CUNA in the News

March 2014

Trustwave Hit with Lawsuit Tied to Target Breach03/26/2014The investigation into the breach revealed that Target's systems were compromised from Nov. 27 to Dec. 15. The data breach, which also included the theft of information such as email and mailing addresses for millions of Target customers, was one of the biggest such incidents in recent history. In February, the Consumer Bankers Association (CBA) and the Credit Union National Association (CUNA) reported that costs associated with the breach exceed $200 million. Much of that figure - $172 million - comes from the cost of replacing cards for CBA members, while CUNA reported that the cost to credit unions had reached $30.6 million.

ABA Crashes Credit Unions’ Party03/23/2014With thousands of credit-union leaders in town to mingle with lawmakers and discuss policy, the (advertising) campaign was intended to "make their conversations more difficult," Frank Keating, the ABA's CEO, said in a memo to his association's board. Trade groups have been bickering about credit unions' tax status for years. But for now, the ABA's dream of getting Congress to remove the exemption remains just that. The chairman of the House Ways and Means Committee, Dave Camp, R-Mich., said in late February that a draft tax-reform bill would not address the exemption issue.

Showing Them the Money (Management)03/20/2014"It is inspiring to see the effort and passion these kids have for this exercise," said John Cassidy, CEO of Sierra Central Credit Union, which sponsored the event. Cassidy said the event is important because it teaches students life lessons while helping them understand financial literacy. "We aren't thinking about what we will be thrown into when we go to college," Smith said. Now, "we will be a little wiser." Students walked around the gymnasium visiting and making purchases at all of the Mad City merchants.

4 Ways to Avoid ATM Withdrawl Fees03/20/2014Don't forget partnered ATM networks. Many financial institutions are partnered with other institutions and ATM networks to provide expanded access to ATMs without surcharges. For instance, some credit unions are partnered with the CO-OP ATM network, which allows surcharge-free access to the ATMs of all the partnered credit unions.

5 Ways to Spring Clean Your Finances03/20/2014Avoid late fees by using online bill pay, suggests Susan Tiffany, director of personal finance information for adults at the Credit Union National Association. "Set up a low balance alert [for your bank account] so you never get caught having to pay an overdraft," she adds. If you're employed with a steady paycheck, you can also automate savings by setting up automatic contributions to a retirement or regular savings account each pay cycle. Even with automatic payments, it's still a good idea to review your statements manually to make sure you don't get overbilled or charged for subscriptions you thought you canceled. So-called "grey charges" cost U.S. credit and debit cardholders more than $14 billion in 2012, according to BillGuard, a Web and smartphone app designed to flag these charges.

Credit Unions' 36% Auto Share Is 'Significant'03/19/2014Credit unions' share of total auto loans outstanding reached 36.2 percent last year. That's due in part to better relationships with auto dealers and growing membership ranks, said Mike Schenk, vice president economics and statistics for the Credit Union National Association in Madison, Wis.

How to Secure the Best Possible Mortgage Terms03/19/2014"If a lender is offering a low rate, they may be making it up on fees," warns Pat Keefe, senior vice president of The Credit Union National Association. "Ask questions about all the fees because it can impact your payments."

Housing Starts March Expectations; Can They Build on That?03/18/2014Manufacturing output passed its pre-recession peaks months ago, and is moving forward smartly, as Monday's better-than-expected industrial production numbers verify. Car sales are likely to get back about 16 million a year this year after a winter dip, according to the Credit Union National Association, whose members are laser-focused on making car loans.

Credit Unions Could Get More Access to FHLB Funding03/14/2014The Credit Union National Association supports the measure because it would put the country's privately insured credit unions on the same footing as their federally insured counterparts where it come to membership in the Federal Home Loan Bank system.