NCUA’s Metsger examines cybersecurity in board meeting

During a public briefing at yesterday’s board meeting, the National Credit Union Administration (NCUA) said the combination of technological innovation, expansion of social media, and growing interconnectivity are causing concern about credit unions’ cybersecurity efforts. Representatives of the agency’s Office of Examination and Insurance said the changing landscape of cybersecurity carries “more sophisticated” risks and […]

CUNA Board rejects ICBA’s lawsuit

CUNA’s Board of Directors passed a resolution stating CUNA’s commitment to fight against the baseless lawsuit filed against the NCUA and its member business lending rule by the Independent Community Bankers of America (ICBA). In support of that resolution, CUNA is sending a letter to all member credit unions with additional details. “CUNA’s board and […]

New numbers show mortgages on the grow for CUs

Homebuyers are turning to credit unions for their mortgages, which is providential for the industry. Data from the latest CUNA Mutual Group Credit Union Trends Report revealed that credit union first mortgages grew by 1.3 percent during June. The figure represents 8.3 percent year-to-date growth. A boom in adjustable-rate first mortgage balances shows them up […]

Awareness quickly increasing of mobile payment services among mobile users

In only a few months’ time, awareness of Apple Pay has increased 15 percent among users owning compatible devices. During the same time period, awareness in Android users for Android Pay jumped nearly 20 percent research collected by First Annapolis Consulting recently reported. Users reported an average satisfaction rating of 4.4 for each of the three mobile […]

Military Lending Act: Get Ready to Comply

The Department of Defense (DOD) issued a final rule in July 2015 to amend the regulation that implements the Military Lending Act (MLA). Credit unions must comply with the rule for closed-end and open-end consumer credit other than credit card accounts by October 3, 2016. For credit cards, the mandatory compliance date is October 3, […]

Non-interest income sources rising for credit unions

Non-interest income sources continue to emerge within the credit union industry with limited options for income reporting and composition on the 5300 Call Report.  Earlier this summer, Callahan & Associates surveyed 170 credit union executives from 40 states to gain insight into their current and emerging sources of non-interest income. The Non-Interest Income survey focused […]