Mortgages: Mortgages — How to Get a Rock-Bottom Rate

Rates are just about as low as they’ve ever been. But you still need to have all your ducks in a row to take full advantage. Mortgages: Mortgages — How to Get a Rock-Bottom Rate:

15 Ratios Every Board Member Should Know

"Key metrics to evaluate your credit union and bridge the gap between macro trends and micro performance." *** 15 Ratios Every Board Member Should Know:

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Firefighter's Credit Union Newsroom

"A few recent NCUA Letters to Credit Unions have included information regarding member education. Below are a few areas where credit unions have been encouraged to educate members - in addition to the required regulatory disclosures already provided."  Read complete article at; Firefighter's Credit Union Newsroom:

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Risk Assessments & Documentation Keys to FFIEC Guidance

With the compliance date for the FFIEC’s Internet Banking Authentication right around the corner, several credit unions have expressed their concerns as to the compliance impact their credit union will face if the guidelines for authentication are not fully implemented by January, 2012.

The core principles of the FFIEC guidance include ongoing risk assessments and strategies, layered security controls, and improved customer awareness of online banking risks. The Supplement stresses that the risk assessment(s) involved in the institution’s efforts to comply with the guidelines is not a one-time project. Instead, it’s ongoing:

“Financial institutions should review and update their existing risk assessments as new information becomes available, prior to implementing new electronic financial services, or at least every twelve months.”

The risk assessment(s) aids in determining which online transactions are higher risk than others. And although the guidance applies to all internet banking, it recognizes the fact that financial institutions will have more robust controls as the risk level of the transaction increases. The guidance uses consumer and business banking as an example. Although both would require security controls, the Guidance recognizes that the risk level differs:

“Since the frequency and dollar amounts of these [consumer] transactions are generally lower than commercial transactions, they pose a comparatively lower level of risk. Financial institutions should implement layered security, as described herein, consistent with the risk for covered consumer transactions."

The Guidance goes on to state:

“Since the frequency and dollar amounts of these [business] transactions are generally higher than consumer transactions, they pose a comparatively increased level of risk to the institution and its customer. Financial institutions should implement layered security, as described herein, utilizing controls consistent with the increased level of risk for covered business transactions. Additionally, the Agencies recommend that institutions offer multifactor authentication to their business customers.”

NCUA Letter to Credit Unions 11-CU-09 states:

Risk Assessments & Documentation Keys to FFIEC Guidance:

By JiJi Bahhur, Regulatory Compliance Counsel NAFCU

“Federally insured credit unions will be expected to adapt appropriate strategies from the supplement to strengthen and enhance controls by January 2012. Beginning in 2012, at credit unions offering electronic services, NCUA examiners will evaluate these controls under the enhanced expectations outlined in the supplement.”

Documentation is Key. As credit unions strive towards following the updated guidance, they should be sure to document their progress to show examiners. Highlight the steps the credit union has taken to implement additional security controls as indicated by the risk assessment. Show examiners your plan for continued risk assessments and new controls. If your vendors will be slowly rolling out security enhancements in 2012, document your communications with these vendors so that examiners know you are working on mitigating these risks.

For additional information on the FFIEC Authentication Guidance, check out our June 29^th blog post.

The U.S. Central “Wind Down” - Why It Happened, What It Means

"That decision by the regulator triggered the big question: how did this happen? A source with significant familiarity with the U.S. Central operations told Credit Union Times: “What U.S. Central had was not economically viable. Its services were priced out of the market.”" The U.S. Central “Wind Down” - Why It Happened, What It Means:

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EXPLOSIVE DEVICE AT EMS CALL - ALWAYS BE AWARE

"A quick background check via the internet revealed the owner of the residence was a satan worshiper. Based on revealed information it was discovered that December 23rd is a significant holiday for satan worshipers. It is theorized the occupants had intended to take the EMS crew hostage and then to ambush the remaining responders who would attempt a rescue. " EXPLOSIVE DEVICE AT EMS CALL - ALWAYS BE AWARE:

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Florida credit unions boom in 2011 - South Florida Sun-Sentinel.com

"Florida credit unions are growing at a torrid pace, fueled by a backlash against banks and Wall Street and by marketing campaigns focusing on their differences from banks as not-for-profit cooperatives. These financial groups tend to charge lower fees and score higher on customer satisfaction surveys than commercial banks do, independent studies show.   Read Complete Story; "Florida credit unions boom in 2011 - South Florida Sun-Sentinel.com:

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Shared Branching: The Epitome of the Credit Union Philosophy

 If you are a credit union member, there's a good chance you've heard the term “shared branching.” If you are considering membership, then this special member-friendly service, unique to credit unions and not seen in virtually any other ... Shared Branching: The Epitome of the <b>Credit Union</b> Philosophy: by Cyndi Cohen
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S&P/Case-Shiller shows home prices down again in October

S&P/Case-Shiller shows home prices down again in October: Home prices in October declined in 19 American cities, as the Standard & Poor's/Case Shiller home price index showed drops in both the 10-city and 20-city composites.
According to the latest S&P report, home prices declined 1.1% and 1.2% for the 10- and 20-city composite indexes.

"There was weakness in the monthly statistics, as 19 [...]

FinCEN Extends Deadline for New CTR and SAR Forms

Written by Bernadette Clair, Regulatory Compliance Counsel NAFCU

In the spirit of holiday giving, here’s one more present for you…FinCEN has extended its originally proposed deadline for using the new CTR and SAR from June 30, 2012 to March 31, 2013. The extension is intended to give institutions more time to make the transition to the new reports, and make any necessary internal processing or system changes.
But wait…we’re not out of the woods just yet. Remember that proposal FinCEN issued to mandate electronic CTR and SAR filing? That’s still on the table and the proposed deadline remains June 30, 2012. We blogged about this proposal on September 19th.
Although there will be a short reprieve from mandatory use of the new reports, don’t expect the same for e-filing. Here’s what FinCEN had to say about e-filing in this latest announcement:

“FinCEN expects that the clear benefits associated with the transition to a fully electronic reporting system will support mandating electronic filings of BSA reports as of the proposed date of June 30, 2012. FinCEN will continue to consider the comments received on its proposal, and will follow the normal procedures for concluding the notice process. As reflected in the notice, for those financial institutions unable to meet the proposed electronic filing deadline, FinCEN will consider, based upon certain limited hardship exceptions, specific requests to file the most current paper forms for up to one year past the mandatory electronic filing deadline. Further information on how financial institutions can make such requests will be provided in a future notice.”

Thus, if you’re not yet e-filing your CTRs and SARs, now is the time to start thinking about it. Also, keep an eye out for more information on the new forms, which FinCEN says it will be making available soon.