Industry News

Federal Trade Commission Begins New Operation to Combat Scams on Small Businesses

At the Federal Trade Commission (FTC), our mission is to protect consumers, including small business owners. That’s why, when we see scammers taking money from small businesses, we step in. The FTC announced Operation Main Street: Stopping Small Business Scams, a coordinated law enforcement and education effort with state and federal partners, as well as the Better Business Bureau (BBB),to stop scams that target small businesses.

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Griffith named Foundation Marketing and Communications Director

MADISON, Wis. – The National Credit Union Foundation (the Foundation) has announced the addition of Brian Griffith, CUDE, as the new Director of Marketing and Communications, effective July 16, 2018. Griffith will lead all the Foundation’s marketing, communications and public relations strategy and execution.

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NCUA Issues Second Quarter Newsletter

ALEXANDRIA, Va. – The National Credit Union Administration released today the second quarter edition of its online newsletter.

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National CU Foundation Releases 2017 Impact Report

MADISON, Wis. – The National Credit Union Foundation (the Foundation) has released their 2017 annual Impact Report entitled, “The Power of Your Giving”. This report highlights the work of the Foundation in 2017 to improve people’s financial lives through credit unions.

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NCUA Will Host Grant Initiatives Webinar

ALEXANDRIA, Va. – Low-income credit unions interested in applying for Community Development Revolving Loan Fund grants this year can obtain valuable information on an upcoming webinar hosted by the National Credit Union Administration.

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FinCEN Updates: Correction to Administrative Ruling FIN-2018-R002

Correction to Administrative Ruling FIN-2018-R002: Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Automatic Rollovers or Renewals

The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling on Wednesday, May 16, 2018 to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements for Legal Entity Customers (Beneficial Ownership Rule) with respect to certain financial products and services that automatically rollover or renew (i.e., certificate of deposit (CD) or loan accounts) and were established before the rule’s Applicability Date, May 11, 2018.

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Latest Data Breach, Chili's Restaurants

Some Chili's Grill & Bar restaurants were impacted by a data breach between March and April this year compromising customers' credit and debit card information.

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April 2018 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the April 19, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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46 CU Professionals Become Certified CU Development Educators (CUDEs)

Foundation’s First Transformational CU Training of the Year

MADISON, Wis. – 46 credit union professionals became Credit Union Development Educators (CUDEs) after being guided by dedicated program facilitators and mentors through the intensive Credit Union Development Education (DE) Training from the National Credit Union Foundation (the Foundation). The DE training was held April 18 – 24, 2018 at the Lowell Center in Madison, Wis. 

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New Study Shows U.S. Consumers See Personal Finance as an Educational Requirement

Equifax Financial Literacy Survey Shows that 90% of Surveyed U.S. Consumers Believe Personal Finance Should Be Required to Graduate From High School

ATLANTA – Equifax Inc. this week released the results of its annual Financial Literacy Survey, in which an overwhelming number of surveyed respondents said they thought personal finance should be a required course to graduate from high school. This is the third year Equifax has conducted the survey.

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Change a Child’s Life with Pocket Change!

Help out your local Children’s Miracle Network Hospital this Spring by participating in the Credit Unions for Kids’ Change a Child’s Life Coin Collection Campaign! It is a great way to engage members in your fundraising initiatives. Simply place the canisters at your teller stations and member services representatives’ desks and invite members to donate their loose change when they stop by the branch. It’s very easy for members to donate the change from a check they are depositing. Remember, a little bit goes a long way!

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CUNA Collections & Bankruptcy School set for Orlando

The 2018 CUNA Collections & Bankruptcy School has been set for Sept. 17-20 in Orlando, Fla. Designed for collections professionals of all experience levels, the school provides a credit union-specific view of best practices, regulations and hot topics in collections and bankruptcy.

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Income Tax Filing Deadline Today

Today is the deadline to file 2017 income taxes. If you haven't started filing yet, the IRS recommends using e-file or IRS Free File. Doing so reduces tax return errors as the tax software does the calculations, flags common errors, and prompts taxpayers for missing information, according to the IRS.

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Biz Kid$ Receives Emmy Nomination for Season 6

Fourteenth Emmy Nomination for the Youth Fin Ed Program

MADISON, Wis. – Biz Kid$ has been nominated for a National Daytime Emmy Award for Outstanding Writing in a Children’s Program for Season 6 by the National Academy of Television Arts & Sciences. The awards presentation will take place on April 29th, 2018 in Pasadena, Calif.

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NCUA Talks ACET Exams During CUNA/FS-ISAC Webinar

CUNA staff joined with the Financial Services Information Sharing and Analysis Center (FS-ISAC) Thursday to host a webinar featuring NCUA staff on its new Automated Cybersecurity Examination Tool (ACET). NCUA developed ACET in 2017, piloted it in the third quarter and began ACET examinations in federally-insured credit unions with assets above $1 billion in December.

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March 2018 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the March 15, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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Gigi Hyland Named Financial Literacy Advocate of the Year by Franklin Mint FCU

For her commitment to and active involvement in financial education, National Credit Union Foundation (the Foundation) Executive Director Gigi Hyland has been named 2018 Financial Literacy Advocate by Franklin Mint Federal Credit Union (FMFCU). She will be formally honored April 19, 2018 at the annual FMFCU Partners in Education Celebration, a premier academic achievement recognition event being held at Drexelbrook Corporate Events Center, Drexel Hill, Pa. 

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National Donate Life Month

Celebrated in April each year, National Donate Life Month features an entire month of local, regional and national activities to help encourage Americans to register as organ, eye and tissue donors and to celebrate those who have saved lives through the gift of donation.

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CUNA Offers Ways to Ease Call Reports for Credit Unions to NCUA

CUNA wrote to NCUA Friday to express it's appreciation for the agency's efforts to streamline the examination and supervisory process with an eye toward the future of the industry. The letter was sent in response to NCUA’s request for information on call report/profile content modernization.

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April is National Social Security Month!

National Social Security Month is celebrated in April and is dedicated to educating you about Social Security programs and services. From programs that help support you through life’s journey, to services that help put you in control, to systems that help protect what’s important to you, Social Security is committed to helping secure today and tomorrow for you and your family.

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National CU Youth Month Celebrates ‘The Science of Saving’

Science is supposed to be fun, and the science of saving will be full of awesome fun for young savers during National Credit Union Youth Month. With the theme “The Science of Saving,” America’s youth are encouraged to picture themselves in the future to make saving easier in the month of April.

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NCUA Posts New Share Insurance Fund Distribution Directions Online

ALEXANDRIA, Va. – Federally insured credit unions now can find online information about calculating and recording the planned Share Insurance Fund equity distribution from the National Credit Union Administration (NCUA).

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CUNA, FS-ISAC to Host NCUA for ACET Webinar on April 5

CUNA and the Financial Services Information Sharing and Analysis Center (FS-ISAC) will host a webinar with NCUA examiners to explain the new Automated Cybersecurity Examination Tool (ACET). The free webinar is scheduled for April 5, from 3 to 5 p.m. (ET), and registration is now open.

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Alert: USAA Notice to FIs Seeking Patent Licensing Fees - CUs Check Your RDC Indemnification Language

Early this year, credit unions across the country began receiving letters from a law firm, representing USAA Bank (USAA), inviting them to negotiate a patent licensing deal with USAA for the continued usage of remote deposit capture (RDC) technology. According to the letter, USAA was the first to develop and patent RDC technology. The law firm representing USAA claims the patent licensing campaign is an effort to recover “a small and fair portion” of the value USAA has provided to the financial industry.

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CFPB And FTC Partner to Report on 2017 Activities to Combat Illegal Debt Collection Practices

Report Provides Annual Summary of Actions Under the Fair Debt Collection Practices Act

WASHINGTON — The Consumer Financial Protection Bureau (CFPB) issued a report on the 2017 activities of the Bureau and the Federal Trade Commission (FTC) to combat illegal debt collection practices. The annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA) details the agencies’ efforts to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and policy initiatives.

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CFPB Issues Frequently Asked Questions on Bankruptcy Issues Under the 2016 Mortgage Servicing Final Rule

To support implementation of the 2016 Mortgage Servicing Final Rule, the Consumer Financial Protection Bureau (CFPB) is releasing a number of Frequently Asked Questions (FAQs) that address some common questions the Bureau has received related to mortgage servicing. The FAQs uploaded today are on mortgage servicing provisions addressing certain bankruptcy-related topics.

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February 2018 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Feb. 15, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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First CDFI Qualification Round Opens Today

ALEXANDRIA, Va. – Federally insured, low-income credit unions interested in becoming certified community development financial institutions may be eligible to use the National Credit Union Administration’s streamlined application.

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CU Reality Check Coverage: Leadership Coach Stacey Hanke Redefines Influence

VALLEY FORGE, Pa. – Influence isn’t something that we turn on and off. Influence means that your body language is consistent Monday to Monday. On Tuesday morning, author, body language expert, and credit union veteran, Stacey Hanke, gave attendees practical, tangible steps to take to be influential and stay influential.

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NCUA Board Adds to Closed Meeting Agenda

ALEXANDRIA, Va. – The National Credit Union Administration Board has added a second item to the agenda for its closed meeting scheduled for Wednesday, March 14, beginning at 1:30 p.m. Eastern.

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CU Reality Check Coverage: Rich Jones Poises Us for Disruption and Innovation

VALLEY FORGE, Pa. – Disruption can come in many forms. Leadership. Technology. Consumer expectations. Are you prepared? Rich Jones, President/CEO/Principal for the strategic planning company Leading2Leadership LLC, reviewed digital disruption that has already happened and what we can expect down the pike.

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CU Reality Check Coverage: Filene’s Erin Coleman Introduces You to Your Future Member

VALLEY FORGE, Pa. – “To know where you’re going, you have to look back at where you’ve been,” said Filene Senior Impact Director Erin Coleman as she took attendees back in time to when Edward Filene and Roy F. Bergengren pioneered the credit union movement during her “Meet Your Future Member” session.

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CU Reality Check Coverage: CMFG Ventures’ Sam Das Makes the Case for Fintech

VALLEY FORGE, Pa. – What are you currently doing to address emerging fintech companies? The majority of CU Reality Check attendees are “researching and seeking to understand,” according to poll results. Sam Das from CMFG Ventures used this as a launching point when presenting “Fintech: Friend or Foe” on Tuesday afternoon.

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AACUC Continues to Increase Diversity Among Credit Unions

Every inspired idea has to start somewhere. For the African-American Credit Union Coalition (AACUC), it started with a simple conversation among a group of Georgia credit union professionals, who shared a desire to get to know other African-American professionals in their industry. 

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National CU Foundation Honored with President’s Volunteer Service Award on Behalf of America’s CUs

CUs Awarded for Support of Junior Achievement USA

NEW YORK – On behalf of America’s credit unions, the National Credit Union Foundation (the Foundation) was honored with the U.S. Gold President’s Volunteer Service Award for the 2016-2017 school year. This award was presented by Junior Achievement (JA) USA, an official certifying organization for this award, at JA’s 2018 Volunteer Summit on March 13th for the over 15,000 volunteer hours dedicated to Junior Achievement programs by America’s credit unions.

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CU Reality Check Coverage: PCUA President/CEO Patrick Conway Kicks Off Collaborative Conference, Keynote Speaker Nick Tasler Demonstrates How to Be an Effective Decisions-Maker

VALLEY FORGE, Pa. – Drawing parallels between the tired, weary troops that arrived in Valley Forge years ago to recuperate and reinvigorate, and this week’s CU Reality Check conference attendees, Pennsylvania Credit Union Association President/CEO Patrick Conway welcomed attendees Tuesday morning. Thanking conference sponsors, attendees, and the board and staff members of the three collaborating credit union associations—the Maryland | DC Credit Union Association, the Pennsylvania Credit Union Association , and the New Jersey Credit Union League—he kicked off the 2018 Credit Union Reality Check Conference at the Valley Forge Casino Resort.

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National CU Foundation Calls for Proposals from CUs to Develop Financial Health KPIs

Grant Funds Available to Measure & Improve Members’ Financial Health

The National Credit Union Foundation (the Foundation) is looking for credit unions to submit proposals to work with the Center for Financial Services Innovation (CFSI) to develop financial health-related key performance indicators (KPIs) to measure the financial health and business impacts of their products and services. The deadline for credit unions to submit their applications is April 6, 2018.

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CFPB Seeks Input on Complaint Reporting Process

The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) today on its complaint reporting process, the latest in a series of RFIs issued by the Bureau.

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DDoS Attacks in the Payments System Are a Growing Threat

Unfortunately, credit unions, banks and other financial institutions know all too well the potential effects distributed denial of service, or DDoS, attacks can have on information technology systems and Web sites. However, over the last year, credit unions, banks and other financial institutions have increasingly seen similar DDoS-style attacks that have left Automated Clearing House systems nearly incapacitated by massive amounts of fraudulent transactions.

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Nussle Fields Questions From GAC Attendees During Town Hall

CUNA President/CEO Jim Nussle took to the main stage at CUNA’s Governmental Affairs Conference (GAC) Tuesday afternoon to hear from the more than 5,200 in attendance during his town hall.

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Maurice Smith Named 2018 CUNA Board Chairman

Self-proclaimed “credit union nerd” Maurice Smith addressed the CUNA Governmental Affairs Conference (GAC) Tuesday for the first time as CUNA board chairman.

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NCUA Board Member Rick Metsger Speaks at 2018 CUNA GAC

WASHINGTON – Jim Nussle, CUNA president/CEO, released a statement after NCUA Board Member Rick Metsger spoke at the 2018 Credit Union National Association Governmental Affairs Conference (CUNA GAC) on Tuesday, February 27.

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Castro, Hampel, Purvis and Mitchell Honored by National CU Foundation

Individuals Recognized at the 30th Annual Wegner Awards Dinner

WASHINGTON – The National Credit Union Foundation (the Foundation) presented four Herb Wegner Memorial Awards at its annual dinner Monday night at the Marriott Marquis in conjunction with the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. Andy Janning, CEO and Founder of Man on Fire Enterprises, served as the night’s emcee.

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CU Voice Critical, Must be Heard Nussle Tells GAC Crowd

The credit union voice is critical, and it needs to be heard, CUNA President/CEO Jim Nussle told attendees Monday at CUNA Governmental Affairs Conference (GAC) during his address. Nussle's speech was streamed live over Facebook and has been viewed more than 1,400 times as of Monday evening. 

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Former President Bush Gives Keynote Address at GAC

WASHINGTON – At the CUNA Governmental Affairs Conference (GAC), 5,000 credit union professionals from around the country gathered to hear George W. Bush, 43rd President of the United States, discuss the current political, cultural, and financial climate with Credit Union National Association President/CEO Jim Nussle.

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Today Kicks Off 2018 America Saves Week

America Saves, a campaign managed by the nonprofit Consumer Federation of America, motivates, encourages, and supports low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week; February 26-March 2.

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Nussle's GAC Speech, Awareness Presentation will be Live Streamed

Several events at next week’s CUNA Governmental Affairs Conference (GAC) will be live streamed on CUNA’s Facebook page for those not in attendance. These include CUNA President/CEO Jim Nussle’s speech, and a presentation on CUNA’s Credit Union Awareness Initiative from Chief Strategic Communications Officer Douglas Kiker.

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Lois Kitsch to Retire from National CU Foundation

MADISON, Wis. – After an illustrious and influential career spanning over 13 years with the National Credit Union Foundation (the Foundation), National Program Director Lois Kitsch is set to retire from the Foundation effective May 1st.

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January 2018 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Jan. 25, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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WSJ Reports Fed Granted Conditional Approval to Marijuana-Focused CU

KANSIS CITY –The Wall Street Journal (WSJ) has reported that the Federal Reserve Bank of Kansas City has granted conditional approval to a Colorado credit union to serve marijuana businesses. “Though, to win the Fed’s backing it agreed to step back from its original plan to serve state-licensed dispensaries,” according to the article.

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2017 Proves Record Year for Data Breaches

U.S. data breaches in 2017 hit a new record high of 1,579 – nearly doubling over the number of breaches in 2016, according to the Identity Theft Resource Center (ITRC).

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NCUA Offers CDFI Certification for Hurricane-Hit Areas

Low-income credit unions in Florida, Puerto Rico, Texas, and the U.S. Virgin Islands, areas hit hardest by hurricanes Harvey, Irma, and Maria last fall, have a special opportunity to seek certification as Community Development Financial Institutions (CDFIs) through the NCUA.

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CUNA Weighs-In on Same-Day ACH Limits, Adding 3rd Window

CUNA supports adding a third, same-day automated clearing house (ACH) processing window, but remains concerned about utility versus cost that some credit unions may incur, it told NACHA-The Electronic Payments Association in a letter Friday. CUNA responded to a series of questions posed by NACHA regarding same-day ACH.

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Mark Lynch to Retire from National CU Foundation

Following an impactful career spanning over 10 years with the National Credit Union Foundation, Senior Program Manager Mark Lynch will be retiring from the Foundation at the end of January 2018.

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Biz Kid$ Financial Ed Grants Now Available from National CU Foundation

Grants Improve Youth Financial Futures Through Award-winning Series

MADISON, Wis. – Credit union organizations can now apply for a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (the Foundation) through March 31, 2018. The Foundation is looking to distribute up to $75,000 in grant funds to credit union organizations as part of this effort.

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NCUA Introduces the Office of Credit Union Resources and Expansion (CURE)

The National Credit Union Administration (NCUA) has created, as part of its agency-wide realignment to better focus resources in a changing financial services environment, the Office of Credit Union Resources and Expansion (CURE). CURE began operations on January 7, 2018 and will support low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions. Wednesday, the agency held a webinar on CURE that will be archived and available to view in approximately three weeks, click here to register for access.

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Cashman, Kovac, Paxson & Thompson Elected to National Credit Union Foundation Board

MADISON, Wis. – At its December 12, 2017 meeting, the National Credit Union Foundation (the Foundation) board of directors elected Robert Cashman, President/CEO at Metro Credit Union in Chelsea, Mass.; Timothy Kovac, Vice President & Associate General Counsel, Business Compliance & Regulatory Leader for Legal Operations at CUNA Mutual Group in Madison, Wis.; Samantha Paxson, EVP & Chief Marketing and Experience Officer at CO-OP Financial Services in Rancho Cucamonga, Calif.; and Brett Thompson, President/CEO at the Wisconsin Credit Union League in Madison, Wis. to the Foundation board.

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Television Spot Highlight Children’s Miracle Network

A television advertisement featuring local credit union leaders captured the spirit of the holidays and gained exposure for local Children’s Miracle Network Hospitals in the Wichita Falls, Texas area. 

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Governor Declares State of Emergency in Four Counties, Closes State Offices

Governor Chris Christie on Thursday declared a state of emergency in four counties along the Jersey shore as a blizzard hit the state. In a tweet, the governor said he had made the emergency designation for Cape May, Atlantic, Ocean and Monmouth counties. 

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NJCFE Kicks-Off America Saves Week 2018 with 3rd Annual Job Help and Financial Fitness Expo

ATLANTIC CITY, N.J. – The New Jersey Coalition for Financial Education (NJCFE), through partnerships with NJSaves and Clarifi, is hosting its 3rd Annual Job Help and Financial Fitness Expo conveniently located at Bally’s on the boardwalk in Atlantic City on February 28, 2018. This Expo is open to the public and kicks-off America Saves Week, taking place February 26-March 2.

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NCUA Schedules CURE Webinar for Jan. 10

NCUA’s Office of Credit Union Resources and Expansion (CURE) begins operations Jan. 7, and credit unions can learn about what CURE is offering on an agency webinar scheduled for Jan. 10.

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Consumer Financial Protection Bureau (CFPB) Releases Report on the State of the Credit Card Market

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released its biennial report on the state of the credit card market. The report found that the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased over the past several years. The report found also that cardholders average fewer credit cards than before the recession, and more are signing up for secured cards that require a cash deposit.

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December 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Dec. 14, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

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CFPB Launches HMDA Tools: Check Digit and Rate Spread Calculator

The Consumer Financial Protection Bureau (CFPB) announced the launch of the HMDA Check Digit Tool and Rate Spread Calculator. The CFPB provides the new Rate Spread Calculator for use with data collected in or after 2018. The Check Digit Tool and Rate Spread Calculator will remain available to financial institutions throughout the 2018 collection period and thereafter to support calculation of data field values required for reporting HMDA data.

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NCUA Webinar Will Discuss New Office of Credit Union Resources and Expansion

ALEXANDRIA, Va. – The National Credit Union Association’s (NCUA) new Office of Credit Union Resources and Expansion (CURE) will begin operations on Jan. 7, 2018, and credit unions can learn about what CURE is offering on an agency webinar scheduled for Wednesday, Jan. 10, 2018.

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Vote for Miracles winners announced

Children’s Miracle Network Hospitals and Credit Unions for Kids announced the five winners of the 2017 Vote for Miracles campaign. Over the course of three weeks, more than 600,000 votes were cast more than doubling the vote total for last year’s promotion. In addition, members representing more than 3,000 credit unions cast votes during the campaign.  

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#VoteforMiracles Voting Ends Today

The 2017 #VoteforMiracles promotion ends today after establishing a record of more than 500,000 votes over the three-week campaign. The voting, which will conclude at 11:59 P.M. CST this evening, is expected to heat up over the final few hours as the competition remains tight among the leading hospitals vying for $100,000 in prize money.

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New Process puts Mortgage Industry at Risk, CUNA tells IRS

CUNA and other organizations wrote to Acting IRS Commissioner David Kautter Friday with concerns that a recent change to the tax transcript process could adversely impact the residential mortgage industry.

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#Vote for Miracles enters final week

More than 100,000 fans of Children’s Miracles Network Hospitals have helped #VoteForMiracles surpass 300,000 votes with one week left in the campaign. More than 2,500 credit unions have also been recognized by the public who are asked during the voting process to “Choose their Credit Union”.

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