LONDON–Half of the 751 tech-focused unicorns worldwide operate in just three themes, and one of them will be of little surprise to credit unions.
Fresh Today
WASHINGTON—The Federal Reserve Board announced it will adopt the ISO 20022 message specification for the FedWire Funds Service.
LOS ANGELES – Federal authorities have arrested two people named in an indictment that alleges a scheme to launder the proceeds of scams sent to fraudsters via Target gift cards, the Department of Justice reported.
WASHINGTON—A group of 15 Senate Republicans has joined together to send a letter to Senate Majority Leader Chuck Schumer (D -NY), House Speaker Nancy Pelosi (D-CA), and the Senate and House Small Business Committee Chairs, Ben Cardin (D-MD) and Nydia Velasquez (D-NY) to express concerns against a proposal included in the Build Back Better Act that would grant the Small Business Administration (SBA) direct-lending abilities.
WASHINGTON—Total consumer credit rose 4%, at a seasonally-adjusted, annualized rate, in August and is up 4.9% compared to a year ago. Revolving credit, primarily credit cards, rose 3.6% during the month and is up 2.1% compared to August 2020.
WASHINGTON–The CFPB said it expects to issue a final rule in January 2022 to assist in covered institutions’ transition away from use of the London Interbank Offered Rate (LIBOR) as a reference rate in consumer credit contracts.
TAMPA, Fla.–Railroad & Industrial FCU has a new name. The $440-million CU is now Trax FCU.
SEATTLE— BECU closed its doors on Monday for Indigenous Peoples Day and nearly 2,500 of its employees instead participated virtually in the credit union’s annual BECU Cares Day (formerly its Annual Day of Service).
NAPERVILLE, Ill.—The first winner in Alloya Corporate FCU’s “10 for 10 for 10” promotion has been named: PARC.
GREEN BAY, Wis.–Two credit unions have named new leaders.