Since the start of the pandemic, banks have reported more sophisticated cyber-attacks, according to Lisa Arquette, associate director of the FDIC’s anti-money laundering and cyber fraud division. The more sophisticated attacks are the result of several factors, Arquette said, including an increase in bank employees working remotely and more customers accessing digital banking services, ABA Banking Journal reported.

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Losses involving members on-site at credit union locations have been increasing at an alarming rate – similar to employee slips, trips, and falls. In fact, there are several potential hazards that can cause these accidents at your locations. No matter how it happened, you should get in the habit of keeping records and carefully documenting member incidents and injuries. This habit can strengthen incident investigations, which includes reviewing security videos, taking photographs, getting statements from witnesses, and examining root causes. Learn more

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Viola Llewellyn brings her message of inclusion and community to Ignite 2022, with practical advice and tips on how to earn the business of foreign-born members and how to make individuals from different cultures feel comfortable, included and valued at your credit union. Register for Ignite 2022!

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Prior to the COVID-19 pandemic, consumers had steadily been paying more in credit card late fees each year—peaking at over $14 billion in 2019. Late fees assessed by issuers declined to about $12 billion in 2020 given record-high payment rates and public and private relief efforts. Even during the pandemic, late fees accounted for over one-tenth of the $120 billion consumers pay in credit card interest and fees annually. In 2021, late fees were on the rise again.

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The Consumer Financial Protection Bureau should carefully examine and regulate “buy now, pay later” (BNPL) companies, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Friday. The CFPB issued a request for information on BNPL products, following an inquiry into five companies offering the products.

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FinCEN issued FIN-2022-Alert001 to credit unions about the potential of sanction evasion activity. This alert warns credit unions the Russian government and sanctioned individuals may attempt to evade sanctions through the use of non-sanctioned financial institutions and financial institutions in other countries. In the alert, FinCEN has identified several red flag indicators that may help a credit union detect sanction evasion activities.

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In a webinar last week, NCUA Chairman Todd Harper noted Overdraft Protection Programs and their related fees are reaching an inflection point. Due to the changing landscape and consumer expectations, credit unions need to begin adjusting their revenue expectations associated with this service.

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The Consumer Financial Protection Bureau (CFPB) announced Friday that it received a tremendous amount of feedback from its Request for Information on exploitive "junk fees." It also announced it's extending the deadline for the public to share input and stories on their experiences with exploitative junk fees through April 11, 2022. Learn more

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On March 23, 2022, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.340 and FinCEN Report 105 – Report of International Transportation of Currency or Monetary Instruments (CMIR). Learn more

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The Federal Deposit Insurance Corp. has set the wheels in motion to publish its request for information on bank merger policy, putting the policy fight that led to the resignation of former Chair Jelena McWilliams back on the front-burner and eliciting a new round of industry reaction.

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