MADISON, Wis. - (05/09/06) Escalating losses in itsplastic cards coverage have caused CUNA Mutual Group to implementnew underwriting guidelines, the credit union insurer announcedMonday. Among the new requirements are that credit unions ensurethat CVV/CVC is being validated for all Visa and MasterCardtransactions, including PIN debit transactions; follow claims andrecovery documentation requirementsor else claims will bedenied; and implementation of a 24-by-7 365 fraud monitoring andresponse capability by Aug. 1. The company also said it will bestrengthening its underwriting by more carefully evaluating eachcredit unions plastic card program, with more attention toindividual loss experiences, portfolio activity and exposure tofraud. CUNA Mutual reported a 56% rise in plastic cards losses lastyear to $89 million, with an equal amount of uncovered losses alsoaccrued by credit unions. The new underwriting guidelines go intoeffect with policies renewing on or after August 1, 2006. CUNAMutual currently has around 5,500 credit unions with our plasticcard coverage.
-
The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
1h ago -
The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
4h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27