NEW YORK–Nearly 1,000 credit unions reported a net loss during the first quarter of 2020, in part because many set aside additional loan loss provisions, according to S&P Global Market Intelligence.
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WASHINGTON–In a move welcomed by credit unions, the CFPB announced it is providing temporary, targeted flexibility during the coronavirus pandemic for credit card issuers when it comes to electronic provision of certain disclosures under truth-in-lending laws that are required to be provided in writing.
WASHINGTON—Panelists before the Senate Banking Committee earlier this week offered their views on whether the CARES Act has helped to stabilize the economy amid the coronavirus pandemic, as well as their thoughts on what more is needed to ensure consumers, small businesses, and communities can recover effectively.
WASHINGTON—Several CARES Act provisions designed to assist in pandemic recovery should be extended for at least a year beyond the scheduled Dec. 31, 2020, sunset date, CUNA wrote to the Senate Banking Committee.
HARAHAN, La. –Describing it as an effort to show continued commitment and solidarity with partner credit unions, the Louisiana Credit Union League said it will be distributing COVID-19 rebate payments to its membership.
WASHINGTON–Consumer groups are blasting the Office of the Comptroller of the Currency (OCC) for a final rule it says “encourages online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal.”
WASHINGTON—The CFPB is offering several webinars this month geared toward financial education, including for youth.
TALLAHASSEE, Fla.–With three out of four Floridians saying they’re feeling more financial strain from the COVID-19 pandemic, the state’s credit unions have joined with banks and Florida’s chief financial officer to launch a new resource to provide some financial guidance.
WASHINGTON–The FDIC is reporting that in the six-month period from October 2019 through March 2020 it opened 55 investigations, 27 of which resulted in convictions, as well as in fines and restitution of more than $3 billion—nearly all of which came from one big bank.
MIAMI–A University of Miami professor who is recognized as an international scholar on drug cartels and money laundering has pleaded guilty to two counts of, yes, money laundering.