Links in “NAFCU”

According to credit unions responding to a recent NAFCU survey, the answer is “yes.”  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]

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]

While the proposed changes to the mortgage rules just issued by the CFPB will benefit many credit unions, both NAFCU and CUNA still have concerns that the proposed rule does not go far enough. On the plus side, the small lender exemption limit from ATR/QM requirements could increase from 500 mortgage loan originations per year to 2,000 per year. However, since credit unions didn’t cause the mortgage abuse that led to stricter regulation, the trades continue to argue that all credit unions should be exempt. [1/30/15]

The error tolerances for the new Loan Estimate disclosure that goes into effect on August 1^st are not the same as the error tolerances for the current Good Faith Estimate. NAFCU’s blog unravels the mystery surrounding these difference and provides a handy reference chart. [1/28/15]

NAFCU staff have sharpened their pencils and have calculated that the real cost of the proposed two-tier risk-based capital proposal is $760 million more than the cost of a one-tier system. NAFCU states that the much lower costs quoted by NCUA do not take into consideration the capital cushion that most credit unions maintain in order avoid prompt and corrective action consequences. [1/26/15]

The Supreme Court has declined to hear an appeal filed by retailers to overturn a lower court opinion that held that the Federal Reserve Board acted within its authority in setting the current cap on debit card interchange fees. NAFCU and CUNA both commended the court for its action, but continue to argue that the current caps are too low. [1/21/15]

While CUNA and NAFCU praise NCUA for incorporating many of their recommendations into the revised risk-based capital proposal, they say that given the healthy capital ratios across the industry, the millions of dollars it will cost to implement the RBC rule just aren’t warranted. [1/16/15]

NAFCU doesn't seem too happy about NCUA’s announcement that it is considering a rule that would require institutions to encrypt member data when giving it to examiners. NAFCU claims that the agency should look to enhancing its own internal policies and procedures, rather than imposing yet another rule on credit unions. [1/8/15]

According to NAFCU and CUNA the answer is “yes” and it is the reason that retailers need to be subjected to the same level of regulation as financial institutions. Specifically, NAFCU and CUNA are telling Congress that retailers must be required by regulation to protect consumer data, as well as being required to notify consumers when  a breach has occurred. See also. [11/13/14]

This Friday, NAFCU is hosting a free webcast with Mastercard Vice President of Emerging Payments Rita Ramirez who will be discussing Apple Pay and other new consumer payment technologies. The one-hour webcast, which will begin at 2:00 pm EST on the 14^th, is open to both members and nonmembers. [11/10/14]