WASHINGTON—Congress has passed the Fiscal Year 2026 National Defense Authorization Act (NDAA) without any Durbin–Marshall amendments or related interchange proposals, the Defense Credit Union Council reported.
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WASHINGTON—Financial institutions are seeing rapid growth and deeper engagement in Bank On–certified accounts, according to new 2024 data from the Federal Reserve Bank of St. Louis.
WASHINGTON—The Federal Reserve on Wednesday cut interest rates by a quarter point, lowering the target range for the federal funds rate to 3.5% to 3.75%, marking the third consecutive rate cut as policymakers respond to slowing job growth and easing inflation pressures.
WASHINGTON--Wednesday, America’s Credit Unions President/CEO Scott Simpson met with Senate Banking Committee Chairman Tim Scott (R-SC) to discuss fundamental credit union issues, ACU reported.
RALEIGH, N.C.—Civic FCU's embattled CEO, Dwayne Naylor, will retire in January as the $4-billion institution continues to grapple with the operational and financial fallout from its troubled June merger with Local Government Federal Credit Union, Business North Carolina reported.
CHICAGO—TransUnion’s 2026 Consumer Credit Forecast projects credit card balances will rise 2.3% year over year—the slowest annual growth since 2013, excluding the pandemic-driven decline in 2020. The report indicates consumers remain cautious amid ongoing economic uncertainty, while lenders continue to apply tighter underwriting standards.
WASHINGTON—The CFPB Tuesday said it will issue interim regulations governing open banking to protect consumer data-sharing rights after warning it could run out of money before completing its broader rewrite of Biden-era rules, Reuters reported.
WASHINGTON--To facilitate continued credit union innovation in the artificial intelligence space, Congress and regulators should take a balanced and flexible regulatory approach to risk management that accommodates innovation while protecting consumers. America’s Credit Unions wrote to the House Financial Services Committee in advance of Wednesday’s hearing on enabling AI innovation in financial services outlining the specifics of such an approach.
WASHINGTON--The Federal Reserve has published a request for comment, soliciting feedback on potential strategies for the future of the Reserve Banks' check services, America's Credit Unions reported.
WASHINGTON--Removing arbitrary restrictions to small business lending products is crucial to better support veteran entrepreneurs, stated America’s Credit Unions, which Tuesday urged the House Small Business Committee to support the bipartisan Veterans Member Business Loan Act (H.R. 507) ahead of Wednesday's hearing on empowering veteran entrepreneurs.