Data security

Credit unions, trade associations and others wishing to join the Credit Union National Association's class action suit against Equifax have until the end of January to do so.

Payments security experts are warning of the risks to some merchants with payment systems that transmit cardholder data from the processor back to the point of sale from the Spectre and Meltdown computer chip flaws.

With less than three months before the PCI DSS Requirement 8.3 takes effect, all involved in the handling of cardholder data must take definitive steps to review, implement and upgrade their multifactor authentication strategies and implementation to assure compliance, writes Dirk Denayer, business solutions manager at VASCO Data Security.

Bankers could see higher costs as cloud computing vendors struggle to protect their systems from the latest hacking vulnerabilities.

Readers react to the Federal Housing Finance Agency considering changing its credit scoring policy, slam the possibility of enforcing mandatory penalties for data breaches at credit reporting agencies, weigh the possible nomination of a credit union regulator to the CFPB, and more.

If Congress doesn’t take the lead on protecting consumers from data breaches, states are more than ready to offer their own fixes. Bankers will also be keeping close tabs on bills related to marijuana, PACE loans and elder financial abuse.

The CFPB's recent freeze on collecting any personally identifiable information from companies it supervises is slowing investigations and could ultimately cripple the agency's enforcement function — and that may be the point.

The two senators are set to introduce a bill that would force such firms to pay $100 per customer whose personal information was compromised.

Despite impending data requirements, many small banks are still struggling with automating loan risk calculations.

From a focus on integration to increased fintech cooperation and more, here's a preview of some of the tech trends that will shape how credit unions do business in the coming year.