News & Insight

Home Depot: 56 million cardholders affected

Monday, September 22, 2014

In what is now the largest retailer data breach known, Home Depot last week announced that 56 million cardholder accounts were compromised between April and September at its stores throughout the U.S. and Canada.

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Congress wraps up, set to return post elections

Monday, September 22, 2014

Both the House and Senate wrapped up their current session in Washington Thursday with the passage of a continuing resolution bill funding government operations. Lawmakers are back in their districts preparing for the upcoming fall elections.

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Opinion Editorial: On Risk-Based Capital, Let's Get It Right

Monday, September 22, 2014

In a recent CU Times editorial NAFCU President and CEO Dan Berger says while we all want credit unions to be adequately protected, it's important that any final rule on risk-based capital requirements leave credit unions room to make business decisions with members’ best interests in mind.

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TFCU Article: Understanding and Reducing False Positives in AML

Monday, September 22, 2014

Many Bank Secrecy Act (BSA) compliance officers waste valuable time on false positives at the expense of detecting real money laundering cases. By no means is this the fault of the BSA officers; rather, it can be attributed to the general approach of anti–money laundering (AML) rules. The key to understanding AML is knowing the complexities of transactional risks.

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Issues & Regulations

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NCUA to reexamine the risk weights in its proposed risk-based capital rule

Capital Reform

NAFCU attended all of NCUA's three listening sessions in Los Angeles on June 26, 2014, Chicago on July 10, 2014 and Alexandria, Va. on July 17, 2014. During each session NCUA Board Chairman Debbie Matz said the agency would reexamine the risk weights in its proposed risk-based capital rule. Matz also said a second comment period for the proposal is unlikely and that the implementation period for any rule would be longer than 18 months.

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Merchants must be held accountable when fraud occurs on their end

Data Security

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.

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