WASHINGTON—The Small Business Administration has finalized changes to its 7(a) and 504 loan programs, changes CUNA believes will ultimately harm the borrowers the SBA intends to aid.
Fresh Today
WASHINGTON —The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated sanctions against Genesis Market, one of the world’s largest illicit marketplaces, for its part in the theft and sale of device credentials and related sensitive information.
MADISON, Wis.—In the wake of two early Feb. 6 earthquakes, the Worldwide Foundation for Credit Unions (WFCU) said it is providing a $41,000 grant to Tarim Kredi (Agricultural Credit Cooperatives of Turkey) for the purchase of 10 portable office units that will allow some of their credit cooperatives to resume operations.
PHIILADELPHIA–A member of the Federal Reserve Board said the reason there have been so few de novo banks in recent years is the result of developments that include what are known as “charter-strip” banks, the shift to a “shadow banking” system, and the growth of “banking as a service.”
HAMPSHIRE, U.K.–Reinforcing a message often heard in credit unions about the importance of getting a CU’s card to top of wallet, a new study from Juniper Research is predicting transaction value of recurring payments will exceed $15.4 trillion globally in 2027, from $13.2 trillion in 2023.
PURCHASE, N.Y.—Mastercard has introduced Cross-Border Services Express, a new tool the company says enables financial institutions to set up international payments for their customers, including consumers and small and medium-sized enterprises (SMEs).
WASHINGTON—To help stop “illegal” robocalls from overseas, the Federal Trade Commission (FTC) has said it has implemented Project Point of No Entry (PoNE), which targets “point of entry” or “gateway” Voice over Internet Protocol (VoIP) service providers and warning they must work to keep illegal robocalls out of the U.S.
ALEXANDRIA, Va.—When the NCUA board meets Thursday it will be briefed on the federal credit union interest rate ceiling and receive an update on cybersecurity. The board will also issue a request for information (RFI) on climate-related financial risk.
MADISON, Wis.–The Fed is likely to push the Fed funds rate above 5% at its next meeting, according to CUNA Mutual’s chief economist.
NEW YORK–The nation’s biggest banks are reporting strong first quarter financials, topping the expectations of many analysts.