The Credit Union Risk Council (CURC) was formed in 2008. The CURC is working jointly to assist credit unions with risk management and fraud prevention. Despite the fact that the Council members normally compete for clients, they are aligning through the Council for the common good of the credit unions and the credit union movement.
Mission Statement
To provide resource and benefit to the credit unions through cooperative, advocacy-based action designed to identify and support industry level executable solutions to the risk and fraud issues that credit unions and their account holders face today and in the future.
Participating organizations
- Card Services for Credit Unions
- Credit Union 24
- CUNA Mutual Group
- Credit Union Card Center
- The Members Group
- JHA Payment Processing Solutions
- Pennsylvania State Employees Credit Union
- PSCU Financial Services
- TNB Card Services – A Fifth Third Processing Solutions Company
Advisory organizations
- CUNA (Credit Union National Association)
- FBI (Federal Bureau of Investigation)
- MasterCard
- NAFCU (National Association of Federal Credit Unions)
- U.S. Postal Service
- United States Secret Service
- Visa
Founding Principles
The Council is a testament to the cooperative nature of the credit union movement.
The Council was formed to address industry level risk and fraud issues from a credit union perspective.
The CUSO members of the Council, while competitors, recognize the importance of cooperative advocacy for the credit union industry on risk and fraud related issues.
A key to the Council’s success will be its partnership with federal law enforcement.
Visa and MasterCard’s participation on the Council is a confirmation of their support of the credit union’s risk management goals and objectives.
The Council will specifically focus on emerging security technology and its applicability to the credit union environment.
The Council will publish best practices on PCI-DSS, member education, and other key risk management areas.
Frequently Asked Questions
Q. Why was the Credit Union Risk Council formed?
A. The Council was formed to ensure the industry level risk and fraud issues were being assessed and addressed from a credit union perspective and with the interest of credit unions in mind.
Q. Why now?
A. Two reasons. While the relative level of fraud experienced by credit unions is lower than others have suffered in the past, more are accounts are coming into play in recent compromises. The financial services industry is on the cusp of making decisions about the next generation of technology used for managing data security and we want to ensure that the credit unions have an advocate and a voice in those decisions.
Q. Why is the CURC different from other councils that focus on risk management?
A. The Council is comprised of participants that have unique knowledge of the credit union industry and its specific needs. The Council will evaluate issues and identify solutions as direct advocates of credit unions.
Q. What is the primary objective of the Council?
A. The Council primary objective is to establish an ongoing resource, a “go to” group that credit unions can: 1) look to for objective, credible information; and 2) expect that the Council will approach every issue from a credit union perspective.
Q. What is the nature of the Council’s relationship with Federal Law Enforcement?
A. The relationship is a partnership. The Council wants to ensure that law enforcement is: 1) fully supported in its investigative endeavors that benefit credit unions; and 2) attuned to and focused on the impact fraud has on credit unions.
Q. How often will the Council meet?
A. The Council will meet in person quarterly, but work will be done on an ongoing basis between meetings.
Q. What are some of the issues that the Council is working on currently?
A. Best Practices for credit union PCI-DSS compliance, credit union member fraud prevention education, emerging card security technology, and enhanced support of law enforcement investigative efforts.
Q. Will the CURC be adding members?
A. When the Council was initially formed invitations were extended to nearly all of the industry’s CUSOs. There are currently several invitations pending to Credit Unions that directly manage their fraud prevention operations. The Council will always be receptive to those organizations that serve credit unions and share in the objectives and goals of the Council.
