Going Digital: Strategies for Providing Digital Services

NCUA’s Office of Small Credit Union Initiatives issued “Going Digital:  Strategies for Providing Digital Services,” which provides step-by-step instructions on creating a strategic plan for analyzing members’ needs and tailoring digital products to meet those needs.  The guidebook also details potential advantages and disadvantages to members and credit unions. While most of our credit unions provide a wide array of … Read More

Regulation P Proposed Amendment

On July 1, the CFPB released proposed amendments to Regulation P, to align the regulation with the changes to the GLBA that took place last year.  If you remember, in December 2015, the GLBA was amended to provide an exemption to financial institutions from the requirement to provide an annual privacy notice.  If the institution does not allow the customer … Read More

Consumer Compliance Outlook – Card Disputes

The latest issue of Consumer Compliance Outlook, published by the Federal Reserve, contains an informative article discussing when Regulation E and Regulation Z come into play in regards to consumers disputing transactions with merchants.  The article states Under Regulation Z, credit card issues have two separate legal obligations that could apply to merchant disputes.  In contrast, under Regulation E, debit … Read More

PCI Data Security Standard Ver. 3.2 Released

The Payment Card Industry Data Security Standard (PCI DSS) was developed to encourage and enhance cardholder data security and facilitate the broad adoption of consistent data security measures globally. PCI DSS provides a baseline of technical and operational requirements designed to protect account data. PCI DSS applies to all entities involved in payment card processing—including merchants, processors, acquirers, issuers, and … Read More

Interagency Guidance Regarding Deposit Reconciliation Practices

On May 18th, the Banking Brotherhood (Federal Reserve System, CFPB, FDIC, NCUA and OCC) released guidance for institutions regarding deposit reconciliation practices. If you recall, last year the CFPB, OCC, and FDIC took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds.  “Citizens Bank regularly denied customers the full credits of their deposits … Read More

Washington Uniform Power of Attorney Act

The Washington State Legislature passed Senate Bill 5635, which repeals the Washington State Power of Attorney Act and replaces it with a slightly modified Uniform Power of Attorney Act. The Act is effective January 1, 2017. Credit unions should: Review the new allowances and requirements for POAs created after January 1, 2017 Plan on using the new Certification form beginning … Read More

Mandatory Arbitration Clause Proposal

The CFPB released proposed rules prohibiting mandatory arbitration clauses in new contracts that deny groups of consumers class action options. The Rules would apply to most all consumer financial products and services that the CFPB oversees, including basic services – lending, storing, moving or exchanging money.  Under the Proposal, credit unions would still be able to include arbitration clauses in … Read More

Free Cybersecurity Risk Webinar

If it’s free, it’s me… The NCUA announced that it will host a Cybersecurity Risk Webinar on May 12th, at 11:00 PST.  The webinar is free. From the NCUA: Tim Segerson, Deputy Director of NCUA’s Office of Examination and Insurance, and William Myers, Director of NCUA’s Office of Small Credit Union Initiatives, will provide an overview of cybersecurity risks affecting … Read More

Emergency Communications System

The DCU encourages credit unions to register and participate in the Emergency Communication System (ECS) that the Federal Reserve provides. Bulletin B-16-05 provides that the ECS is a free service provided by the Federal Reserve that will enable DFI to communicate with your financial institution in the event of a natural or man-made disaster, or events that dramatically affect the … Read More

CFPB’s Advisory and Report for Financial Institutions on Preventing Elder Financial Abuse

The Advisory and Report contains recommendations for banks and credit unions to use to aid in preventing, recognizing, reporting, and responding to financial exploitation of older Americans.  The recommendations are voluntary, and do not represent any new requirements. The Advisory and Report contains recommendations for banks and credit unions to use to aid in preventing, recognizing, reporting, and responding to … Read More