According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $41 billion, or 2.6 percent, over the year ending in the third quarter of 2024, to $1.63 trillion. Total assets rose by $82 billion, or 3.7 percent, to $2.31 trillion during the same period.
Credit card fraud is a rising concern for American consumers, with nearly 1 in 3 reporting fraudulent charges in the past year. As incidents of fraud increase, so does consumer anxiety, with 37% of individuals expressing heightened worry. A PYMNTS Intelligence report, “Credit Card Fears Can Drive Consumers to Switch Banks,” in collaboration with i2c, reveals insights about how fraud affects consumer behavior, their expectations of banks, and how financial institutions must act to retain customer trust.
On November 27, 2024, LA Financial Federal Credit Union (“LA Financial”) filed a notice of data breach with the Attorney General of California after discovering that an employee’s email account was subject to unauthorized access. In this notice, LA Financial explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information. Upon completing its investigation, LA Financial began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.
The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered administrative or court orders, and certain nonbank entities to comply with ongoing attestation requirements on the entity’s compliance with such orders.
Today, the Federal Communications Commission’sPublic Safety and Homeland Security Bureau announced the selection of UL LLC (ULSolutions) to serve as both the Lead Administrator and a Cybersecurity Label Administrator(CLA) of the agency’s voluntary cybersecurity labeling program for wireless consumerInternet of Things (IoT) products.
.jpg)
.jpg)