Deadline Nears for Credit Unions to Join Class Action Suit Against Home Depot

Plaintiffs’ attorneys are looking for financial institution in each state to join the case, and are sending letters to some Northwest credit unions.

Compliance Center: OFAC Launches Simplified Consolidated Sanctions List

The Office of Foreign Assets Control launched a simplified list of all non-SDN sanctions; joint debts after divorce question answered; and legal briefs.

Fear of Retaliation: How to Protect Whistleblowers and Prevent Lawsuits

Government statistics say it’s a pervasive and growing problem in the U.S.: employers retaliating against employees who are involved in reporting a co-worker’s wrongdoing. How can credit unions protect whistleblowers who report discrimination, harassment or other misconduct – not to mention the credit union itself and anyone else involved?

DDoS Group Says More FI Attacks Are Planned

Cyber bullies have announced plans for more DDoS attacks on financial institutions. The NWCUA Compliance Department offers a security checklist and other resources for credit unions.

A Credit Union’s Liability After a Hack

Credit unions braced themselves for a coordinated cyber attack that never materialized May 7, but they should not let their guard down. Cyber attack threats are continuous. If your credit union is not properly managing its risks, it could be liable in the event of an attack.

Oregon Regulator Issues Final Cease-and-Desist Order Against Western Sky Financial

Oregon regulators have cracked down on Western Sky, a South Dakota-based company which advertised its loan program in an aggressive broadcast campaign. The company allegedly practiced without a proper license and charged interest rates as high as 342 percent.

Credit Unions Recognized for Lobbying Efforts Against TAG Bill

The Hill chose credit unions’ recent successful campaign to defeat the banks’ TAG extension as one of the top-10 lobbying victories of 2012. Google, Public Knowledge and Yahoo! earned top billing for their work opposing the Stop Online Piracy Act (SOPA) and the Protect Intellectual Property Act (PIPA).

F.I.S.T. Brings Oregon Financial Institutions Together to Fight Crime

The Financial Institutions Security Task Force (F.I.S.T.) is a cooperative effort aimed at reducing crimes committed against financial institutions. The group includes representatives from banks, savings and loans, and credit unions, as well as from local, state and federal law enforcement.

Washington DFI Issues Statement of Charges Against Five Unlicensed Online Lenders, Including Western Sky Financial

The Washington Department of Financial Institutions is seeking restitution, prohibition from operating in the state and $669,300 in fines from five unlicensed online lenders owned and operated by Martin Webb. “These companies are preying on financially struggling Washington consumers with loans at unconscionable repayment terms,” said DFI’s Deborah Bortner.

Robert Siravo Fined $600,000, Banned from Federally Insured Credit Union Employment

WesCorp’s former CEO has been slapped with a prohibition order and a $600,000 fine by the National Credit Union Administration. The move closes another chapter in the corporate failure saga that cost credit unions billions and called into question the regulator’s oversight during the collapse.

CSCU Answers Frequently Asked Fraud Questions

Strategic Link business partner CSCU explains the importance of fraud protection and answers a number of pressing questions related to current fraud trends and best practices for detection.

Compliance Question of the Week

If our member gave someone his credit card number to make an online purchase and that person takes the number and purchases several other times against the Visa, what is the credit unions liability? Would we have to refund the member for the purchases that were made with the Visa, or would the member need to take action against the person who made the transactions against their account?

Umpqua Bank Sued for Overdraft Fee Assessments

A lawsuit filed this week alleges that Umpqua Bank used unfair practices to assess overdraft fees, giving credit unions cause to take a second look at their own fee assessment procedures.

Judge Dismisses Most Complaints in Heartland Data Breach Suit

A U.S. District Court judge dismissed most complaints brought by a number of financial institutions against Heartland Payment Systems Inc. regarding its January 2009 data breach.

New Rules Present New Risks For Credit Union Directors

CUNA Mutual Group writes that the establishment of new fiduciary and financial literacy rules for directors of federally chartered credit unions, coupled with economic challenges and more litigation, has greatly increased personal risk exposure for credit union decision-makers.

NCUA Files Suit Against Wells Fargo

The NCUA is suing Wells Fargo, alleging they violated state and federal securities laws and misrepresented the sale of securities to the now-defunct U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.

NCUA Reaches Settlement in Lawsuits Against Citigroup, Deutsche Bank Securities

The NCUA reached separate settlements this week with Citigroup and Deutsche Bank Securities regarding the sale of residential mortgage-backed securities to five wholesale credit unions. Net proceeds will go toward reducing assessments charged to credit unions to pay for the losses.

Compliance Question of the Week

Is an Interest on Lawyers’ Trust Account (IOLTA) subject to an IRS levy against the lawyer?