WASHINGTON—Support for the Business of Insurance Regulatory reform Act—which seeks to limit the CFPB from expanding its authority under the Consumer Financial Portion Act—has been expressed in a new letter to Congress from America’s Credit Unions.
Fresh Today
WASHINGTON—Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chairman Jason Smith (R-MO) have announced an agreement on tax framework legislation, the Tax Relief for American Families and Workers Act of 2024.
PHOENIX–The GoWest Credit Union Association is reporting that more than 125 advocates from Arizona’s CUs came together for annual “Arizona Credit Union Day at the Capitol.”
JAY, Maine— OTIS Federal Credit Union has paid a 7% bonus dividend and interest refund to members, representing a total of $566,112.94 given back to members for the year 2023.
NEW YORK—Yet another round of data has found Americans are increasingly leaning on their credit cards, new data show.
LAS VEGAS– SCE Credit Union and the Consulate of Mexico in Las Vegas have announced a partnership they said is designed to expand financial inclusion to Hispanic and immigrant communities by allowing those with official Mexican consular cards to open accounts with the credit union.
GREENWOOD VILLAGE, Colo.–Bellco Credit Union has expanded its financial literacy program to now include high school students.
FRANKFURT, Germany—The European Central Bank this month will conduct cyber stress tests on banks to determine their resilience against cyberattacks.
WASHINGTON—In a move that could have far-reaching implications for the market and overdraft fees, the Consumer Financial Protection Bureau has proposed a rule it said is designed to “rein in excessive overdraft fees” charged by the nation’s biggest financial institutions, and is proposing benchmarks of $3-$14 per overdraft.
RICHMOND, Ind.–The first review of CU mergers planned for 2024 finds numerous CUs that have been in the red, including one of the acquirers; a CU that said its president, manager, treasurer, loan officers and other personnel were all resigning; bonuses for senior staff at several CUs, including one that lost money, a combination of two CUs more than 600 miles apart, and the end for a credit union that began in the treasurer’s garage.