Credit Union Industry News & Updates

The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.

WHAT’S GOING ON AT CREDIT UNIONS?

Dependent Care and Board Member Expense Reimbursement

AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board is amending its regulations concerning the reimbursement of reasonable expenses for federal credit union (FCU) officials. The amendment revises the definition of compensation to exclude...

Preemption-Federal Credit Union Non-Interest Charges and Fees

SUPPLEMENTARY INFORMATION: I. Introduction A. Background Federal credit unions (FCUs) routinely rely on third parties for a range of products and services.[1] In particular, third parties are crucial to FCUs' provision of payment cards, which are vital and deeply...

Regulation for Federal Financial Assistance

SUPPLEMENTARY INFORMATION: I. Executive Summary The Office of Management and Budget (OMB) proposes to revise several parts of the OMB Guidance for Federal Financial Assistance located in title 2 of the Code of Federal Regulations (CFR), subtitle A, to improve and...

In-Home Voice Tech Beginning to Silence Mobile Use

Mobile use is beginning to suffer at the virtual hands of in-home digital voice assistants, a new study reports. According to professional services company Accenture, which surveyed 21,000 consumers in 19 countries between last October and November, 66% of people who...

Pro-Credit Union Rep. Royce Announces Retirement From House

Rep. Ed Royce (R-Calif.), who, as a member of the Financial Services Committee has sponsored major credit union-related legislation, has announced he will not seek reelection this year. Royce, chairman of the House Foreign Affairs Committee, is “term...

Vexed Judge Orders Arrest Warrant for Former CU CEO

A vexed federal judge issued an arrest warrant for a former credit union CEO who failed to show up at his sentence hearing Monday for bank fraud and attempted brank fraud. Sean Jelen, 35, the former president/CEO of the merged $227 million Valor Federal Credit Union...

Biometric EMV Card for Contactless Payments Hits Market

Digital security firm Gemalto has launched EMV card technology that uses fingerprints instead of PINs to authenticate users at the point of sale, according to a company announcement. To use the technology, customers insert their cards into the payment terminal and...

Idaho CU Inks $10 Million Naming-Rights Deal

Artist Rendering of Plans for Idaho Central Credit Union Arena include the main Vandal home court. Chubbuck, Idaho-based Idaho Central Credit Union has agreed to pay $10 million for the naming rights to a new basketball arena being built at the University of Idaho....