CFPB Elder Financial Exploitation Report
By: Shannon Basile, Compliance Analyst
The Consumer Financial Protection Bureau (CFPB) released a new Elder Financial Exploitation (EFE) report and advisory based on data collected from Suspicious Activity Reports (SARs) filed from 2013 through 2017. Some of the report findings include:
• Elder financial exploitation SAR filings have quadrupled from 2013 to 2017. In 2017, EFE SARs totaled ...
Regulation Z Refresher on Significant Account Changes
From: Kari Osier, Compliance Specialist
Section 1026.9(c)(2)(i)(A) of Regulation Z requires forty-five (45) days’ advance prior notice for any “significant changes in account terms”. What is a “significant change in account terms”? A significant change would be a change to any term that was required to be disclosed in the account-opening table or directly underneath it, ...
Fraud Trend – Brute Force Attacks
From: LSC Card Services
The Fiserv Risk Office has tracked an increasing frequency of so-called brute force attacks with potential impact to debit and credit gateway programs.
What is a Brute Force Attack?
A brute-force attack is a trial-and-error method used by fraudsters to obtain payment card information such as an account number, card expiration ...
Swift Bank Transfer System and ATM Cash-Out Fraud Schemes
By: Mary Anne Colucci, LSC Director of Fraud and Risk
LSC has received limited information on a potential attack on the SWIFT Bank-Transfer System.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. SWIFT provides a secure network that allows financial institutions to send and receive payment. SWIFT does not actually transfer the money; it sends ...
Preparing for the CFPB’s Prepaid Rule
By: Katherine Romano Schnack, VP Legal, LSC
If you work at a credit union that sells prepaid cards, you (or a co-worker) very likely have had someone ask recently if you are ready for the CFPB’s Prepaid Rule. The Consumer Financial Protection Bureau’s Prepaid Accounts Rule goes into effect on April 1, 2019. The ...
Supervisory Committee Member Account Verification
By: Rick Goluszka, Regional Director
The Supervisory Committee of a credit union has many important jobs. Many of those jobs are never seen by the membership, such as, audits of loans, accuracy of records, cash counts, etc. However, member account verification is very visible to the membership. Each year, the Supervisory Committee ...
S. 2155 and Retaining Copies of ID’s
By: Robin Hollis, Regional Director
Feeling confused since the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) when it comes to ID retention? You’re not alone. Section 213 of S. 2155 appears to instruct that when opening an account online, you are required to delete a copy or image ...
The Importance of Effective Advocacy
By: Ashley Sharp, VP State Advocacy & Legislative Counsel
As newly elected state and federal legislators are taking office, it is important to reflect on the importance of effective advocacy. Engaged credit union officials, employees and members are critical to the future success of the credit union movement. In Illinois and on the federal level, new ...
NCUA’s Top Supervisory Priorities for 2019
By: Patrick Smith, SVP Regulatory Affairs
I hope everyone enjoyed a wonderful holiday season! As we start the new year, I wanted to make sure all our credit unions get off to a great start by reviewing NCUA’s top Supervisory Priorities for 2019. Many of these priorities are continued from 2018 as they are ...
Board and Staff Training Resources
By: Pat Voss, AVP Member Outreach
As we near the end of 2018 and look forward to beginning another new year, volunteer and staff training should be at the forefront of all credit unions’ 2019 goals and budgets. The Credit Union System offers a myriad of training opportunities which can meet both the credit union’s ...