Let's continue the fight for our industry - together.
Advancing a key aspect of NAFCU's five-point plan for regulatory relief for credit unions.
See member survey results on the special topics of 2015 CU Outlook & Prepaid Cards.
NCUA Chairman Debbie Matz announced Friday that lawyers' trust accounts at federally insured credit unions are now insured to the limit allowed by the National Credit Union Share Insurance Fund. NAFCU had urged an NCUA response immediately after President Obama signed into law on Thursday a bill on Interest on Lawyer Trust Accounts (IOLTAs).
NAFCU President and CEO Dan Berger wrote an editorial for CUJournal about NAFCU's progress in 2014 fighting for regulatory relief for credit unions, pushing for a national data security standard for retailers, and other credit union priorities.
On Friday, Staples confirmed more details of a data breach on its point-of-sale systems earlier this year saying that the breach affected about 1.16 million cards at 115 U.S. store locations between July and September.
It is hard to believe that a year has gone by since Target disclosed a massive data breach - and harder still to accept that consumers face a new holiday shopping season without the benefit of national standards on data security and breach notification safeguards for retailers.
In 2014, "Enough is enough" was NAFCU's rallying cry for the overwhelming regulatory burden on credit unions. NAFCU steadfastly advanced that message from Capitol Hill to the White House and beyond, yielding victories in many areas.
After NCUA Board Chairman Debbie Matz announced in September that she intends to request that a revised proposed risk-based capital rule be issued with a new comment period—which NAFCU has been pressing for since last year—she then announced on November 21, 2014 that she will ask the board to consider issuing a new, proposed risk-based capital rule during the Jan. 15 open meeting with a 90-day comment period attached.
The time and resources it takes to notify members, reissue cards, and make members whole in instances of fraud is overwhelming. Federal standards must exist for merchants on the safekeeping of financial and personal information, as well as data breach notification.