DALLAS—A new report on second quarter economic data suggests that although the forecasts for economic growth and unemployment have improved, questions regarding to what extent consumer spending will contribute to GDP growth remain. “Moreover, concerns remain on whether or not the employment profile of the economy will improve enough so as to instill enough confidence to entice more consumers to open their wallets,” said Brian Turner, executive director with Meridian Alliance.
Fresh Today
TROY, Mich.—Flagstar Bank here has agreed to pay $27.5 million to victims and a $10-million fine for violating the Consumer Financial Protection Bureau’s new mortgage servicing rules.
BUFFALO, N.Y.—Police believe information obtained in one of the national retail store data breaches was used by two men here to obtain cash from a local store using a “cloned” ESL FCU debit card.
ALEXANDRIA, Va.—It may be simply a formality, but NCUA has finally issued a prohibition order against Anthony Raguz, the former CEO of St. Paul Croatian FCU who was a primary player in what became the most-expensive failure ever of a natural-person credit union.
MADISON, Wis.—CUNA Mutual Group said it has reached an agreement to sell Producer’s Ag Insurance Group (ProAg), its crop insurance business, to HCC Insurance Holdings, Inc. for $110-million in cash. The transaction, which is subject to regulatory approvals, is expected to close in the first quarter of 2015.
BIRMINGHAM, Ala.—Former NCUA Chairman Dennis Dollar is offering three predictions on NCUA’s revised risk-based capital proposal, which the agency said this week will go out for a second comment period.
BIRMINGHAM, Ala.—Nothing has generated more discussion and debate among credit unions this year than NCUA’s risk-based capital proposal. With a revised rule coming, along with a second comment period, credit unions are anxiously waiting to see what the next round brings. Former NCUA Chairman Dennis Dollar offers three predictions about what’s on the way.