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Credit Unions and the Rise of Mobile Payments.
Rep. Denny Heck, D-Wash., lead cosponsor of H.R. 2769, the "Credit Union Risk-Based Capital Study Act of 2015," will speak during NAFCU’s Political Administrative Fund breakfast during the association's Congressional Caucus next month in Washington.
The Federal Housing Administration said Property Assessed Clean Energy loans that help mortgage borrowers finance environmentally friendly home upgrades are subordinate to a first-lien mortgage. The administration also announced a new initiative allowing borrowers to take out higher loan amounts to finance energy improvements.
According to Gallup, only 13 percent of adults with smartphones have digital wallet apps, and 76 percent of those have only used the apps "very rarely."
With all the hype on cyber and data security, it would be appropriate to point out that it’s not always external threats we need to be wary of. Internally, the credit union needs to be aware of and take appropriate steps to ensure that sound practices are in place for managing and monitoring privileged access to data and systems.
The Internet is ubiquitous not only at our workplaces and homes, but on the commute between them – we can't go anywhere without our phones alerting us to a new email or even a traffic jam coming up. And as credit unions know, there are an increasing number of cyber threats out there that threaten members and sensitive-data security.
This legislation will stop NCUA from moving forward with their second risk-based capital proposal until completing and delivering to Congress a thorough study.
Data security breaches are a serious problem for both consumers and businesses. We urge credit unions to take action.