Planning for a breach is a business requirement whether you have been breached or not.

“… credit unions are no longer flying under the radar – credit unions are targets of cybercriminal activity.” – Larry Fazio, Deputy Executive Director, NCUA

The increased use of mobile platform access, for both credit union staff and members, and the migration to cloud-based services is a trend for which there is no going back. The scalability, accessibility, as well as the ability to quickly and easily deploy new services have become business necessities to remain competitive and to continue to serve the needs of members. This also means some loss of control over security and compliance. Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have also become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C., at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response.

3 Things Boards Can Do To Protect Their CU's Reputation

[Editor's Note: This article was previously published on CUES' CCUBE, and has been modified.]

Credit unions have become more aware of the importance of having a strong online presence and many are equipping themselves with the information and talent needed to be successful. In fact, if you are succeeding in today’s business environment, chances are you have an online presence—and having a strong online presence dictates that you become an active participant in the world of social media.

ThePaymentsReview continues a new feature that highlights regulatory topics important to credit unions.

When one thinks of ADA accessibility, sidewalk ramps, disabled parking spaces, and wheel chair access immediately comes to mind. What about websites?

The Americans with Disabilities Act (ADA) sets standards for accessibility for people with disabilities to all commercial and public entities that have “places of public accommodation”. In 2010, the Department of Justice proposed that the definition of places of public accommodation could include the internet, and hence, websites of commercial and public entities.

ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

A major change to Remote Deposit Capture is coming this July, which may have an impact on whether financial institutions want to continue offering this service.

Mobile Remote Deposit Capture, or mRDC, is one of the shortest adoption curves of any aspect of online and mobile banking. Despite the slight decline in the number of checks written, recipients overwhelmingly prefer to deposit checks from the comfort of their phone, rather than going to a branch or ATM.  RDC was initially developed as a convenience for a business that received checks to deposit the checks electronically (typically using a scanner provided by its bank), and was made possible by Regulation CC, which implements the Expedited Funds Availability Act of 1987 (“EFA Act”) and the Check Clearing for the 21st Century Act of 2003 (“Check 21 Act”). Mobile remote deposit capture, and specifically, the ability for a fraudster or forgetful person to deposit a check by taking a picture using their smart phone, and then depositing the paper copy at a different financial institution or check-cashing business, was not taken into consideration by these two pieces of regulation. How often does this happen? 3.5 of every 10,000 checks deposited to banks and credit unions are duplicates according to the 2017 Mobile Remote Deposit Capture Industry Report.

Faster payments mean a vendor getting paid by its customer quicker, or getting a P2P transfer into the recipient’s bank account the same day. Automated Clearinghouse (ACH), the network that connects every financial institution, and makes payroll deposits, bill pay and business settlements possible, has been undergoing changes in phases. The phases represent incremental steps in the process to shorten the length of time it takes to make payments, from days to hours. The third phase of this transition went into effect March 16, 2018, and credit unions and their members, especially business owners, need to be aware of the impact.