May 23 2024

When a Tiny Credit Union Conducts $30 Million a Month in ACH Transactions: Red Flag, Anyone?

When a Tiny Credit Union Conducts $30 Million a Month in ACH Transactions: Red Flag, Anyone?

The now liquidated Helping Other People Exceed Federal Credit Union (insert joke here), which was one of New Jersey’s smallest credit unions, has now been tied to a massive criminal enterprise that led to a large bank data breach.  A senior executive at the credit union was allegedly paid $175,000 in bribes to allow money to be laundered through a bitcoin operation. The $290,000 asset credit union was conducting $30 million a month in ACH transactions. [12/10/15]

Risk Watch Plus Webinar 8: Complaint Management

Complaints: Why you shouldn’t shun them, but invite them! In this era of exploding complaint volume, this certificated webinar (see instructions in video for how to get your free certificate of completion) takes a look at the risks, evolution, and need for a management strategy to effectively deal with complaints. Before that, we cover what’s hot in compliance, as seen by the editors of Risk InboX. This week’s hot items: 1) HUD cancels Obama era Fair Housing rule; 2) “HMDA” for boards and management; and 3) CFPB has added a new dimension to its complaint database. Click here to watch now.

What is the AffirmX Platform?

Video What makes the patented AffirmX Risk Intel Platform different than anything else out there? Take the next 3 minutes to see what this revolutionary tool can do for your financial institution. Watch Video

About Risk InboX

Each day, teams of subject matter experts and analysts at AffirmX and AdvisX comb through dozens of resources to keep tabs on the latest developments in areas of risk. We share our findings here, along with a brief note about why each item matters.

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