Like it or not, government rules and initiatives have an impact on your credit union. This week – in addition to updates on upcoming regulations related to payday loans, electronic checks, military lending and Dodd-Frank – we consider White House cybersecurity czar Rob Joyce’s suggestion to retire Social Security numbers in favor of a more modern approach to identity. Once again, change rules.

White House: Is It Time to Retire Social Security Numbers?

PYMNTS

Will the government ditch Social Security numbers in favor of a “modern cryptographic identifier?” Rob Joyce, White House cybersecurity czar, thinks Social Security numbers may be ready to retire, since they no longer fulfill their intended function – and bring a number of unintended challenges.

New CFPB Rule Could Curb Payday Loan Industry

Reuters

The CFPB released a new regulation that could put a chill on revenues for the $6 billion payday loan industry. The rule requires lenders to determine if borrowers can repay their debts and caps the number of loans lenders can make to a borrower. If this regulation survives challenges in Congress and in court, it could be a boon for consumers and conventional lenders alike.

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