WASHINGTON–With more homeowners are behind on their mortgages than at any time since 2010, the Consumer Financial Protection Bureau has proposed a set of rule changes it said is intended to help prevent avoidable foreclosures as emergency federal foreclosure protections expire.
ARLINGTON, Va.–A new focus by the CFPB on mortgage issuers related to what it said could be a “tidal wave” of foreclosures due to expiring forbearances should not be a significant concern for credit unions, according to one person with NAFCU.
WASHINGTON—Last week’s data showing new jobs created in March far exceeded expectations is good news, but there remain millions of long-term unemployed, noted one economist.
ARLINGTON HEIGHTS, Ill.–Rex Johnson, who pioneered expanded lending strategies by credit unions as both a CEO and with his own company, has died. Mr. Johnson was 77.
LARAMIE, Wyo. – Laramie Plains FCU, the oldest credit in this city after having been chartered in 1935, is changing its name. The credit union is now known as StagePoint Federal Credit Union.
WASHINGTON–Two credit unions in the District of Columbia have announced a merger.
PLANO, Texas–The Cornerstone Credit Union League has named two people as winners of its League Hall of Fame Award.
WASHINGTON—NAFCU said it is supporting the CFPB's proposal to delay mandatory compliance with its general qualified mortgage (QM) definition, which replaces the debt-to-income (DTI)-based calculation with one based upon an average prime offer rate (APOR).
NEW YORK – New York Attorney General Letitia James, as part of a bipartisan coalition of 24 state attorneys general, is urging the U.S. Department of Education to cancel federal student loan debt of defrauded ITT Technical Institute (ITT Tech) students.
WASHINGTON—The operator of a mobile banking app will be banned from offering such services and must give full refunds to users as part of a settlement with the Federal Trade Commission over allegations the company falsely promised users they would have “24/7” access to their funds and earn high interest rates on their accounts, the FTC said.
