first credit union chartered to serve the marijuana industry, is hamstrung because it has not been able to obtain approval for a master account with the Federal Reserve, which it needs for check cashing and money transfers.  The credit union reported that it has been waiting for 3 months for approval, a process that typically takes just days. [2/9/15]

At least, that’s what Dan Mica, former CUNA CEO, says. He admits it could be a challenging process to bring credit unions to Cuba’s 11 million residents, but is hoping to take a contingent of credit union and trade association executives there for exploratory talks later this year. [2/6/15]

A Senate subcommittee is looking at the security specifications in the Gramm-Leach-Bliley Act as a model for developing national data security standards. Of particular importance is the provision in the GLBA that allows it to preempt state law in order to create uniform national requirements. [2/6/15]

To help address the overlap caused by two different sets of loan disclosures (one for TILA and one for RESPA), the CFPB has finalized a rule with new, integrated disclosures. The implementation date—August 1—is looming. Get ready for the change with AffirmX Senior Analyst Coppelia Padgett. [2/6/15]

Do you know the red flags that regulators are currently watching to identify potential violations of fair lending requirements in marketing and advertising practices? This article looks at enforcement trends, the issues that need to be addressed regarding targeted marketing campaigns, and the need to ensure that differences in lending practices are based on credit-related factors. [2/6/15]

Multiple charges is an understatement. Jonathan Wade Dunning, former president of the now-liquidated Birmingham Financial Federal Credit Union, is facing  a 112-count indictment for bank fraud, money laundering, wire fraud, and conspiracy. [2/5/15]