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WASHINGTON—In response to NCUA's proposed rule to create a three-year phase-in of the day-one adverse impacts of the current expected credit loss (CECL) accounting standard on federally-insured credit unions' net worth ratio, NAFCU expressed support for the concept, but also again called for a longer phase-in option and additional examination flexibility.

CHESTERFIELD, Mo.—NewGround has again made the St. Louis Business Journal’s Top 150 Privately Held Companies listing, the company reported.

SINGAPORE—Open banking continues to take hold across the globe.

INDIANAPOLIS–Indiana Members Credit Union (IMCU) recently presented a check for $972 to Lawrence North High School as part of an ongoing school spirit debit card program. 

NEW YORK–Average yields for interest checking accounts tied a record low of 0.04% APY, while the average monthly fee for this type of account and the balance requirement to avoid paying the fee are both at record highs, coming in at $15.50 and $7,550 respectively, according to Bankrate’s 2020 checking account and ATM fee study.

At its Oct. 15 meeting, the NCUA board proposed a new derivatives rule that greatly eases the prescriptive nature of the previous rule and credit unions’ burden for gaining authority.

HONG KONG – China has concluded its largest-ever pilot project to date for a central bank-backed digital yuan, with analysts saying the trial extended the country’s lead in the global race to develop a central bank digital currency (CBDC).

PLANO, Texas–Catalyst Corporate said it will soon begin offering mobile P2P (person-to-person) payment services to credit unions.