Judge Narrows, But Preserves, Military Lending Act Case Against Bank Of America 08/09/2026 08:05 am CHARLOTTE, N.C.—A federal judge in North Carolina has allowed the core of a proposed class-action lawsuit accusing Bank of America of violating the Military Lending Act (MLA) to move forward, declining to fully adopt a magistrate judge's recommendation that the case be dismissed while trimming several claims. The ruling keeps alive allegations that the bank improperly charged active-duty servicemembers interest rates above the MLA's 36% cap on certain consumer credit, Virginia Lawyers Weekly reported.
Bank Of America Must Face Claims Over Alleged Credit Card Autopay Overcharges 08/09/2026 08:04 am CHICAGO— Bank of America must face most claims in a proposed class action alleging its credit card autopay system withdraws money customers no longer owe after they manually pay their statement balances, a federal judge has ruled.
Fed Proposes Insider Lending Rule Changes To Ease Burden On Community Banks 08/09/2026 08:04 am WASHINGTON—The Federal Reserve has proposed updating decades-old dollar thresholds governing loans to bank executives, directors and major shareholders, saying inflation has rendered the existing limits outdated and that the changes would reduce unnecessary regulatory burdens, particularly for community banks.
Westmark Credit Union Names Nielsen New President, CEO 08/09/2026 08:05 am IDAHO FALLS, Idaho—The $1.6-billion Westmark Credit Union has named Derik Nielsen as its new president and CEO, succeeding Mike Schenck, who served the credit union for more than 30 years, according to the Post Register.
Lummis, Moreno Join Credit Card Competition Act As Interchange Threat Grows 08/09/2026 08:23 am WASHINGTON—Two influential Republican senators have signed on to the Credit Card Competition Act, giving new momentum to legislation fiercely opposed by credit unions and potentially turning a dispute over cryptocurrency legislation into a renewed battle over interchange fees.
