Links in “Credit Unions”

According to CUNA, credit union membership grew over 3.6% in 2014—nearly four times faster than the U.S. population growth—and now exceeds 102 million. An improving economy and lower unemployment has also led to the largest annual growth in loans since 2005. [1/6/15]

Experian has announced that it will be offering credit scores and credit tracking services directly to consumers. The service will provide consumers with information about the factors that affect their scores and alert them when their credit scores change. [1/6/15]

Find out if you can answer the seven most practical questions likely to affect your credit union operations in 2015. [1/6/15]

Management confirmed that an investigation is underway, but did not report how many locations or which locations were affected. An anonymous source claims that the primary locations impacted by the breach are located in Georgia, Maryland, Pennsylvania, Texas, and Wisconsin. [1/5/15]

NCUA has issued prohibition orders against six former credit union employees. Three of the six were from OTS FCU in Honolulu, which was described by the FBI as a “den of thieves.” Losses at the $12 million credit union exceeded $400,000. [1/5/15]

The FFIEC has released an updated version of its Guide to HMDA Reporting: Getting it Right that includes the new 2015 asset threshold and the information guide letter issued by the CFPB. [1/5/15]

In light of President Obama’s move to re-establish diplomatic relations with Cuba, the Treasury Department’s Office of Foreign Assets Control (OFAC) has announced that it will be making changes to its Cuban Assets Control regulations. Watch for these changes to be announced in the coming weeks. [12/31/14]

Two large credit unions in Oregon—$914 million Rogue Credit Union and $885 Oregon State Credit Union—are converting to state charters effective January 1, 2015.  Both claim that the field of membership limitations under the federal charter were inhibiting their ability to grow and expand their membership base. [12/31/14]

Five bills that were important to the credit union industry and that passed the House were not brought up for a vote by the Senate before it recessed for the year. Find out why the Reg. D study, Privacy Modernization Act, FHLB membership, private deposit insurance bills, the qualified mortgage calculation bill, and the changes to the rural designation process matter to you. [12/31/14]

The asset qualification threshold for HMDA reporting will increase from $43 million to $44 million for 2015. The threshold is adjusted each year based on the annual percentage increase in the average Consumer Price Index for urban wage earners and clerical workers. [12/30/14]