WASHINGTON–Rep. Blaine Luetkemeyer (R-MO) has introduced a pair of bills that would affect credit unions: the first would temporarily prohibit federal financial regulators from requiring compliance with the CECL rule by persons impacted by the coronavirus, and a second would change the leadership structure of the CFPB from a single person to a five-person panel.
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BOSTON–With mortgage rates near historic lows, homeowners are swamping lenders with refinancing applications, with one credit union apologizing via Twitter for delays in processing.
WASHINGTON—As part of a broader initiative by the federal government to respond to the pandemic crisis around COVID-19, the Small Business Administration Administrator Jovita Carranza said the agency will provide up to $2 million in disaster relief loans for small businesses affected by the widespread shutdowns of the economy.
NORWALK, Conn.–To help ease some of the burden in the move away from LIBOR, the Financial Accounting Standards Board (FASB) has released new guidance designed to “ease the process of” migrating away from reference rates that include LIBOR as well as a migration to new reference rates.
NEW YORK—The narrative that Millennials never carry cash is wrong: the youngest (under 30) and the oldest (over 65) are both more likely to use cash than those in the middle, a new report states.
ST. CLOUD, Minn.–Two Minnesota credit unions have announced completion of a merger.
WASHINGTON–Harland Clarke is now live with a rebranded suite of engagement tools, including a checking option that makes the member’s first check payable to them to incent certain behaviors, such as signing up for a credit union’s mobile app.
WASHINGTON– WalletHub has released its latest Credit Card Debt Study, which found that consumers racked up $77 billion in credit card debt during 2019, sending outstanding debt to an all-time record high.
SACRAMENTO, Calif.–Rent-a-Bank schemes continue to proliferate even as states work to cut down on high-cost lenders, according to a new report.
SAN FRANCISCO—Wells Fargo plans to launch two new checking accounts early next year.