NEW YORK—The troubled $3-billion-plus Municipal Credit Union, whose former CEO has pleaded guilty to stealing millions from the CU, has been conserved by New York State Department of Financial Services.
Fresh Today
WASHINGTON–NCUA Chairman Rodney Hood said the agency is working to get more assistance from the Financial Accounting Standards Board regarding CECL.
WASHINGTON—The Financial Accounting Standards Board (FASB) has issued an update aimed at easing the transition to its current expected credit loss standard (CECL) by simplifying measurement practices.
ARLINGTON, Va.—Total retail sales decreased 0.2% in April after sturdy gains in March. NAFCU's Curt Long noted that despite a strong labor market, economic growth will be modest in the coming months as "consumer spending has been choppy this year as a result of the government shutdown, ongoing trade tensions, and lower tax refunds."
HARRISBURG, Penn./EAST WINDSOR, N.J.–Member credit unions of the Pennsylvania Credit Union Association and the New Jersey Credit Union League have voted in favor of merging.
WASHINGTON–The Pew Charitable Trusts are expressing strong objections to a proposal by the Consumer Financial Protection Bureau to eliminate the ability-to-repay rules it finalized for small-dollar loans that are to go into effect later this year.
WASHINGTON–Among the recent staff additions announced by CFPB, one person’s departure was also quietly announced, that of Eric Blankestein, whose racially charged blog posts created something of an uproar when discovered in 2018.
AUSTIN, Texas–The Texas Senate has passed a bill that seeks to combat card fraud caused by skimmers and sent it on to the governor for his signature.
MADISON, Wis.– Credit union membership growth slowed significantly in the first quarter of 2019, with just 800,000 new members, down from the 1.4 million who joined CUs during the first quarter of 2018, according to CUNA Mutual’s latest Trends Report.
LAS VEGAS—Business and mortgage lending strategies, new auto lending fraud tactics and consumers’ growing digital demands were just some of the topics covered in day two of CU Direct’s Drive ’19 Conference here.