ALEXANDRIA, Va.—During its open board meeting Thursday, NCUA provided an update on the impact California wildfires are having on Los Angeles County credit unions and how the agency is responding—including providing new training for examiners to help them assist affected CUs with managing their loan portfolios.
Fresh Today
WASHINGTON— The Veterans Member Business Loan (VMBL) Act was introduced in the Senate (S 110) and House (HR 507) Thursday. The legislation would remove arbitrary lending caps currently hindering credit unions from fully supporting service members and veterans in their business ventures, the Defense Credit Union Council said.
DALLAS—Ronaldo Hardy, president/CEO of the National Association of Credit Union Service Organizations (NACUSO), is leaving the organization, NACUSO announced.
WASHINGTON—The Defense Credit Union Council is asking Rep. Andy Barr (R-KY), who recently introduced a de novo banking bill, to consider extending similar support to credit unions, particularly those looking to start new credit unions.
WASHINGTON--The CFPB Thursday ordered Block, the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund.
CHICAGO—A legal effort to add credit unions to the injunction against the Illinois interchange law is underway, America’s Credit Unions reported.
PORTLAND, Ore.—The $17-billion First Tech FCU has reached a multi-year deal with Major League Soccer’s Portland Timbers to become the exclusive credit union for the team.
WASHINGTON—With concerns growing about the potential threat to credit unions’ tax status this year, as Congress is expected to rewrite the tax code, the House Ways and Means Committee held the first hearing on tax reform in the 119th Congress Tuesday.
WASHINGTON--Ahead of the confirmation of Scott Bessent as Treasury Secretary, the Defense Credit Union Council sent a letter to the Senate Finance Committee outlining why the credit union tax exemption must be preserved.
STURGIS, S.D.—The $165-million Northern Hills Federal Credit Union has named Misty Winter CEO, the CU reported.