COS COB, Conn. – Members Credit Union said it will use a recipient of a $120,000 Technical Assistant grant from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund to hire a bi-cultural loan officer to increase lending to its lower-income and underserved minority community.
Fresh Today
NORWALK, Conn.–The Financial Accounting Standards Board (FASB) has agreed to delay the effective date its new current expected credit loss (CECL) standard until 2023, a move credit unions have been pushing for.
NEW YORK–September’s initially strong economic numbers have gone “up in smoke,” according to new analysis, driven by a big decline in U.S. manufacturing activity.
SPRINGFIELD, Va.–The leaders of three banking industry trade groups have published an op-ed in Military Times under the headline, “Why Banks Should be Treated the Same As Credit Unions on Base.”
WASHINGTON—After a two-week recess, the House and Senate are back in session this week.
MENLO PARK, Calif.–Facebook’s planned cryptocurrency initiative, Libra, is seeking an exodus of key partners. After PayPal became the first to announce it would not participate, among those that have now followed have been Stripe, Mastercard, Visa and eBay.
GENEVA, Switzerland–Even as numerous companies announce they are withdrawing from the Libra Association created by Facebook to help lead the company’s cryptocurrency initiative, a top executive with the Association said he is “confident” 100 members will join the group by the time the digital currency launches.
WASHINGTON—The Federal Reserve reported that 188 credit unions borrowed from its discount window 255 times during the third quarter of 2017.
WASHINGTON–CUNA has sent separate letters to the House and Senate in support of a $2 million funding level for the Community Development Revolving Loan Fund (CDRLF) in fiscal year 2020, which is the same amount it has received every year since 2015, the trade group noted.
MEDFORD, N.Y.–For the fourth year in a row, the vice president at a credit union here ran the equivalent of seven marathons over seven days to raise money in support of veterans.