Mobile payments are growing by 68% annually—from $16 billion in 2010 to a projected $214 billion by 2015. This transaction type continues to be the single greatest opportunity for—and threat to—credit unions.
"Technology is shifting the landscape of how we pay," says Mark Sievewright, president of credit union solutions for Fiserv.
A question was recently posed to CUNA’s compliance staff about the Right to Financial Privacy Act. Specifically, what type of documentation is required from a federal government agency when it requests financial information on a member?