WASHINGTON– With a new administration in Washington and new leadership at the CFPB, the Bureau has issued an interpretive rule that it said explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA).
LEHIGH VALLEY, Penn.–First Commonwealth FCU has launched “Work First,” a program it said “brings inclusive access to full-service concierge banking and financial health services directly to the diverse Lehigh Valley workforce, while supporting businesses in enhancing employee engagement and retention.”
MADISON, Wis.—Summit Credit Union is reporting it has launched the 13th season of its Project Money competition with the announcement of its 2021 participants.
RYE, N.Y.–A national charity said it plans to buy medical debt totaling $278 million, directly from hospitals as it seeks to speed financial relief to patients, many of whom shouldn’t have been billed at all under the hospitals’ financial-aid policies, according to a policy.
OAKLAND, Calif.–A new report has found many loan funds that are community development financial institutions (CDFIs) have “urgent, ongoing capital needs.”
WASHINGTON–As expected, the Federal Open Market Committee (FOMC) has adjourned its June meeting by leaving rates unchanged.
WASHINGTON—When the Federal Reserve adjourns its two-day meeting today, it could send a signal it anticipates raising interest rates sooner than previously expected following a spate of high inflation readings, according to one forecast.
WYANDOTTE, Mich.–Saying it recognizes the need to increase employee pay as the economy continues to re-open, Michigan Legacy Credit Union said it has increased the minimum wage for employees to $16 an hour from $13 an hour, a 23% increase. The rate increases to $18 an hour after one year of employment, MLCU reported.
WASHINGTON–Some 244 credit unions have received$401.8 million in awards from the Treasury Department’s new Rapid Response Program (RRP) as part of $1.25-billion in COVID 19 relief funds that are going to 863 community development financial institutions (CDFIs) overall.
MADISON, Wis.–Filene has announced plans to host a pair of webinars this month.
