SACRAMENTO, Calif.— PNC Bank, U.S. Bank and Wells Fargo have each been hit with separate proposed class-action lawsuits alleging they improperly shared sensitive financial data from website visitors with third parties without consent, according to Bloomberg Law.
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MADISON, Wis.— Filene Research Institute’s innovation testing program, FiLab, has released findings from independent pilots of two financial technology solutions designed to address fraud, one of the most urgent and costly challenges facing U.S. credit unions.
MCLEAN, Va.--The 30-year fixed-rate mortgage continued to fall, averaging 6.23% this past week, Freddie Mac reported.
WASHINGTON—The Trump Administration on Thursday formally moved to reclassify state-licensed medical marijuana as a less-restricted drug under federal law, a significant policy shift that could create new lending, payments and compliance considerations for credit unions serving cannabis-adjacent businesses in states with medical programs.
ALEXANDRIA, Va.--NCUA is seeking industry input on whether it can reduce reporting burdens tied to some of the agency’s core data collections, announcing Thursday it has issued a Request for Information on potential changes to the 5300 Call Report, 5310 Corporate Call Report and Form 4501A Profile.
WASHINGTON--The House Appropriations Committee advanced its FY27 Financial Services and General Government (FSGG) bill Wednesday following a two-day markup, America’s Credit Unions reported, adding the bill contains language to bar the Federal Reserve from issuing a central bank digital currency, which the trade group has supported.
WASHINGTON--With NCUA’s deregulation efforts ongoing, America’s Credit Unions is encouraging future proposals to include updates to fidelity bond regulations. A letter sent Wednesday follows up on an October letter to the agency detailing the need for such changes.
WASHINGTON— Credit card startup Mission Lane has applied to become a U.S. bank, seeking approval from federal regulators for a national bank charter that would let it move deeper into the regulated banking system, according to PYMNTS, which cited Bloomberg News and the company’s banking application.
WASHINGTON— Two California lawmakers have introduced bipartisan legislation that would create a new federal pathway for nonbank payment companies to tap directly into the Federal Reserve’s payment rails, a move backers say could speed transactions and lower costs for consumers who use payment apps—but one that could also intensify competition for banks and credit unions that currently sit between fintech apps and the payments system.
WASHINGTON—Treasury Secretary Scott Bessent defended the Trump Administration’s proposed deep cuts to the Community Development Financial Institutions Fund on Wednesday, telling senators the program had “lost its way” and accusing parts of it of pursuing a “partisan agenda,” even as lawmakers from both parties pressed him to explain why the administration wants to slash a program many view as critical to underserved and rural communities, American Banker reported.