Don't Do This; Free News
Would you like something to drive home a training session on credit union security procedures? Especially those procedures that protect member information? I'd use the following. The FTC recently slammed a Nevada mortgage broker for mishandling consumer report information. Warning: the following may make you queasy:
According to the FTC, in December 2006, approximately 40 boxes containing consumer records were found in a publicly-accessible dumpster. The records included tax returns, mortgage applications, bank statements, photocopies of credit cards and driversâ licenses, and at least 230 credit reports.
Yes, regulators care about this. Imagine what would happen if this took place at your credit union - and if the local paper picked up on it. Â
Not good. Not good at all.Â
Read the FTC release here.  Here's the thing. If you read the release, you'll see that the mortgage broker had policies and procedures in place. The problem seems to be a lack of implementation. And while this problem occurred at a mortgage broker, we're under the same set of requirements.
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At last count, there are only 30 seats left for NAFCU's Regulatory Compliance School.
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Hey non-NAFCUers! NAFCU is now offering its daily NAFCU Today news service for free. The service sends out a daily email with four or five stories that touch upon major issues of the day. And I'd bet that 40 to 50 percent of the time, these issues are compliance/regulatory/legislatively related. Good stuff, people. Good free stuff. Sign up here. (Non-NAFCU members are more than welcome to sign up. And feel free to forward to others at your credit union who might find this to be useful.)
For those of us in the compliance field, when it comes to information - the more the merrier.Â