WASHINGTON—The credit union difference means “billions in savings for members, hundreds of billions in economic impact, and hundreds of thousands of jobs supported just last year,” CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices.
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WASHINGTON—Congress can promote financial inclusion and help small businesses by ensuring federal law permits all federal credit unions to serve underserved areas, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection.
SNELLVILLE, Ga.–The African America Credit Union Coalition will host the first webinar in its 2022 Commitment to Change Conversation Series on Feb. 18 at 1 p.m. ET.
PORTLAND, Ore. –Three more credit unions have been designated as community development financial institutions (CDFIs).
MOSCOW—KoronaPay has banned all crypto-related transactions including cryptocurrency trading, as the largest money transfer service across Europe reacts to the Central Bank of Russia’s position on crypto and its risks of financial losses and fraud.
ZURICH, Switzerland—Swiss federal prosecutors are seeking $45 million in penalties from Credit Suisse for its involvement in what they have described as “serious anti-money laundering breaches.”
HANSCOM AFB, Mass.–Hanscom FCU has named a new president and CEO.
Move by 5 Banks to Eliminate NSF Charges Could Save Consumers More Than $2 Billion, According to Pew
PHILADELPHIA– A new analysis by The Pew Charitable Trusts has found consumers could save more than $2 billion a year as a result of five of the country’s largest banks—Bank of America, Wells Fargo, U.S. Bank, Truist, and Regions Bank—announcing they are eliminating nonsufficient funds (NSF) fees and making major changes to their overdraft programs.
WASHINGTON–JetStream FCU CEO Jeanne Kucey told a Senate Banking Committee hearing credit unions that are CDFIs and MDIs play strong roles in their communities and could accomplish even more if Congress would provide expanded powers.
NEW YORK—Bankruptcy filings declined when the coronavirus pandemic began in March 2020 as revolving credit balances sharply dwindled. Although revolving credit balances have abruptly risen in 2021, bankruptcy filings have continued to steadily fall.