DALLAS— Credit unions are right to pursue fintech partnerships, but as RAI Partners co-founder Brian Scott argued, the real risk is mistaking innovation itself for a strategy.
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WASHINGTON—Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) is pressing NCUA Chairman Kyle Hauptman to turn over the legal analysis behind the agency’s position that one board member can constitute a quorum, warning the agency’s deregulation project could weaken the credit union system, American Banker first reported.
WASHINGTON—The Supreme Court's landmark decision giving President Trump broad authority to remove members of independent federal agencies likely makes it even more difficult for former NCUA Board Members Todd Harper and Tanya Otsuka to win reinstatement, according to several legal experts.
WASHINGTON—NCUA nominee John Crews used his Senate Banking Committee confirmation hearing Thursday to lay out an agenda centered on reducing regulatory burden for smaller credit unions, encouraging technological innovation and reviving the formation of new credit unions, while declining to weigh in on the legality of the NCUA's current one-member board because of pending litigation.
ALEXANDRIA, Va.— Three credit union failures cost the NCUA Share Insurance Fund $5.7 million during the first quarter, contributing to higher insurance-loss reserves and a projected decline in the fund's equity ratio, the agency’s staff reported Wednesday.
PHILADELPHIA—Credit unions could see meaningful relief from some federal compliance and examination burdens as the Consumer Financial Protection Bureau continues to undergo restructuring under the Trump Administration, but legal experts are warning that any pullback by the CFPB may be quickly offset by a rise in aggressive state enforcement actions and consumer class-action litigation.
PITTSBURGH—For years, credit unions have benchmarked themselves against other credit unions. But as competition for deposits, loans and member relationships intensifies, BlastPoint argues that may no longer be enough.
SCOTTSDALE, Ariz.—For years, credit unions have worried about deposit outflows to crypto exchanges, fintechs and online investment platforms.
JACKSON, Miss.—Federal regulators have expanded their massive fraud lawsuit against former Jackson Area Federal Credit Union CEO Leigh Bridges, adding former branch manager Tina Funez as a defendant and alleging she received hundreds of thousands of dollars in benefits funded with money misappropriated from the credit union.
ALPHARETTA, Ga.–A new program aimed at expanding credit union funding sources is providing access to term member deposits through the capital markets.