CUNA to host young professionals advo training Sept. 10, 24

on 10:52 AM

CUNA to host young professionals advo training Sept. 10, 24
http://news.cuna.org/articles/114700-cuna-hosts-young-professionals-advo-traning-sept-10-24?utm_source=real_magnet&utm_medium=email&utm_campaign=Registration%2520open%2520for%2520September%2520CUNA%2520young%2520profess

Top Three Trends from Raddon’s Annual Deposit Study

on 4:34 PM

Top Three Trends from Raddon’s Annual Deposit Study
https://www.raddon.com/raddon-report/top-three-trends-raddon-s-annual-deposit-study

NCUA Proposes Risk Based Capital Rule Delay

on 3:21 PM

In last week's meeting of the NCUA board, the agency proposed delaying the effective date of its Risk-Based Capital rule for an additional year and proposed increasing the threshold for compliance.
Under the proposal, the threshold for compliance would increase from the $100 million in assets in the original rule to $500 million. The proposal will be open for comment for 30 days after it is published in the Federal Register.

If adopted, the rule would go into effect on Jan. 1, 2020, rather than the Jan 1, 2019 date contained in the original rule.  The rule would exempt 90% of credit unions, according to Larry Fazio, NCUA Director of the Office of Examination and Insurance. He added, however, that the approximately 10% of the credit unions that would be covered, hold 90% of the system’s assets.

Some members of the House Financial Services Committee have been pushing for a two-year delay.  CUNA is still dismayed by the RBC proposal.  NASCUS is pleased with the delay, but still has concerns about the proposal.

Read details in this Credit Union Time article.

Visa, Mastercard Agree To Cut Transaction Fees In Canada

on 9:42 AM

Visa, Mastercard Agree To Cut Transaction Fees In Canada
http://www.cutoday.info/Fresh-Today/Visa-Mastercard-Agree-To-Cut-Transaction-Fees-In-Canada?utm_source=Fresh+Today+081518&utm_medium=email&utm_campaign=Fresh+Today+081518

BCFP Finalizes Amendments That Allow Some FIs To Be Exempt From Sending Privacy Notices

on 9:38 AM

BCFP Finalizes Amendments That Allow Some FIs To Be Exempt From Sending Privacy Notices
http://www.cutoday.info/Fresh-Today/BCFP-Finalizes-Amendments-That-Allow-Some-FIs-To-Be-Exempt-From-Sending-Privacy-Notices?utm_source=Fresh+Today+081518&utm_medium=email&utm_campaign=Fresh+Today+081518

Strategic planning dos and don’ts

on 9:05 AM

Strategic planning dos and don’ts
https://www.cuinsight.com/strategic-planning-dos-and-donts.html?utm_source=CUinsight+Email+List&utm_campaign=ec29dbdec9-EMAIL_CAMPAIGN_2018_08_15_12_38&utm_medium=email&utm_term=0_601789497f-ec29dbdec9-278262461

Starbucks to Accept Bitcoin

on 12:20 PM

Coffee retailer Starbucks is teaming up with one of the world’s biggest exchange operators, Intercontinental Exchange Inc. (ICE), which just created a venture called Bakkt designed to more tightly integrate digital currencies into global commerce, Bloomberg reported.  Bitcoin is not widely used to buy and sell actual goods in most countries. But many startups have sought to take cryptocurrencies mainstream by developing exchanges or payment solutions for merchants. 

Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. Starbucks and Microsoft are joining the effort to help consumers and institutions buy, sell, store and spend digital assets.  The companies haven't provided a timetable.  Read the full article on CU Today.

FBI Warns of ‘Unlimited’ ATM Cashout Blitz

on 12:13 PM

The Federal Bureau of Investigation (FBI) is warning banks that cybercriminals are preparing to carry out a highly choreographed, global fraud scheme known as an “ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to fraudulently withdraw millions of dollars in just a few hours.  Unlimited operations compromise a financial institution or payment card processor with malware to access bank customer card information and exploit network access, enabling large scale theft of funds from ATMs.

Cybercriminals that coordinate unlimited attacks typically do so by hacking or phishing their way into a bank or payment card processor. Just prior to executing on ATM cashouts, the intruders will remove many fraud controls at the financial institution, such as maximum ATM withdrawal amounts and any limits on the number of customer ATM transactions daily.  The perpetrators also alter account balances and security measures to make an unlimited amount of money available at the time of the transactions, allowing for large amounts of cash to be quickly removed from the ATM.

Virtually all ATM cashout operations are launched on weekends, often just after financial institutions begin closing for business on Saturday.

See the Krebs On Security article for more details and suggestions on steps to avoid being a target.


McWatters: Financial literacy is key to protecting service members

on 9:41 AM

McWatters: Financial literacy is key to protecting service members
https://www.cuinsight.com/press-release/mcwatters-financial-literacy-is-key-to-protecting-service-members?utm_source=CUinsight+Email+List&utm_campaign=31fd8d62f7-EMAIL_CAMPAIGN_2018_08_14_12_21&utm_medium=email&utm_term=0_601789497f-31fd8d62f7-278263821

Compliance: NCUA provides exam modernization updates

on 9:40 AM

Compliance: NCUA provides exam modernization updates
http://news.cuna.org/articles/114704-compliance-ncua-provides-exam-modernization-updates?utm_source=real_magnet&utm_medium=email&utm_campaign=Compliance%253A%2520NCUA%2520provides%2520exam%2520modernization%2520updat