NEW YORK—Since June 2020, the likeliness of a credit card application being declined surged to 35.1% in October from 26%, according to data from the Federal Reserve of New York.
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ARLINGTON, Va.—NAFCU has summarized the CFPB's final rules on the general qualified mortgage (QM) definition and seasoned QMs, outlining key provisions and their impacts on credit unions.
ALEXANDRIA, Va.—NCUA has sent a Letter to Credit Unions regarding adjustments to the 2021 operating fee schedule and announcing a 19.6 decrease in the operating fee for federal credit unions.
WASHINGTON—If Americans are going to receive the latest coronavirus stimulus payment through a government-provided debit card, they should not have to pay fees, Rep. Jennifer Wexton (D-VA) and other lawmakers said in a letter to the Treasury Department and Internal Revenue Service.
JACKSON, Mich. – TRUE Community Credit Union has officially launched under its new brand. The new name represents the combined institution created by the merger of CP Financial Credit Union in Jackson, Mich., and Washtenaw FCU in Ypsilanti, Mich.
SANTA ROSA, Calif. – Redwood Credit Union announced its Redwood Credit Union Community Fund and 2020 Fire Relief Fund has now closed after collecting and disbursing $424,420 from 847 donors to support the immediate needs of the survivors of the wildfires that have ravaged its markets.
WASHINGTON–Both credit union trade groups have responded to the unprecedented breach of the U.S. Capitol and the related violence by individuals protesting the results of the presidential election.
WASHINGTON – The CFPB’s Taskforce on Federal Consumer Financial Law has released a report with recommendations on how to improve consumer protection in the financial marketplace—including that credit unions be given expanded authority to serve underserved areas and that non-depository institutions, such as fintechs, be issued licenses.
NEW YORK–Car sales in the U.S. have picked up again, with Americans back to buying vehicles at their pre-pandemic pace–at least for General Motors’ vehicles.
SAN JOSE, Calif.–The small business microlender Opportunity Fund said it is teaming up with three credit unions as part of its bid to invest $1 billion in “marginalized businesses” across the country over the next two years.