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In the Media
stories collected between
Jan. 22- 28, 2014
This collection of news about credit unions and their activities is assembled from a variety of sources on the Internet and from credit union submissions. Note: links used here are external and the League does not control their expiration dates.
To share news from your Indiana credit union: send story links to Kay Neidlinger. You can also read more about credit union's community service efforts--and contribute information at the Commitment to Change website
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Indiana Credit Unions in the Media
Source: Credit union submissions and Internet news reports. Some stories may require passwords for access.
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Ball State FCU partners with this radio station to recognize a Ball State University employee each month.
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FORUM CU's Andy Mattingly appears on Fox 59's "Money Matters."
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Marion Chronicle-Tribune - 1/22/14
Grant County credit unions distributed shoes to members of the Grant County Boys and Girls Club. (subscription/password required to read full story).
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Dress for Success foundered a bit before finding a new home with the Natco Community Empowerment Center. The center offers no-cost financial and employment advice to everyone in the community. Dress for Success seemed a natural addition to the center's career readiness training, which includes filling out resumes, doing job searches and practicing interviews.
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Taria Gray, community outreach program at the Natco Community Empowerment Center, comments in this story.
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National and Wide-Reaching Coverage
Source: Credit Union National Association and other national sources. Some stories may require passwords for access.
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THE WALL STREET JOURNAL - by Ben DiPietro 1/24/14
Regulators are keeping a close eye on community banks, as evidenced by a proposed revised risk-based capital framework announced Thursday at the National Credit Union Administration board meeting-and by closer oversight into how community banks manage interest rate risk exposures...The Credit Union National Association says the higher minimum capital thresholds would most affect credit unions that have concentrated holdings of real estate loans, member business loans or high levels of delinquent loans. (subscription/password required)
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"Contrary to what some may think, these expenses will not be reimbursed to credit unions and their members by Target or other retailers," Bill Cheney, president and CEO of the Credit Union National Association, said in a statement. "Rather, credit unions must solely cover these costs of their card program administration, including in these circumstances of reacting to a merchant data breach."
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The Target data breach has racked up a hefty tab for credit unions around the country. According to the preliminary results from a survey conducted by the Credit Union National Association, the breach has already cost not-for-profit institutions $25 million to $30 million.
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AMERICAN BANKER - by Victoria Finkle 1/23/14
"There are a lot of different areas of Capitol Hill that can touch this issue, and whenever you get that many committees involved, it complicates things," said Ryan Donovan, senior vice president of legislative affairs at the Credit Union National Association. (subscription/password required)
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COMPUTER WORLD - by Jaikumar Vijayan 1/23/14
According to CUNA, credit unions to date have spent more than $30 million to recall and reissue credit and debit cards impacted in the Target breach. When fraud-related costs are factored in, credit unions could end up paying a much higher price for Target's folly, according to the association."Contrary to what some may think, these expenses will not be reimbursed to credit unions and their members by Target or other retailers," CUNA President and CEO Bill Cheney said in a statement "Rather, credit unions must solely cover these costs of their card program administration, including in these circumstances of reacting to a merchant data breach."
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| CNBC.com - by Ben DiPietro 1/22/14
"Contrary to what some may think, these expenses will not be reimbursed to credit unions and their members by Target or other retailers," Bill Cheney, president and CEO of the Credit Union National Association, said in a statement. "Rather, credit unions must solely cover these costs of their card program administration, including in these circumstances of reacting to a merchant data breach."
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THE WALL STREET JOURNAL, by Danny Yadron, Charles Levinson, Paul Sonne 1/22/14
On Wednesday, a trade group said credit unions have spent as much as $30 million dealing with the impact of the Target breach, largely to replace cards. Fraud losses would be on top of those costs, according to the survey by the Credit Union National Association. (subscription/password required)
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YAHOO! FINANCE - by Jon C. Ogg 1/22/14
The survey shows that credit unions have already had to absorb $25 million to $30 million in costs due to Target's data security breach. CUNA's survey also shows that this breach has cost credit unions about $5.10 per card, on average, affected by the breach. CUNA is also warning that the actual costs could exceed this estimate, as great fraud losses come up or if additional costs are reported.
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BLOOMBERG HAYES ADVANTAGE (radio), by Kathleen Hayes 1/21/14
Bill Cheney, president and chief executive of CUNA is interviewed on this Bloomberg radio program. Approx 11:00 long.
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Indiana Credit Union League
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Indianapolis, IN 46250 |
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