FI counsel to discuss “alternative” offers re: Home Depot/Visa settlements

Reprinted from http://news.cuna.org/articles/109120-fi-counsel-to-discuss-alternative-offers-re-home-depotvisa-settlements 01/15/2016 ATLANTA (1/15/16)–A conference call is set for Wednesday for financial institution plaintiffs–which includes credit unions–regarding settlement offers from Visa regarding the Home Depot data breach lawsuit. Counsel for the financial institutions who brought the class action are hosting the call, which is set for 2 p.m. (ET). The call will discuss alternative recovery offers (AROs) that Visa … Read More

New Savings Bond Guide

The Treasury has issued an updated version of The Guide to Cashing Savings Bonds. The Guide in provided in an interactive PDF format and covers authenticity and eligibility, customer entitlement, identify verification, required identification documents and payment. The Guide replaces all past versions of this document.

2016 NCUA Examination Focus

Akin to, the in-laws are coming, and they are bringing gifts… The NCUA issued Letter 16-CU-01 describing top areas of supervisory focus and will be part of the 2016 exam process.  The letter highlights: Cybersecurity Assessment NCUA encourages all credit unions to use the FFIEC tool to manage cybersecurity risks. NCUA also plans to begin incorporating the Cybersecurity Assessment Tool … Read More

Target Data Breach Settlement Website

A Target Data Breach Settlement website has been released providing information for financial institution class members of the Target data breach litigation. The website includes settlement terms, frequently asked questions, claim instructions and an on-line claim application. CLAIMS MUST BE FILED ONLINE (OR POSTMARKED FOR MAIL) ON OR BEFORE MARCH 22, 2016. If the credit union has not previously released … Read More

Cyber-Related Sanctions

The OFAC list is being updated to include persons engaging in significant malicious cyber-enabled activities. These entries on the OFAC list will include the identifier “[CYBER]”. Property in accounts held by listed persons should be placed in a blocked account, and transfers involving listed persons should be refused – similar to other entities on the OFAC list. This implements Executive … Read More

DCU Interpretive Letter I-15-04 Complying with GAAP in Relation to MBLs

The Division of Credit Unions has published Interpretive Letter I-15-04 (Complying with GAAP in Relation to MBLs). This Interpretive Letter clarifies the requirements for Washington State-chartered credit unions when complying with generally accepted accounting principles (“GAAP”) in relation to member business loans (“MBL”) and reserving for their allowance for loan and lease losses (“ALLL”) account. From the letter, State Credit … Read More

DCU Bulletin B-15-16 New Payment Process for DCU Semi-annual Assessment Fees

The Division of Credit Unions has published Bulletin B-15-16 (New Payment Process for DCU Semi-annual Assessment Fees). Starting Jan. 1, 2016 asset assessment fees will be collected on a semi-annual basis  (i.e. in January and July of each year). Under the new system, the credit unions will use  an online payment system to pay the asset assessment fee.  The new … Read More

Enforcement Policy Statement on Deceptively Formatted Advertisements

The Federal Trade Commission issued an enforcement policy statement explaining how established consumer protection principles apply to different advertising formats, including “native” ads that look like surrounding non-advertising content. In the Enforcement Policy Statement on Deceptively Formatted Advertisements, the Commission lays out the general principles the Commission considers in determining whether any particular ad format is deceptive and violates the … Read More

Reserve Requirement – Regulation D

The Federal Reserve Board amended Regulation D (Reserve Requirements for Depository Institutions) to reflect annual indexing and the low reserve tranche for 2016. The new low reserve threshold will apply to the fourteen-day reserve maintenance period that begins January 21, 2016. For institutions that report deposit data weekly, this maintenance period corresponds to the fourteen-day computation period that begins December … Read More

Class Actions Have Little Class Involved

part 1… Class action claims of website accessibility discrimination have been increasing recently. Two new complaints were filed last month for ADA (American’s with Disabilities Act) accessibility discrimination. These complaints allege that the National Basketball Association’s and Home Depot’s websites are not accessible to blind users. Also in November, Scribd agreed to update its access to eBooks to make them … Read More