First-responder Credit Union Newsroom

Prominent security blogger says Visa, MasterCard have begun warning on breach that could involve tens of millions of cards, cites PSCU.  ****READ MORE; Major Card Security Breach Appears in the Works :

Regulatory Burden: Short-Term Written by Steve Van Beek But what is regulatory burden? Is it simply the weight of new regulations, guidance and best practices piled on top of mountains of existing regulations, guidance and best practices? Or are we talking about unnecessary regulatory burden - such as what the CFPB's Streamlining Initiative and NCUA's Annual Review of their Regulations strive to remove? Is it a combination? Is it in the eye of the beholder? ****READ MORE: NAFCU Compliance Blog: Regulatory Burden: Short-Term

Agency says probe found that former DC Employees FCU supervisory board member James Talbert leaked CAMEL score...... NCUA Bans Credit Union Board Member for Carla Decker CAMEL Disclosure :

Credit Union 24 is a 2011 NCOFCU sponsor so when thinking about adding a service or making a change please give them consideration. Grant Sheehan CEO National Coalition of Firefighters Credit Unions Even if it’s only the first quarter of 2012, Credit Union 24, a leading credit union-owned ATM and point of sale network, is reporting strong growth this year.... Credit Union 24 Signs Eight in 2012 :

What could be better than dark beer and a night game? The tasting panel rates 20 American porters..... Beers of The Times: Beer Review: American Porters : .

The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002. .... Home prices fall to 2002 levels :

I don;t normally put these in our blog but I thought you all might find this interesting and concerning! 75% of U.S. citizens ages 17-24 cannot pass military entrance exams because they are not physically fit, have criminal records, or because they lack critical skills needed in modern warfare, including how to locate on a map military theaters in which the U.S. is fulsomely engaged, such as Afghanistan. The CFR Report argues that this egregious knowledge gap will make it increasingly hard to fill the ranks of U.S. foreign service, intelligence, and armed forces. Moreover, contrary to popular belief, the 25% of American students who drop out of high school will not be able to serve in the U.S. military. In addition, 30% of those who do graduate high school still lack the basic math, science, and English competency to pass the Armed Services Vocational Aptitude Battery.  ***Read Article; 7 Signs That U.S. Education Decline Is Jeopardizing Its National Security :

NCUA advises of its top priorities, but warns recommendations may extend beyond written regulations....NCUA is an insurance company as well as a regulator so “we can’t get to a place where every recommendation is based on regulations,” Fazio says. “They’d be too extensive.”........[ Read Article ]

Here is something you might want to share with your staff and members! It's common knowledge that a high credit score is the key to low-interest loans and increased purchasing power. But what makes a credit score go up? Counter to conventional wisdom, people who keep their credit card balances near zero and always pay t... Read More; 5 Ways to Increase Your Credit Score :

This is exactly what NCOFCU should be looking at.. When Credit Union Times asked Fred Johnson, president/CEO for Credit Union Executives Society, what he sees as an emerging trend in the way credit unions are run, one of his responses was “collaboration.” Small credit unions may have few resources of their own, but if they share back-office responsibilities, data processing, compliance, marketing and human resources with other small credit unions, they can begin to function as if they were larger. For example, small CUs might team up and form a partnership with the same IT vendor, or they might share the services of a part-time collections employee.   ****Read More  Small Credit Unions Team Up on Back-Office Operations :

[Editor's Note: This is the first installment in a new series from the financial industry's leading e-marketing experts on how banks and credit unions can maximize the email channel.] On any given day of the month, I get between two and three hundred emails. No, that’s not a typo — two to three hundred emails, every day. Around one hundred of those emails are work-related. Another hundred or so are solicited emails that I invited into my life. That’s correct, I willingly subject myself to extra email. “Mithridates, he died old”, the poem says. But where do those last one hundred emails come from? A lot of them get dumped into my spam folder, and our company’s quarantine program catches many more. But plenty emails I was expecting to get are falsely flagged by the spam system and withheld. **** READ ALL; Why I Never Got Your Email | The Financial Brand: Marketing Insights for Banks & Credit Unions

(1) Doing too much This is a classic mistake many marketers make. Most marketers are over-achievers and want to do it all. Eventually that mindset will burn you and your credit union. When a CEO asks to promote a certain product or push a particular project, we always say, “yes.” Even if we have 10 other things on our “To Do” list. You can’t keep adding project after project without something suffering  ****READ MORE; Five Marketing Mistakes to Avoid at Your CU - Mark Arnold > speaking • branding • planning

After many recent weeks where mortgage rates hit record lows, the 30-year rate jumped this week to its highest level since late October. ........ Mortgage rate jumps past 4% :

Users quickly are discovering the new iPad gobbles data from cellular networks at a monstrous rate. Some find their monthly allotment can be eaten up after watching a two-hour movie. That has left consumers with a dilemma: Pay up for more data or hold back on using the device’s best features.... Read More; New iPad users slowed by expensive 4G network rates - The Washington Post

http://www.checkalt.com/ Congratulations CheckAlt !  CheckAlt is a NCOFCU 2011 Gold Sponsor , so keep them in mind when considering Remote Deposit Capture or other related services. NAFCU Services Corp. has selected payment processor CheckAlt as its Preferred Partner for remote deposit capture services ****READ MORE; NAFCU Subsidiary Taps CheckAlt for RDC :

WASHINGTON — The breakout session theme was plain: Social media matter – and you can do them.... Social Media Matters at GAC: Onsite Coverage :

FinCEN Guidance: CTR Aggregation for Businesses with Common Ownership Generally speaking, a financial institution must aggregate multiple currency transactions if it knows that the transactions are by or on behalf of any person and result in either cash in or cash out totally more than $10,000 during any one business day. But what if those multiple currency transactions occur on different business accounts at your credit union and those accounts share a common owner? To aggregate or not to aggregate. Whether you aggregate these transactions or not will depend on your determination of whether the accounts are operating independently of each other. ****READ COMPLETE GUIDANCE; http://bit.ly/GCLmE6 Written by Bernadette Clair, Regulatory Compliance Counsel

NCUA LETTER TO CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION 1775 Duke Street, Alexandria, VA 22314 DATE: March 2012 LETTER No.: 12-CU-03 TO: Federally Insured Credit Unions SUBJ: Temporary Corporate Credit Union Share Guarantee Expires December 31, 2012 Page Content ​ Dear Board of Directors and Chief Executive Officers: We are entering the final phase in the successful stabilization of the corporate credit union system. By the end of this year, all products and services offered by conserved corporate credit unions will be seamlessly transitioned to other providers – with no interruption of service to members. In the meantime, all ongoing corporate credit unions are meeting NCUA’s higher regulatory standards for capital, investments, and governance. ***READ COMPLETE LETTER; Temporary Corporate Credit Union Share Guarantee Expires December 3...

Rooted in the idea of serving the middle class through economic democracy, credit unions are unique in the financial world – rarely do you find a financial institution that clearly and emphatically says it is not working for a profit. ****READ MORE; Remarks by Cordray at CUNA's Governmental Affairs Conference :

We live in an era of flattened hierarchies, informality, and collegial behavior. And so naturally enough, many clients ask me if they can present sitting down. It's an inevitable question -- it feels more collegial, and less exposed, to sit down around the table like everyone else. Let’s face it; it’s easier. And isn't it a good thing to be collegial? Doesn't it send out a nice message about what kind of person you are? ****READ MORE; Nick Morgan, Public Words: Can You Present Sitting Down?

Dealership financing is a ray of hope for troubled credit borrowers. Dealers understand that people are unable to purchase a car through credit unions and banks. Demand for bad credit loans is ever increasing and it makes sense to offer such ....Read More; Dealership Financing Can Benefit Bad Credit:

Updated 2012 NAFCU Credit Union Compliance GPS is Now Available! Written by Steve Van Beek Shameless Plug Alert ! We are very pleased to announce the availability of the Updated 2012 NAFCU Credit Union Compliance GPS . Over the course of the last year, there have been many small tweaks and changes that have made life difficult for credit unions and, specifically, compliance officers (and many others as well). These included technical changes to regulations as well as substantive changes to regulations and regulators . ****READ MORE;  

CUNA Mutual economist urges CUs to support new members. Colby said not all credit unions participated in last year’s growth. Roughly 54% or 3,900 credit unions reported membership declines in 2011. These credit unions hold 27% of industry assets, the data showed.  ****READ MORE ; Economist Warns of Rush to Purge Unprofitable Members :

If you're waiting for home prices to go up, then you're missing signs the troubled housing market has finally turned arou***READ MORE; The No. to watch for a housing recovery :

Credit unions that have invested in attracting Gen Y are finding their efforts are now paying off as Gen Y moves into mortgages and auto loans....[ Read Article ]

Burnout is the reaction to dealing with stressful situations over a long period of time. It's marked by a physical and emotional exhaustion, coupled with a decreased interest in work or life in general. Your doctor should be your first point of conta ****READ MORE; How to Prevent Career Burnouts :

When it comes to getting a new car there are generally two options: leasing the vehicle or buying it. There are many pros and cons for either option and the decision often comes down to personal preference and finances. ****READ MORE: Buying vs. Leasing -- What Is Cheaper? :

In the past week, the yield on the benchmark 10-year U.S. Treasury note shot from 1.98% on March 12 to 2.29% on March 16. Over the same stretch, the Alerian MLP Index (AMLP) is down 1.06%, the Utilities SPDR (XLU) is lower by 1.32% and corporate bonds, tracked by the LQD, are trading lower in price by 1.53%. *******READ MORE/ VIDEO

Department of the Treasury Financial Crimes Enforcement Network Advisory FIN-2012-A002 Issued: March 2, 2012 Subject: SAR Confidentiality Reminder for Internal and External Counsel of Financial Institutions The Financial Crimes Enforcement Network (FinCEN) is issuing this Advisory to remind financial institutions, and in particular, the lawyers that advise them, of the requirement to maintain the confidentiality of Suspicious Activity Reports (SARs). FinCEN is concerned that an increasing number of private parties, who are not authorized to know of the existence of filed SARs, are seeking SARs from financial institutions for use in civil litigation and other matters. Financial institutions, and their current and former directors, officers, employees, agents, and contractors, are prohibited from disclosing SARs, or any information that would reveal the existence of a SAR. 1 FinCEN recognizes that an escalation in the number of requests for use of SARs in private litigati...

Analysts expect between 900,000 and 1 million homes will move from delinquency into REO in 2012, back to levels seen before the robo-signing slowdown..... Home repossessions set to jump in 2012 :

When the final remittance transfer rule amending Regulation E was released by the Consumer Financial Protection Bureau in February, many credit unions assumed it did not apply to their institutions. In fact, the rule may apply to ... Remittance Transfer Rules Apply to Most <b>Credit Unions</b> : By Andrea Stritzke See all stories on this topic »

Some credit unions seem to have been destined to be partners for life, while others found they just couldn’t take the plunge....[ Read Article ]

After months of unsuccessfully trying to find a new CEO, Presidents Federal Credit Union faced a choice of either merging or outsourcing its top spot...... Small Ohio CU Hires CUSO as Its CEO

Talking About the CFPB : Written by Steve Van Beek Yesterday, I had the opportunity to give a presentation on the Consumer Financial Protection Bureau.  You may have heard of these guys.  It was a fun presentation with a very good questions from the attendees. I wanted to share a recent article on the CFPB that I wrote for The Federal Credit Union .  The article takes " A Closer Look at the CFPB " and discusses the following areas: The CFPB's Supervision and Examination Powers; The CFPB's Regulatory Authority; Unfair, Deceptive or Abusive Acts or Practices (UDAAP); and Additional Areas of Focus. The full article is here and might be useful to share with your colleagues, senior management and your Boards.   Note : Since the article was written, the CFPB has already moved forward on regulating nonbanks . *** The CFPB will not be a passive agency and there will be plenty more CFPB issues to discuss in the future.  I'll be talking about the CFPB at f...

Why do I get the feeling that many marketers today look at direct mail the way people look at the Jurassic Period?  Surveys have revealed that ”physical media–AKA direct mail–left a ‘deeper footprint’ in the brain.” In other words media that consumers can touch and feel resonated and touched more emotions than those of the digital variety...... Direct Mail: Alive And Kicking :

Guest Blogger Sandra L.Torres Senior Vice President of Sales & Marketing 800.333.3028 Ext. 1609 Do You Need Automobile Extended Warranty Protection? Most people eschew any additional products when purchasing a new vehicle simply because it adds to the price. Extended warranties probably add the most in terms of cost, but also have a tremendous value. Automobile extended warranties are also referred to as Vehicle Service Agreements or Mechanical Breakdown Insurance, but however you choose to call them they provide the new vehicle owner with peace of mind while protecting their investment. Statistics show that major automobile repairs are most likely to occur in the third year of ownership. It’s also true that most people will feel the pinch having to pay on the average of $1,500 for a major repair, money that would be better spent on college tuition or a well deserved vacation. Why then do only 30 percent of all automobile buyers opt for this valuable and practical p...

When talk turns to Wall Street, do you turn and walk away? In today's economy, investing is on everyone's to-do list -- right after paying the mortgage, buying food, paying down those credit cards, contributing to the children's college fund, managin... Investing On A Tight Budget :

The scam artist is your best friend. He offers the investments of a lifetime, guaranteed jobs with guaranteed salaries that will blow your mind. She promises everlasting love to the lonely and eternal happiness to the depressed. He drops big-t... Scams That Can Fool Just About Anyone :

Anyone who has ever grabbed a microphone and belted out some Bruce or Waylon in a party or bar knows they could do better with subtle tweaks in technique, acoustics or blood alcohol content.   ****READ MORE;        App Smart: A Review of Apps for Serious Vocalists and Karaoke Fans : A roundup of mobile apps to help vocalists with instrumental tracks and more.

When is rehearsing a presentation a bad idea?  Clients often try to talk themselves out of rehearsal, because they’re pressed for time, because they don’t like the feeling of rehearsal (you’re not in control yet), or because they argue that rehearsal will make them stale.  Those are bad arguments.  People who ‘wing it’ usually betray their lack of preparation in their body language.  They don’t think they do, but they give themselves away.  So generally, more rehearsal is better.  But there are times and kinds of rehearsals that are counter-productive.  Here are 3 ways it doesn’t pay to rehearse.  Don't rehearse more than once on the day of the presentation.  I can imagine exceptions to this rule, but not many and not often.  By the day of, most people are in adrenaline mode, and rehearsal is not very helpful.  Do rehearse once, especially in the actual venue, just to get familiar with things and have the performance fresh in yo...

Mortgage rates dipped into record territory again, with the 15-year fixed-rate falling to its lowest level in 60 years and the 30-year fixed-rate just a tick off its own record. ****READ MORE; Mortgage rates flirt with record lows

The 14-question survey will be available online until the exhibit hall closes at the 2012 CUNA Governmental Affairs Conference. ****READ MORE; Credit Union 24 Launches State-of-the-Industry Survey :

Public safety professionals in South Bend, IN are dedicated to helping others in need, and South Bend Firefighters Credit Union knows that many of them are committed to saving for the future, too, which is why the financial not-for-profit is offering a high 12-month CD rate of 1.00% APY. ****READ MORE; 12-Month CD Rate Deal of the Day: South Bend Firefighters Credit Union at 1.00% APY - Current Rates, News and Information about Certificate of Deposits (CD)

In what CUNA Deputy General Counsel Mary Dunn acknowledged has become a somewhat rare occurrence, CUNA has commented in a largely approving manner on the NCUA's most recent proposal for how CUs should track troubled debt restructured loans.......READ MORE; CUNA Approves of NCUA TDR Proposal With Reservations :

WORCESTER FF LODD FOLLOWUP: WFC FF Brian Carroll was honored for his bravery in Worcester today after he was seriously injured in a December fire that took the life of his friend and fellow Firefighter Jon Davies. The first five minutes was absolute hell,said Carroll, speaking out for the first time since the deadly fire. Carroll and his partner, the late Jon Davies, were among the Worcester firefighters that arrived on Arlington Street last December. They were trapped after a portion of the burning building collapsed on them while they were searching for a possible victim. Carroll was injured, Davies was killed in the Line of Duty. MORE HERE: http://www1.whdh.com/news/articles/local/12006885238141/firefighter-honored-as-he-remembers-his-fallen-friend/#ixzz1oU8boGq0

FinCEN has issued a final rule requiring the electronic filing of most Bank Secrecy Act (BSA) reports, including Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). In its press release , FinCEN indicates this will “improve efficiency, reduce government and industry costs, and enhance the ability of investigators, analysts, and examiners to gain better and more timely access to important financial information.” We previously blogged about FinCEN’s push towards mandatory e-filing on September 19 th and December 27 th . Effective Date . The rule mandates electronic filing effective July 1, 2012. Are there any exemptions? FinCEN will grant a very limited number of temporary exemptions to institutions that follow the certain procedures and that demonstrate a substantial hardship in meeting the July 1, 2012, requirement. Small credit unions lacking internet connectivity or large institutions undergoing major system conversions to enable batch and computer-t...

Dragon Go is a voice-control app that can do things Siri can't, such as book a flight, make dinner reservations and find music on streaming services. **** READ MORE Gadgetwise Blog: A Voice App Unapologetically Unlike Siri :

FinCEN Releases ANPR on Customer Due Diligence - Part 2; Member Call-In : Written by JiJi Bahhur, Regulatory Compliance Counsel Yesterday, we discussed the release of FinCEN’s ANPR on customer due diligence (CDD). The post gave you a taste of the elements that FinCEN seeks to incorporate into a codified CDD rule. Today, I’d like to expand briefly on the third element – obtaining beneficial ownership information – since this is the only element FinCEN feels will impose new or additional requirements that financial institutions are not already obligated to enforce. Under existing FinCEN regulations, there are only two explicit situations that require financial institutions to obtain beneficial ownership information. Further, there is guidance out there stating that there are other situations where obtaining such information is appropriate. The ANPR considers, among other related items, expanding the requirement to obtain beneficial ownership information to all customers. This...

 Buried in the iPhone's control panels is a feature that lets you create abbreviations for frequently typed words or phrases. When texting or e-mailing from a phone, I have conflicting desires. One desire is to type as little as possible, which argues for using abbreviations such as “u r,” for “you are.” The competing desire is not to look like an ignoramus. That argues for typing the complete word. There are third party apps that do the work for you – type “FYI” and it fills in “For your information” automatically. But here’s the thing – if you have an iPhone, you don’t need a third-party app. There is a feature buried in the phone (and iPad’s) menu that already does this for you. It’s called “Shortcuts.”  ****READ MORE      Gadgetwise Blog: Easy Typing With a Little-Used iPhone Feature :

New Jersey case involved a CUMIS fidelity bond and whether fraud committed by two mortgage companies impacted coverage. On March 1, the New Jersey U.S. District Court ruled for Sperry. The decision could be good news for the other credit unions impacted by CUN vs. US Mortgage,  said Ken Pagliughi, an attorney representing Sperry. ****READ MORE; CUMIS Bond Case Ruling Favors Sperry Associates FCU :

Those who feel that efforts underway impede economic growth often malign sustainability, which is essential for our collective future.The people who measure progress by quarterly returns are challenged to look at a bigger picture that can’t always be measured and quantified on a ledger sheet. Without sustainability, wholesome business and community practices, there won’t be economic growth long term. The disparate players need to hear common messages, understanding their role, and feel empowered to join in creating a healthier, more coherent global marketplace. The world’s population falls roughly into six categories. **** READ MORE:   globotext

How does your credit union compare ? Credit Unions’ Auto Loan Portfolios Rebound: Outstanding auto loans at credit unions grew for the first time in the fourth quarter of 2011 since the third quarter of 2009....[ Read Article ]

A visitor sitting in on a typical credit union board meeting is likely to see 61-year-old white males who have served for more than a decade and are planning to continue their service for many years to come. **** Lack of Board Diversity May Hinder Growth, Study Finds :

Business Lending’s Crucial Role: Credit unions are lending to businesses at a record pace, a trend which is helping boost local economies, says Callahan & Associates’ analyst Andrew Bolton....[ Read Article ]

Are You Making The Correct Advances On Each Auto Loan?: Once upon a time, auto financing was easy. With the right approach and the right information, it can be again....[ Read Article ]

Los Angeles County (CA) Firefighters will join the nationwide celebration of reading on Friday, March 2, as they partner with the CTA and teachers throughout Los Angeles County for the National Education Association's 15 th annual "Read Across America" extravaganza **** READ MORE: Los Angeles County (CA) Firefighters Join State's 15th Annual 'Read Across America' Campaign - Fire Engineering

The dinosaurs didn’t have the brains or the tools to see it coming, but credit unions do. ****READ MORE: Technology Is Difference Between Credit Union Extinction and Survival: Editor's Column :

Happy Friday everyone! I wanted to continue our exploration of linked accounts and Regulation D. You can find Part 1 here and Part 2 here . I'm sure there are a few folks wondering what has gotten Van Beek so worked up over this linked account and Regulation D issue. Is he really that adamant about the CFPB informing consumers about potential transaction limitations from Regulation D? Yes - but there is more. **** http://nafcucomplianceblog.typepad.com/nafcu_weblog/2012/03/overdrafts-linked-accounts-and-regulation-d-part-3-reg-d-statement-insert.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fnafcucomplianceblog%2Fnafcu_weblog+%28NAFCU+Compliance+Blog%29&utm_content=Google+Reader

We received some great feedback on Part 1 of Linked Accounts and Regulation D - including some great questions. Let's delve into this area a bit more - including a preliminary question.   Treating Savings Accounts as Transaction Accounts . A couple of commenters asked if their credit unions could treat their savings accounts as transaction accounts - and reserve accordingly. Yes, credit unions do have the ability to treat their savings accounts as transactions accounts and allow unlimited transactions from those accounts.  ****Read More; http://nafcucomplianceblog.typepad.com/nafcu_weblog/2012/03/overdrafts-linked-accounts-and-regulation-d-part-2.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fnafcucomplianceblog%2Fnafcu_weblog+%28NAFCU+Compliance+Blog%29&utm_content=Google+Reader