By Rick Dakin, CEO & Chief Security Strategist, Coalfire Systems
The year 2011 proved to be another tough year for companies attempting to defend sensitive information from cyber attack. The results reported by the Privacy Rights Clearinghouse confirm that compromise of personal records roughly tripled from 12 million in 2010 to 30 million in 2011. These hard facts support the intelligence briefings we have previously obtained. The cyber security activity at the federal government level has rapidly escalated in response to direct and actionable intelligence that our critical infrastructure is a target for increased attack by both cyber criminals and nation states.
The Consumer Financial Protection Bureau (CFPB) will require remittance transfer providers to disclose the exchange rate and fees associated with the transfers beginning early next year. The rules will also require providers to investigate consumers’ disputes and fix mistakes. The new regulations will affect most credit unions that provide international electronic funds transfer services except for most transfers involving credit, debit, or prepaid cards.
Credit unions that provide fewer than 25 international transfers per year would be exempted from the rules. Credit unions that conduct more than 25 transfers per year would be subject to the rules if they provide international funds transfer services “in the ordinary course of business” under a facts and circumstances test.
CUNA and the World Council of Credit Unions have warned that some credit unions may have issues complying with the 417-page rule, and CUNA has talked with the CPFB about further regulatory relief to credit unions. Click here to access the complete regulations from CPFB.