In the News
CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal Garnishments
America’s second-largest bank unlawfully garnished the accounts of thousands of its customers May 04, 2022 – The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America...
Kronos Cyber Attack Sparks Lawsuits Against Employers
Courtesy of Zack Needles, Credit Union Times Like malware and computer viruses themselves, the consequences of cyberbreaches have a way of spreading in unpredictable ways. A recent ransomware attack on...
Filene Info Session – Housing Insecurity: A Pervasive Problem
Housing was once the most common way most families-built wealth in America, but today, it is a primary driver of financial insecurity for millions of people. The problem of housing...
Ballot Proposal Would Cap ‘Predatory’ Interest Rates for Payday Loans
Courtesy of By Samuel J. Robinson, MLive.com A ballot committee is working to put a question on the November ballot that would stop payday lenders from charging “predatory” interest rates...
Crypto: a SWOT Analysis for Credit Unions
Late last month, the Filene Research Institute published a report on “The Path Forward for Crypto: What Credit Unions Need to Know“. Cryptocurrencies offer innovative possibilities but also pose many...
Members Only: NASCUS Posts Summaries on NCUA LTCUs and Risk Alerts
Letter to Credit Unions 22-CU-06: NCUA to Begin Phase 2 of Resuming Onsite Operations April 2022 Based on new guidance from the Centers for Disease Control and Prevention (CDC) and...
OPINION: What if Overdrafts Are Eliminated?
Courtesy of Moebs $ervices, moebs.com The result would be: 678.2 Million debit cards purchases of gas, groceries, dentist, etc., would be declined. 60 Million Americans’ ACH payments returned NSF for...
In the News: Former CEO Wants Members To Vote ‘No’
Courtesy of Ray Birch, CUToday.info The group opposing the merger of the $1.088-billion Vermont State Employees Credit Union—including its former CEO–with $1.94-billion New England FCU remains committed to blocking the...
OPINION: Why Multi-Factor Authentication Isn’t as Secure as Financial Institutions Think
Courtesy of Matthew Gracey-McMinn, Payments Journal “We would like to text or call you with a code.” That familiar phrase usually means multi-factor authentication (MFA) is in play. It’s an...
NCUA’s New Guide Simplifies, Clarifies Federal Credit Union Charter Application Process
The National Credit Union Administration released its new Charter Application Guide and other resources today to assist people who want to bring federally insured financial services to their communities by...
NCUA Board Member Rodney E. Hood’s Remarks at the Emerging Markets Coalition
Regulation is vitally important for the safety, soundness, and integrity of the financial system, and to ensure consumer protection and public confidence. Regulatory reform is perfectly consonant with those goals;...
Learn how to “Spot the Bot”
Last week the Cybersecurity and Infrastructure Security Agency published a quick guide on ID-ing Social Media Bots; automated programs that simulate human engagement on social media platforms. Social Media Bots use...