By now, card fraud was supposed to be a thing of the past what with the introduction of EMV, tokenization, advanced fraud detection, and other technologies. But for various reasons, progress has been slow.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA Chief Policy Officer/Chief Economist Bill Hampel said there is no immediate concern for credit unions regarding a U.S. appeals court decision to throw out a $1.27 billion penalty levied by the U.S. Department of Justice against Bank of America in connection with questionable mortgages sold by the former subprime giant Countrywide.