SACRAMENTO, Calif.—The California Department of Financial Protection and Innovation (DFPI) has joined a multi-state settlement with Robinhood Financial LLC, which will pay up to $10.2 million in penalties for operational and technical failures.
Fresh Today
MEXICO CITY—Remittances to Mexico from abroad jumped 11.2% year on year in February, while dropping from the prior month, according to data published by the country's central bank.
MADISON, Wis.–Credit union lending is likely to continue to slow throughout 2023, to approximately 9%, while the credit union average return on equity (ROE) ratio—considered one of the more important credit union metrics because it determines the long-run sustainable asset growth rate--fell to -7.0% in 2022, from 7.8% in 2021, as rising interest rates reduced the value of available-for-sale investments, according to CUNA Mutual’s latest Trends Report.
WASHINGTON—A final rule issued by the Small Business Administration (SBA) to amend SBA loan program regulations and to lift the moratorium on licensing new small business lending companies (SBLCs) will increase fraud risks and costs for lenders and small businesses, NAFCU is asserting.
WASHINGTON — Newly released minutes from the Federal Reserve’s March meeting show officials are seeking to remain flexible when it comes to future rate decisions. The paradox for the Fed remains that the labor market remains strong, even as inflation continues to be high, although it cooled in March, according to new data from the Bureau of Labor Statistics.
WASHINGTON—Tighter loan underwriting by banks, prompted by the failure of Silicon Valley Bank and Signature Bank, is going to lead to a slowdown in economic growth in 2023, according to the International Monetary Fund estimated, which further cautioned that rising interest rates pose a threat to the global financial system.
RANCHO CUCAMONGA, Calif.– March payment activity by credit union members was strong, as spending increased substantially across all merchant categories despite mixed economic trends, Co-op Solutions is reporting.
NEW YORK–Inclusiv has announced a “New Majority Growth Initiative” it said is designed to support current leaders of Minority Depository Institutions (MDIs) in the mainland U.S., U.S. Virgin Islands, as well as financial cooperatives (cooperativas) in Puerto Rico.
RICHMOND, Va.—The U.S. Fourth Circuit Court of Appeals has upheld a district court’s dismissal of a class action lawsuit related to the Military Lending Act's (MLA) exception for motor vehicles.
BEAVERTON, Ore.–A group of nine credit unions that came together to take control of their healthcare costs is reporting it has returned more than $1 million in unused premiums to its members.