Nussle on Chick-fil-A breach leads Jan. News Now Top 10

February 2, 2015

MADISON, Wis. (2/3/15)--An article about a possible data breach within the payment systems of Atlanta-based fast-food chain Chick-fil-A was the most-read News Now article in January.

"It's devastating to credit unions and their members that merchant data breaches are becoming commonplace," said Jim Nussle, Credit Union National Association president/CEO said in response to news of the breach (News Now Jan. 5).

"Chick-fil-A is another example of how data breaches will continue to be prevalent at retailers until they are held to the same data security standards as credit unions and other financial institutions."

The Top 10 articles for the month included:

10. CUNA seeks answers from NCUA on IOLTA bill questions

WASHINGTON (1/29/15)--The passage of the Credit Union Share Insurance Fund Parity Act has raised a number of questions from credit unions about its potential applications, questions summarized by CUNA in a letter to the National Credit Union Administration (NCUA) Wednesday.

9. CUs face 'perfect storm' of tech changes in 2015

ATLANTA (1/30/15)--A sea of forces--investment, innovation and competition--could expand what credit unions, and other financial institutions, will spend on technology in 2015, according to a new report on technology expectations.  

8. 31 CUs fined total of $12,820 for 3Q late-filing

ALEXANDRIA, Va. (1/23/15)--Thirty-one federally insured credit unions will be subject to civil money penalties for filing late third-quarter 2014 call reports, the NCUA announced Thursday. Those 31 have consented to pay a total of $12,820, according to the NCUA.

7. Homeowners get boost in Supreme Court mortgage rescission case

WASHINGTON (1/14/15)--The Supreme Court Tuesday ruled in favor of homeowners wishing to rescind their mortgages. Jesinoski v. Countryside sought to address if borrowers can send a written notice or rescission to lenders, or if they also have to file a lawsuit within the three-year window.

6. Supreme Court rejects NACS lawsuit against Fed

WASHINGTON (1/20/15)--The Supreme Court has rejected a request to hear a case brought by a group of retailers regarding debit card interchange fees, a decision welcomed by CUNA. A cap on such fees was established by the Dodd-Frank Act, but retailers argued the cap is too high, and sued the Federal Reserve board of governors in an attempt to have the rule revisited. No further appeals on the case are possible.

5. Supreme Court denies banks' appeal in NCUA MBS suit

WASHINGTON (1/14/15)--The Supreme Court has rejected an appeal from several banks regarding a lawsuit filed by NCUA involving the sale of residential mortgage-backed securities more than  seven years ago to two corporate credit unions. The Royal Bank of Scotland, Wells Fargo and Co., Nomura Holdings Inc. and Novation Companies Inc. were denied dismissal of the suit Monday.

4. Fed standing pat on rate hike

WASHINGTON (1/28/15)--While economists still widely expect the Federal Reserve to hike short-term interest rates this summer, the Federal Open Market Committee's policy statement, released today, gave few hints as to when that first rate hike will actually happen.

3. RBC2 plan has many CUNA-recommended changes: Are NCUA's answers sufficient?

WASHINGTON (1/15/15)--The NCUA board just voted to put out a revised risk-based capital plan for credit unions for a 90-day comment period, which will begin when the proposal is published in the Federal Register.  The hundreds of pages of documents are packed with revisions from the agency's original and highly criticized plan launched almost exactly a year ago on Jan. 23.

2. NCUA defines supervisory priorities: Cybersecurity, IRR top 2015 list

ALEXANDRIA, Va. (1/7/15)--Cybersecurity, interest-rate risk and Bank Secrecy Act compliance head the NCUA's supervisory priorities for 2015. This is according to a letter (15-CU-01) sent Tuesday to federally insured credit unions.

1. Chick-fil-A breached, 'devastating' cost likely to mount for CUs

ATLANTA (1/5/15)--The Atlanta-based fast-food chain Chick-fil-A announced last week it is investigating a possible data breach of its payment systems, a revelation drawing the attention of CUNA.