The recent and massive database breach at Equifax serves to highlight the insider threat that database systems face today. But you say, “The Equifax database attack was perpetrated by external hackers, not internal personnel.” While that’s true, it...
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?
Home Equity Loan Fraud Hits Navy FCU
An Atlanta business owner was sentenced to three years in prison last week for running a home equity loan fraud scheme that led to losses of nearly $3 million for the $82 billion Navy Federal Credit Union. U. S. District Judge Claude M. Hilton also ordered Thomas...
Square: Big Name in Fintech Files for Bank Status
San Francisco-based Square, which offers card readers and a payments app, has confirmed to CU Times that is has filed an application for an industrial loan charter with the FDIC. The company is the latest in a string of fintechs to make the move toward bank...
Rep Calls on NCUA to Delay Fund Merger, Increase in Operating Level
A key Republican House member is asking the NCUA to delay proposals to increase its normal operating level and merge its corporate credit union stabilization fund and its share insurance fund. “Merging the funds and raising the [operating level] would seem...
NCUA Grants Charter for Clean Energy FCU
If anything, the name of a new credit union ----- Clean Energy Federal Credit Union ---- sounds like it is poised to serve the rising consumer demands for renewable energy products. The NCUA granted a federal charter and share insurance fund coverage for the Boulder,...
Equifax Breach a Game-Changer for CU Fraud
Credit unions should immediately evaluate their credit reporting practices, find ways to get better breach data and prepare for a spike in fraud in the wake of Equifax’s enormous data breach, two experts have warned. The Equifax breach, announced Sept. 7,...