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News Nows top stories for 2007
MADISON, Wis. (1/7/08)--Data breaches, phishing and security; the Bank Secrecy Act; the unrelated business income tax (UBIT) and other tax regulations; and the economy's effect on credit unions--including conservatorships--dominated the list of stories requested the most during 2007 by News Now's readers. The list is based on the number of viewers requesting each item, according to the Credit Union National Association's (CUNA) web services department. Overall, data breaches and phishing attempts appeared most often on the top 10 list. That isn't a surprise, since 2007 brought to light the largest data breach in history affecting credit unions and their members. Phishing attempts have been steady against financial institutions and their organizations throughout the year, as cybercriminals employed more sophisticated methods to capture consumers' personal data. Three stories on the list involved the Bank Secrecy Act. The economy, with the subprime industry's worries, was of prime interest, as were stories about credit unions taken into conservatorship, such as Cal State 9 and Norlarco CU, both in the top 20 news stories of 2007. In 2006, the top stories were phish tales and conversions of credit unions. Conversions were largely absent from the 2007 list. Here are highlights of the different topics on the upper part of the list. 15. NCUA confirms control of large Colo. CU WASHINGTON (8/24/07)—The National Credit Union Administration (NCUA) Thursday confirmed that it has placed Colorado's eighth largest credit union, Norlarco CU, of Fort Collins, into conservatorship and taken control of its operations. 14. Suspicious Activity Report guidance issued by FinCEN WASHINGTON (6/15/07)—The Financial Crimes Enforcement Network (FinCEN) this week issued, in apparent response to questions fielded by its Financial Institutions Hotline, two sets of guidance: one addressing Suspicious Activity Report (SAR) filings, the other law enforcement requests to maintain an account. 13. Former Nationwide FCU CEO: 'I did the only thing I could do' UNCASVILLE, Conn. (10/19/07)—In 2005, Paula Edwards, the former CEO of the now-defunct Nationwide FCU in Columbus, Ohio, received a phone call from her board chairman to meet her in the park of Nationwide's business complex for a chat. 12. Records retention guidelines approved for CUs ALEXANDRIA, Va. (7/27/07)—Credit unions will have some flexibility under new guidelines to the National Credit Union Administration 's (NCUA) rule on catastrophic act reporting and records preservation, according to Mary Dunn, deputy general counsel for the Credit Union National Association (CUNA). 11. Debit cards too risky for online shopping MADISON, Wis. (12/10/07)--Use the wrong payment method or the wrong piece of plastic when shopping online and someone you don't know could zero out your checking account balance in a matter of minutes. Remember some simple cyber rules to avoid becoming a statistic (Credit Union National Association center for personal finance). 10. NCUA becomes conservator of $388 million asset CU WASHINGTON (11/5/07)--The National Credit Union Administration (NCUA) said on Friday it assumed control of the operations of Cal State 9 CU, a state-chartered, federally insured, community-based credit union in Concord, Calif. 9. Overdraft protection bill heads for vote WASHINGTON (9/25/07)—The House Financial Services Committee is scheduled to vote this week on a bill aimed at adding consumer protections to overdraft protection plans, but which could have the unintended effect of shredding credit unions' ability to offer the service to members. 8. CUNA shuts down new card-activation phish attempt MADISON, Wis. (10/29/07)--A new phishing-scam attempt using the Credit Union National Association's name informs recipients about "irregular check card activity" and advises them to call a toll-free number to get any restrictions removed. 7. IRS releases UBIT guidance for two CUs WASHINGTON (3/6/07)--In Technical Advice Memoranda (TAMs) made public this week, the Internal Revenue Service (IRS) said several financial products sold by two unidentified state-chartered credit unions should be subject to the unrelated business income tax (UBIT). 6. BSA 'problems' result in NCUA cease and desist ALEXANDRIA, Va. (4/4/07)--The National Credit Union Administration (NCUA) yesterday issued a cease and desist order against Dover N.J. Spanish American FCU to correct what the agency called "substantial Bank Secrecy Act compliance problems." 5. Call-forwarding scheme latest ruse by phishes MADISON, Wis. (4/26/07)--A new phishing scheme that uses a "call forwarding" component enables phishers to portray themselves as the victim when a financial institution calls to verify a bank transaction. 4. What the Fed rate cut means for CUs MADISON, Wis. (9/19/07)--Credit unions can expect the Federal Open Market Committee (FOMC) to cut the target for the federal funds rate another 0.50% again in 2007 and another 0.50% in the first half of 2008--bringing the interest rate down to 3.75% by next summer, say economists for the Credit Union National Association (CUNA). 3. CUNA looks into new data breach WASHINGTON (1/18/07)—The Credit Union National Association (CUNA) said Wednesday that a recent breach of credit card information reported by TJX Companies, Inc. underscores the need for Congress to act quickly and reasonably on data security issues. 2. Worker steals 2.3 million account records from Certegy JACKSONVILLE, Fla. (7/5/07)--A senior-level database administrator was fired after taking data for 2.3 million consumer accounts from Certegy Check Services--a company with credit union ties--and selling the information to a data broker, announced Fidelity National Information Services Inc.. 1. 2006 IRA contribution deadline extended WASHINGTON (1/26/07)--Taxpayers throughout the country now have an extra day, until April 17, 2007, to file their 2006 returns and pay any taxes due.


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