March’s legislative update is available here.
From 03/30/17 Cuna News: Credit unions have until April 18 to file a claim, request to opt out or object to the settlement reached between plaintiffs and Kmart in a data breach lawsuit. A data breach was detected at Kmart in October 2014 and could have affected the cards of anyone who shopped with a credit or debit card between … Read More
From CUNA News 03/28/2017: CUNA, with the generous support of CUNA Mutual Group and CO-OP Financial Services, was able to secure the rights to the .creditunion domain from the Internet Corp. for Assigned Names and Numbers (ICANN). Beginning this summer, credit unions will be able to register and use a .creditunion domain name of their choice to serve as a … Read More
On March 24, the DCU published bulletin B-17-09 regarding the NASCUS Cybersecurity Symposium June 5-6 in San Diego, CA. The bulletin is reprinted below. NASCUS Cybersecurity Symposium, June 5-6, 2017 Make plans to attend the NASCUS Cybersecurity Symposium San Diego, CA Division of Credit Unions (DCU) encourages credit unions to continue training on cybersecurity. While there are many resources available … Read More
Proposed House Bill 2581 would require a person that possesses or has access to account information to report breach of security to the financial institution that issued financial access device. Person includes: an individual, a private or public corporation, partnership, cooperative, association, estate, limited liability company, organization or other entity. The Bill proposes to: Require a person to safeguard account … Read More
The Division of Credit Unions has published Bulletin B-17-06 regarding examiners obtaining audit reports from third-party providers. Annual audit reports are required for Federally Insured State Credit Union’s (FISCUs) with $500 million or more in assets. For those with less than $500 million, either of three supervisory committee audit options are available. See: §715.4 Audit responsibility of … Read More
The Division of Credit Union published Bulletin B-17-07 regarding the reporting of assets in the process of liquidation. The Bulletin is reprinted below. Please refer to the original link for footnotes. Assets in the Process of Liquidation The purpose of this bulletin is to set guidelines for how examiners will evaluate assets in the process of liquidation during examinations. Specifically, … Read More
The CFPB has proposed delaying the effective date of its final rule on covered prepaid accounts. The delay would move the effective date from October 1, 2017 to April 1, 2018. From the CFPB: Today, we released a proposal to delay the effective date of our rule governing prepaid accounts by six months. The CFPB’s prepaid accounts rule will provide … Read More
On January 31, the CFPB released a guide for preparing the short form disclosure for prepaid accounts. The guide is based on Regulation E’s Model Form A-10(c) and provides basic “how to” instructions to help financial institutions prepare short form disclosures for prepaid accounts. The CFPB also has a page dedicated to the Prepaid Rule that includes a small entity guide, … Read More
The Department of Justice recently published an “ADA Best Practices Tool Kit,” which includes website accessibility guidance and a checklist that can be used to verify compliance with the Americans with Disabilities Act. While the tool kit is primarily geared toward state and local governments, which are governed by Title II of the ADA, it will be helpful to banks … Read More
