MADISON, Wis. - (07/07/06) -- CUNA Mutual Group, in order to stemrising losses on credit and debit card programs, is telling itscredit union clients they must deploy stricter fraud-detectionsystems in order to keep their insurance coverage. The credit unioninsurer expects credit unions to lose about $120 million this yearfrom card fraud, up 35% from $89 million in 2005, with about halfof it covered by CUNA Mutual. The insurer will require that creditunions, either through card processors they hire or through theirown card-processing systems, use acceptable fraud-detectionsoftware to continue insurance coverage. These fraud-detectionsystems are commonly referred to as neural networks. They candetect suspicious transactions, based in part on past cardholdertransaction characteristics, across banking and merchant paymentchannels. CUNA Mutual said that all credit union insurance renewalsstarting August 1 will require the use of fraud-detectionsystems.
-
The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
25m ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
3h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
8h ago -
Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
10h ago -
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
April 23 -
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
April 23