WASHINGTON–Federal banking agencies have increased theappraisal threshold for real estate transactions secured by a 1-to-4 family residential property to $400,000 from $250,000 to $400,000. Banks will still be required, however, to obtain evaluations of the transactions “consistent with safe and sound banking practices,” the agencies said.
Fresh Today
ALEXANDRIA, Va.–NCUA has issued five prohibition notices and two prohibition orders in September.
ARLINGTON, Va.—The 2% economic growth during the second quarter is being credited to "a standout performance from U.S. consumer” by NAFCU’s Curt Long. Nevertheless, the good news comes with a caveat, according to Long: "There is an undeniable fragility in the economy, and any slippage from the consumer would almost certainly mean a recession is nigh."
FREEPORT, Bahamas–Additional updates on conditions in the Bahamas, as well as on its credit unions and their members following Hurricane Dorian, continue to be received by the World Council of Credit Unions.
WASHINGTON—A bipartisan group of senators led by Sens. Mark Warner (D-VA) and Tom Cotton (R-AK) has introduced the Illicit Cash Act (S.2563), which would require companies to register their owners with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) and seek to modernize and improve the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) efforts.
ST. PAUL, Minn.–Organizers are reporting more credit unions will be adopting the concept of dedicating one day to spread kindness in their communities this year, with the concept expanding to two more states in 2019.
SEATTLE–Credit unions already facing stiff challenges in payments and in recruiting and retaining staff in a tight market now face a new standard: a company paying a minimum $70,000 annual salary to all employees.
TAMPA, Fla.–Grow Financial Credit Union has named a successor to CEO Robert Fisher, who plans to retire at the end of the year after nearly 30 years. The credit union said it has selected Thomas Feindt to succeed Fisher. Feindt is current executive vice president.
WASHINGTON–While “traditional banks and credit unions wage fierce battles over market share, tax status, and a host of regulatory issues,” Inclusiv has issued a statement that CDFI banks and CDFI credit unions are working together to combat poverty.
SKOPJE, North Macedonia–The head of World Council’s Global Women’s Leadership Network (GWLN) has been visiting this country to discuss the importance of women’s empowerment, their opportunities to advance professionally and personally—and providing for financial inclusion through credit unions.