NEW ORLEANS—With New Orleans in the direct path of Tropical Storm Barry, residents are being urged today to gather three days of supplies and be ready to shelter in place tonight—and a number of credit unions near the Gulf Coast are taking precautions as well.
Fresh Today
NEW YORK–The former president of a defunct credit union that specialized in taxi medallion loans, as well as a member of the credit union, have been arrested and charged with committing one of the largest and long-lasting frauds in credit union history, with allegations including the personal approval of more than $185 million in questionable loans, free luxury trips and other travel for himself and wife from the New York Jets and other vendors, a free residence, a bogus naming rights deal, and even free limousine rides for himself and his extended family.
WASHINGTON–CUNA sent separate letters to the House Financial Services Committee ahead of markup of two bills. CUNA offered support for HR 2852, the Homebuyer Assistance Act of 2019, and HR 281, the Ensuring Diverse Leadership Act of 2019.
WASHINGTON—Ahead of a House Financial Services Committee markup of several bills, including a number related to credit score reporting, NAFCU called on the committee to consider credit reporting reform.
ALEXANDRIA, Va. – Six federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2018 have agreed to penalties totaling $5,073.
ARLINGTON, Va. – In a letter to the House Ways & Means Oversight Subcommittee, NASCUS expressed concern that the excise tax on excess executive compensation imposed by the Tax Cut and Jobs Act of 2017 (TCJA) will result in a significant hardship for tax-exempt organizations, such as credit unions, that have not had the notice and opportunity to prepare accordingly.
IDAHO FALLS, Idaho–A credit union here helped play a role in surprising a mother of three with tickets to a Garth Brooks concert, after she missed seeing Brooks 21 years earlier after being involved in an accident on the way to the show. The surprise act of kindness has received media coverage across the country.
WASHINGTON–A credit union delegation and a former member of Congress met with USAID here about increasing international development funding.
MELROSE, Minn. — Central Minnesota Credit Union has named a new president/CEO. The credit union has selected Charles Friederichs to lead the organization. Friederichs has been serving as interim CEO since October 2018.
WASHINGTON–A new study published by the Cato Institute suggests the Community Reinvestment Act (CRA) has become “obsolete,” and that it would be a mistake to bring credit unions under its compliance umbrella.