SANTA ANA, Calif.–Tensions between SchoolsFirst CU here and parties demanding changes to its board reflect the diversity of its one-million-plus members are not easing, with one person calling a recent letter from the credit union a “bold-faced lie.”
Fresh Today
MOUNTAINVIEW, Calif.–Google has reportedly abandoned plans for its new “Plex” bank accounts--which it introduced in 2020 and on which it partnered with Stanford FCU—even though the other partner, Citigroup, reported more than 400,000 people were on the waiting list.
WASHINGTON—While the overall agenda in Washington remains focused on trillions of dollars in federal spending being primarily debated by the Biden Administration and congressional agenda, the credit union agenda in the capital is relatively light, focused largely on nominations for several positions on Capitol Hill, including Alanna McCargo’s role as president of Ginnie Mae.
ARLINGTON, Va.—Growth in member share accounts, the biggest factor behind the post-COVID decline in the National CU Share Insurance Fund’s equity ratio, appears to be moderating, according to NAFCU's latest Economic & CU Monitor.
WASHINGTON—Economic growth for the remainder of 2021 will be below an original forecast, according to CUNA, which has updated its June economic forecast.
WESTLAKE, Texas–A software bug in a recent update of software at Compound, a decentralized finance (DeFi) platform, resulted in users being sent nearly $90 million-worth of cryptocurrency in error, leaving its CEO to beg for users to voluntarily return the money.
TERRE HAUTE, Ind. ––Indiana State University FCU has named a new president and CEO.
TACOMA, Wash.–CU Strategic Planning is reporting its HERO Community Development Certified Financial Counseling program has been updated to be more interactive, help community development financial institutions better track employees’ progress through the training, and empower front-line staff to better assist low- and moderate-income consumers.
MARLBOROUGH, Mass.–The Cooperative Credit Union said it has entered into a new partnership designed to offer credit unions the ability to offer improved benefits at a lower cost.
WASHINGTON—U.S. senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) have proposed new legislation that would require the Treasury Department and other agencies to track crypto mining and use cases worldwide.