ACH Debit Fraud Warning

Per a recent CUNA Mutual Group Risk Alert, ACH debit fraud is trending upward as more credit unions report losses. Most recently, several California credit unions reported ACH fraud involving loan payoffs and booster payments on credit union-issued credit cards. The members used credit union online payment options to make loan payments via ACH. The ACH debits were returned to the credit unions as unauthorized transactions.   Click here to read the full alert. 

Published with permission from CUNA Mutual Group (CMG). This alert, along with all of CMG Risk Alerts, is available to CMG policyholders on the CMG Risk and Protection Resource Center.  CMG Policyholders with questions should contact CMG to discuss further.  

New CUNA Compliance Resource! HMDA Data Collection Flow Chart

In October 2015, the Consumer Financial Protection Bureau finalized amendments to the Home Mortgage Disclosure Act (HMDA), including modifications to the government monitoring information GMI data collection requirements found in Appendix B to Regulation C.

To help credit unions navigate the new HMDA GMI requirements, CUNA's compliance team has developed a "HMDA GMI Collection" flow chart. This resource is available to CUNA member credit unions on the resource tab in the HMDA section of the E-Guide to Federal Laws and Regulations by clicking here. It is also available in the shared file library of CUNA's Compliance Community by clicking here.

Source: CUNA Blog

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