CUNA Mutual says be aware. Credit union IT exec says it's fear mongering.
There’s no doubt that member demand for convenient banking services such as remote deposit capture and person-to-person payments is high. But some credit unions may be overwhelmed by the homework required to implement these services, especially the need to comply with applicable regulations such as Bank Secrecy Act/Anti-Money Laundering.
Stakeholders argue that guidelines fall short of addressing evolving threats and have tough-to-meet deadline.
Regulation E compliance on credit union ATM fee disclosure has apparently spawned a flurry of class action suits against CUs, CUNA Mutual Group reported Thursday.
Recognizing wire and Automated Clearing House fraud as one of the fastest growing risks facing credit unions, CUNA Mutual will host a Webinar on the topic next Wednesday, Feb. 10 at 11 am EST.