CUNA News

Cybercrooks or eCrime syndicates are expanding the base of the brands they exploit for online fraud far beyond major financial institutions and online merchants, said the Anti-Phishing Working Group in its fourth quarter Phishing Activity Trends Report.

Michigan's Office of Financial and Insurance Regulation issued a cease-and-desist order against a broker who sold unregistered securities in a multi-million dollar Ponzi scheme while operating out of a credit union service organization in Ann Arbor.

In this month's Compliance Challenge, CUNA addresses a question regarding overdraft protection policies.

Steve Fowler has been named the new president/CEO of the South Carolina Credit Union League & Affiliates, announced the league's board of directors.

The Maryland General Assembly is considering legislation that would give credit unions and state-chartered banks an advantage when bidding to serve state agencies or local governments.

The economy is on the mend, but it is still fragile, CUNA Chief Economist Bill Hampel told The Washington Post Saturday.

American consumers's debt rose by $4.96 billion, or 2.4%, to $2.46 trillion during January, says the Federal Reserve. It was the first increase in a year. Consumers borrowing from credit unions bucked that trend; their debt dropped to $235.8 billion from December's $237.2 billion.

CUNA economists have analyzed a study in Georgia about the impact of credit unions' tax exemption and determined the study is not a complete look at the exemption.

In a letter to National Credit Union Administration Chairman Debbie Matz, CUNA called on the NCUA to "work within its current statutory authority to help credit unions bear the burden" of "unprecedented National Credit Union Share Insurance Fund costs."

The U.S. District Court's summary judgment decision on one of the issues in the recently concluded Bellco Credit Union case "represents 'substantial authority' under federal tax law" for the position that financial products and services that are sold by credit unions to their members are exempt from unrelated business income taxes, Foley & Lardner LLP has concluded.

The National Association of Realtors last week joined the growing chorus of supporters urging a lift of the credit union member business lending cap by strongly urging congressional representatives to "follow the lead" of Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) and increase "the ability of our nation's credit unions to make commercial loans and provide much needed financial support to our fragile economy."

The Financial Crimes Enforcement Network (FinCEN) said it worked closely with federal regulators to hammer out new guidance for financial institutions regarding the beneficial ownership of accounts.

HEW FCU of Alexandria, Va., and Partners CU Ltd of Liverpool, Merseyside, U.K. have entered into a partnership. The two worked collaboratively for two years to develop a strategy to solidify relations between the two organizations.

Canada's credit unions may be able to expand countrywide if budget proposals released Thursday by the Canadian government to allow credit unions to incorporate as federal entities are approved.

When MSN Money.com columnist Diane Mapes switched her credit card account to a credit union after a bank hiked her credit card interest rate, she began collecting "stories of people who've suffered the last straws and switched" to credit unions.

Rep. Sander Levin (D-Mich.) will take on chairmanship of the House Ways and Means Committee after House Democrats on Thursday elected to remove Rep. Pete Stark's (D-Calif.) name from consideration.

The U.S. Small Business Administration has announced that it will be able to resume Recovery Act loans on March 10 after President Obama on Tuesday signed temporary funding legislation.

Sunday's H&FF Radio program explores potential identity theft issues associated with predicted data breaches, explains how to help consumers living in poverty get ahead by matching their savings, and answers questions about the government's stimulus package and credit card repayment solutions.

In a letter circulated on Wednesday, Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.), the architects of H.R. 3380, which would increase the cap on member business lending for credit unions to 25%, continued to urge their House colleagues' to support the measure, saying that it makes "real economic and fiscal sense to enhance credit unions' ability to lend to their business-owning members."

Chile's financial cooperatives, assisted by the country's largest credit union, have undertaken efforts to assist their members with emergency relief despite the fact that many credit unions and their branches were damaged or destroyed in the massive 8.8-magnitude earthquake that struck southern Chile Feb. 27.