NEW YORK–The former CEO of Municipal Credit Union has been sentenced to more than five years in prison for embezzling more than $10 million from the credit union.
THE news
PHOENIX—$1.7-billion Arizona FCU plans to acquire $236-million Pinnacle Bank of Arizona, based in Scottsdale, the CU reported.
WASHINGTON—Trump administration officials are getting close to unveiling their plan to return Fannie Mae and Freddie Mac to private-shareholder ownership, according to a new report.
WASHINGTON—Passing into law the SAFE Banking Act (H.R. 1595), which would institute a safe harbor for financial institutions serving legal marijuana businesses, would increase insured deposits at credit unions by about $200 million by 2022 and $350 million by 2029, according to the Congressional Budget Office (CBO).
DAYTON, Ohio—With tornadoes ripping through several Midwestern states over the Memorial Day weekend, killing at least three people, most of the effects of the violent weather are being felt by credit unions in Ohio, according to league reports.
DES MOINES, Iowa–The Iowa legislature has passed a bill allowing businesses in the state to facilitate notarization of documents remotely. The E-Notary bill, SF-475, will go into effect July 1, 2020.
WASHINGTON–An oft-cited statistic in credit unions, that half of all Americans do not have $400 to cover an emergency–has seen a bit of an '"improvement" in new data released by the Fed.
ALEXANDRIA, Va.—By 3-0 vote, the NCUA board Thursday approved a proposal that would raise the current nonmember deposit limit from 20% to 50%.
NEW YORK–The New York attorney general’s office said it has opened an inquiry into the lending practices that left thousands of immigrant taxi drivers in crushing debt as they purchased taxi medallions. The announcement follows a 10-month investigation by the New York Times that found fault with numerous parties, including credit unions and NCUA, in contributing to the crash of the taxi medallion market, where values have plummeted even as many were enriched in the process.
ALEXANDRIA, Va. –NCUA announced it will pay out $160.1 million to more than 5,500 institutions credit unions eligible for a distribution from the National Credit Union Share Insurance Fund distribution.