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Posted: Nov 14, 2018
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ThePaymentsReview compliance feature occasionally highlights regulatory topics important to credit unions

On October 17, 2018, Acting Director of the Bureau of Consumer Financial Protection (BCFP) (previously the Consumer Financial Protection Bureau - CFPB), Mick Mulvaney, announced at the Mortgage Bankers Association, that the Bureau has set out on an agenda to better define the term “Abusive” in the Unfair, Deceptive, and Abusive Acts or Practices (UDAAP).

 

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Posted: Nov 5, 2018
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Over 13M Americans (5.35%) have finished holiday shopping! Now for the good news – the other 95% of shoppers still have not completed!  However, another 18% anticipated being finished by November 1st.  Black Friday is no longer the perceived start to holiday shopping. If issuers are waiting until closer to Black Friday to begin promotions to entice cardholders to use their card products, they will be getting out of the gate late.  A full three weeks late.

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Posted: Nov 1, 2018
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Why Embracing Lifelong Learning Is The Best Gift You Can Give To Your Professional Self

[Editor’s Note: This article was previously published on CUInsight, and has been modified.]

During my recent presentation at Trellance’s Payments Academy, I spoke about the importance of embracing thought leadership in building a personal brand. I challenged the attendees to ask themselves, “What do I want to be known for?” This sparked a conversation among the presenters and attendees about what makes someone an expert. The consensus was that years of experience in your field is just one of the main ingredients in claiming expertise. The other essential component is the expert’s ability to remain relevant and knowledgeable on his/her area(s) of expertise in this ever-changing landscape.

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Posted: Oct 23, 2018
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Author: Lou Grilli

Security For Your PCI Reports

A typical credit union downloads its report bundles daily from its processors. Usually, the only option is to store those highly sensitive Payment Card Industry (PCI) report bundles on a network drive, with some level of appropriate user access controls. The reports contain 16-digit card numbers, transaction-level details, and Personally Identifiable Information (PII) of credit union members. However, the network drive is not in a PCI compliant environment. Does this sound familiar? More importantly, do you know where your processor reports are being stored?

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Posted: Oct 15, 2018
Categories: Consulting
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Author: Lou Grilli

Simple Steps To Make More Informed Decisions And Enhance Member Experience

There is lots of buzz about big data and data analytics, but all the data in the world does no good unless it’s being used. Credit unions are behind retail and online companies in using data to make informed decisions. For example, if your forms, such as a HELOC application, do not have the fields for name, address, etc. already filled in for your members, that indicates that you are probably not using your data. You should already know this information about your members. Save them the hassle and give them the option of updating if necessary.

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