FAIRFAX, Va.—Apple Federal Credit Union has settled a class-action lawsuit regarding its overdraft practices. The credit union agreed to pay $2.7 million in the settlement. The news was first reported by Keith Leggett, the former senior vice president and senior economist at the ABA, on his blog.
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WASHINGTON–Five federal regulatory agencies, including NCUA, have joined with state financial regulators to issue a statementcalling on mortgage servicers to work with struggling consumers affected by the coronavirus pandemic.
WASHINGTON–The Financial Crimes Enforcement Network Provides (FinCEN) has released an update to an earlier statement on complying with BSA obligations during the coronavirus pandemic.
ALEXANDRIA, Va.—NCUA said it is promoting financial preparedness for credit union members, consumers, and service members and their families during National Financial Capability Month and Military Saves Month, both of which run through April 30.
KIEV, Ukraine–After initially being told they would remain closed through April 24, credit unions in Ukraine have reopened with a provision they provide personal protective equipment to employees and members.
SAN FRANCISCO–The Money Anxiety Index, which measures the financial behavior of consumers, skyrocketed 10.5 points in March, the first time it has seen such a dramatic jump since immediately after the Sept. 11 terrorist attacks.
WASHINGTON–Credit unions and other financial institutions spent the weekend sorting through a chaotic first day on Friday of the Paycheck Protection Program and are expecting more of the same today.
LA CROSSE, Wis.––Marine Credit Union said it is committing more than $5 million to COVID-19 relief, including giving $50,000 per month for employees to provide local COVID-19 relief. It noted it will also continue to pay all of its employees and has also formed a Compassion Task Force.
ARLINGTON, Va.—Total vehicle sales plummeted to 11.4-million units in March from February's rate of 16.7 million annualized units. Monthly sales levels were down 34.1% versus March 2019.
LAWRENCEVILLE, Ga.—Action at the wholesale auto lanes has taken a U-turn, reports Black Book. As the coronavirus pandemic worsens in the U.S., the business at auto auction lanes has slammed the brakes.