These reader comments addressed a California credit union merger, Apple's new P2P and CU news out of Washington.
"Billion Dollar California Credit Unions Merge," March 1
Who planned this merger?! (California Credit Union and Island?) It was supposed to be done in May but it's now June and you can't see credit card details, make payments online or even make payments on your LOC account! LAME! Did the IT department not work out any details before they started? Did the execs say "just get 'er done!" [even though] the IT department wasn't ready? This has been a LOUSY MERGER from the point of view of the customers!
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Not only has the 'new company' not informed customers of important information like the new website name, they haven't even told their own people where to send customers for information (like credit card details). I called for help and was sent to a tab within the website that didn't work. My sister also called and was sent to a strangely-named website (what were we supposed to do, guess??)
BAD FORM IT department. We are not impressed.
Tricia Miller Guy
"CUs Could Cash in on Apple's Big Move Into P2P," June 6
With all these "stored value" apps and cards, where are the regulations? How are the regulators making sure that these are BSA compliant? Regardless of what you call them – store value cards, apps, etc. – they act like a credit union/bank and they must be regulated as one. We should not let "Uber" unfairness happen in the financial services industry. Let's see how well they do with the regulatory requirements.
Paul
"Troubles for CFPB's Cordray, House GOP Staff Want Him Held in Contempt," June 7
So … the CFPB learned about Wells Fargo's shenanigans in 2013 and took three years to stop it. Yes sir, that is fast action. Love the "just two years after opening our doors" part. What does that even mean? Then, they "put the entire industry on notice that this conduct will not be tolerated." Really?
BillyBobJim
"Auto Loan Fraud Losses Accelerate at Credit Unions," June 14
This is an excellent article Peter [Strozniak]. Thank you for reporting on this issue. Very comprehensive and insightful.
Frank McKenna
"NCUA Proposes Changes for Merger Disclosures & Transparency," May 25
This requirement is long overdue – as is regular, at least annual, disclosure of salaries and benefits paid to executive management.
Robin H.
Correction
In the story "Comply Now: Six Regulatory Considerations for CUs and Fintechs" on page 14 of the June 14, 2017 issue of CU Times, the headshots for Jamal Ahmad and Xavier Oustalniol of StoneTurn were mistakenly swapped.
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