WASHINGTON (10/30/14, UPDATED 11:00 a.m. ET)--The data security breach at Home Depot stores in September cost credit unions nearly $60 million to reissue cards, deal with fraud and cover other costs, according to the results of a new survey of credit unions, released today by CUNA.
Given that the Federal Open Market Committee said in the middle of 2013 that it was planning to retire its asset-purchase program, it was no surprise Wednesday when, at the conclusion of its two-day monetary policy meeting, the FOMC announced the program's official end.
Changes by the Consumer Financial Protection Bureau to Home Mortgage Disclosure Act rules would be yet another layer of expense and burden on credit unions already struggling to meet a suffocating overall compliance burden, the Credit Union National Association warns in its most recent comment letter.
As she walked through her branch in December 2012, Gail Cook, CEO of Widget FCU, overheard a branch manager comment about a strange new account, words that would spark an investigation that would span more than a year and involved tens of millions of dollars in fraud.
Credit unions with Hispanic outreach programs saw significant increases in loan growth within just three years of implementation, according to a just-released study by CUNA and Coopera.
Two CUNA councils have teamed up to help redefine what, exactly, a credit union branch needs to be these days.
An adequate Bank Secrecy Act compliance program makes life easier for everybody--for credit unions, their staff, their members and the National Credit Union Administration, said the agency's Judy Graham.
Combine a burgeoning population, remote access and no credit union presence, and you have a situation ripe for a new credit union branch. That's what Halliburton Employees' FCU, Duncan, Okla., did when it opened its newest branch in western Oklahoma Monday.