Links in “Credit Unions”
- PCI Council Issues New PIN Security Requirements
The Payment Card Industry (PCI) Security Standards Council has released v2.0 of its PIN Security Requirements. This program identifies the standards for secure management, processing, and transmission of PIN data at ATMs and POS terminals and also includes testing protocols. [12/23/14]
- Attorneys General Say DoD Lending Not Tough Enough
Attorneys General from 22 states are saying that the DoD didnât go far enough with the proposed Military Lending Act to protect service members from predatory lenders. In particular, they cite the fact that the proposed rule allows for an exemption from the MAPR calculation for reasonable and customary âbona fideâ fees, which they believe could result in even higher fees for applicants. [12/23/14]
- Staples Confirms Data Breach Affected 1.16 Million Cards
Staples has confirmed that its massive data breach affected 1.16 million cards at 115 of its stores nationwide between July and September. They further confirmed that the cyber criminals were able to steal payment card names, card numbers, expiration dates, and card verification numbers. [12/22/14]
- Matz Says IOLTA Accounts Can Be Insured Now
NCUA Chair Debbie Matz announced that while NCUA will be revising its regulations, the new parity law signed by President Obama last week means that IOLTA accounts at credit unions are federally-insured now. [12/22/14]
- Size Doesnât Matter When Creating an Efficient Credit Union
Callahan and Associatesâ recent report that identifies the 20 credit unions with the best efficiency ratios was based on Call Report data for all federally insured credit unions with more than $20 million in assets. Of the top 20, the largest is $6.7 billion Star One CU in Sunnyvale, CA, and the smallest is $23.8 million Consumers Cooperative FCU in Alliance, NE. Learn their secrets! [12/22/14]
- Risk Watch 42: The New BSA/AML Examination Manual
Itâs been nearly half a decade since the FFIEC and FinCEN have released a new update of the BSA/AML Examination Manual. In this video, AffirmXâs senior analyst, Coppelia Padgett, provides an overview of critical changes. [12/19/14]
- New York Adopts Expanded Field of Membership Bill
Despite being known as a bankersâ stronghold, New York has adopted a proactive credit union law that will allow state-chartered credit unions to combine Select Employee Groups (SEGs), association groups, and community areas in a single field of membership. [12/19/14]
- NCUA Urges DOD to Exclude CU Payday Alternative Loans from Proposed Military Lending Rule
NCUA Chair Debbie Matz has sent a letter to the DOD urging them to continue to permit federal credit unions to make payday alternative loans (PALs) to military personnel and their family members, if the loans are made in accordance with NCUAâs current PAL regulation. [12/19/14]
- Obama Signs IOLTA Bill
Yesterday, President Obama signed the âCredit Union Share Insurance Fund Parity Actâ that will allow share insurance coverage for escrow accounts, such as lawyersâ IOLTA accounts, which have been covered for some time under the FDIC for banks. NCUA may still have to make changes to its regulations before federally-insured credit unions can begin offering these accounts to their members. [12/19/14]
- Are Rumors That CUNA Mutual Is Cutting Aid to Leagues True?
Apparently, it depends on who you ask. Dave Adams, president/CEO of the Michigan Credit Union League & Affiliates, says the rumors are false that CUNA Mutual is planning to cut aid to state leagues and their service corporations. However, several other league presidents, including Diana Dykstra, president/CEO of the California and Nevada Leagues said CUNA Mutual is planning to reduce its support when the current contract expires at the end of 2016. [12/19/14]
