WASHINGTON—The Federal Deposit Insurance Corp. has reaffirmed a lifetime industry ban and $125,000 civil money penalty against former Northwestern Bank CEO and chairman Harry Calcutt III, concluding that his conduct in connection with a troubled borrower relationship at the Michigan bank still warranted sanctions even after the U.S. Supreme Court ordered the agency to revisit the case under a stricter legal standard, Law360 reported.
WASHINGTON— Senate Banking Committee Democrats this week accused the Trump Administration of abandoning a long-standing bipartisan tradition by failing to nominate minority party members to vacancies at several federal financial regulatory agencies, arguing that the vacancies threaten the independence and credibility of key banking watchdogs, according to statements released by Democratic committee members and multiple media reports.
WASHINGTON—The Cybersecurity and Infrastructure Security Agency has issued a new directive requiring federal civilian agencies to overhaul how they prioritize software vulnerabilities, directing them to focus remediation efforts on the systems that pose the greatest cybersecurity risk.
JACKSON, Miss.— Federal regulators have accused former Jackson Area Federal Credit Union President and CEO Leigh Bridges and her husband, Chad Bridges, of orchestrating a years-long scheme that allegedly siphoned at least $95 million from the Mississippi credit union, according to a civil lawsuit filed by CUA just days after the institution was placed into conservatorship.
MCLEAN, Va.—The average rate on a 30-year fixed-rate mortgage edged higher this week but remained well below year-ago levels, according to Freddie Mac.
WASHINGTON--In advance of the Senate Banking Committee’s hearing on artificial intelligence and its role in the financial services space Thursday, America’s Credit Unions submitted comments outlining ways Congress and regulators can support ongoing credit union innovation.
WASHINGTON—President Donald Trump has nominated Brian Johnson, a former CFPB deputy director and current Capital One executive, to serve as CFPB director, a move that would place a longtime critic of the agency at the helm as the Administration seeks to dramatically scale back its operations.
WASHINGTON—Mortgage lenders are rapidly embracing artificial intelligence across the loan lifecycle, but federal law still effectively requires a human mortgage loan originator to remain involved in the origination process, according to a new Mortgage Bankers Association white paper prepared by law firm Orrick, Herrington & Sutcliffe.
WASHINGTON— In primary elections across four states Tuesday, 10 Congressional candidates backed by America’s Credit Unions PAC successfully won their party nomination and advanced to November’s General Election. In addition, Rep. Young Kim (R-CA), who America’s Credit Unions PAC supported with an independent expenditure in direct mail and digital ads, advanced to the general election in a newly drawn district.
BOSTON—On Monday, June 15, Defense Credit Union Council Chief Advocacy Officer Jason Stverak will provide official testimony to the Massachusetts Special Study Commission during its fourth “Special Legislative Commission to Study the Future of Payments and Sales Transactions by Credit Card and the Impacts for Small Businesses” hearing in Room A1 of the State House in Boston.
