As we pass that point in January where we no longer automatically wish each other a Happy New Year, most credit unions realize that it’s time to start working toward those 2015 goals that seemed so promising but so distant when they were formulated back before the holidays.
THE 'tude
It is no secret that within the last year the Information Security community has been developing and adopting specific initiatives to mitigate the effect of cybersecurity attacks. Cybersecurity is a subset of Information Security processes for protecting information by preventing, detecting, and responding to attacks within Cyberspace (e.g. Internet, Telecommunications networks, computer systems).
It’s easy to slip into clichés and stereotypes when it comes to credit union board members. Old enough to have shared some high school carpentry classes with Moses. Like piranhas devouring a carcass right down to the bones when it comes to cleaning out a trade show booth of its tchotchkes. About as open to new ideas as they are to changing their traditional seats at board meetings.
NCUA’s efforts to modernize its regulations and identify credit unions that take outsized risks have been the subject of a great deal of attention, and some in the industry still wonder if we really need this rule. The answer is yes, and let me explain why.
NCUA Chairman Debbie Matz is suggesting that the new risk-based capital proposal is legal and that she asked for unbiased legal opinion regarding the new RBC proposal.
It is said that for airports, police departments and even the travelling public, it’s the same day, every day: Sept. 11, 2001. That’s the effect that tragic day and the helpless feeling of vulnerability continue to have 14 years later.
The NCUA approved 22 mergers in November 2014, which is up from the 17 mergers in November of last year.
Recently a representative for the Center for Disease Control (CDC) was quoted as saying that what made the Ebola scare so frightening was how the CDC communicated the risk to the public.
A Florida lawyer who flew on the plane a day after Ebola patient Amber Vinson asked CDC for precautionary advice. The CDC employee told him, “I don’t have an answer.” It appeared that each time the director made a statement to reassure the public, bad news followed, discrediting his expertise and eroding the public trust.
There is maybe a decade left before the long civil war between credit unions and banks comes to an end. By the mid-2020s, NCUA will be gone, swept into a super-regulator that also oversees banks and other financial institution, according to one person.
Credit unions often pride themselves on their superior member service—and they should. According to the recent Consumer Banking Insights Study, 68% of credit union members say their member service is an advantage when compared to other institutions. Only 38% of megabank customers say the same.