News Now

December 19, 2014

Inside Washington (12/19/14)

Washington

WASHINGTON (12 19 14) The Consumer Financial Protection Bureau has sued Texas based Union Workers Credit Services for deceiving consumers into paying fees to sign up for a sham credit

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CU tax status preservation, reg relief top 2014 CUNA legislative efforts

Washington
CUNA and state credit union leagues spent 2014 advancing a legislative agenda designed to preserve credit unions' tax status and removing regulatory barriers preventing them from serving their members. ReadMore

PALs should be exempt from MLA proposal: NCUA's Matz

Washington
The Department of Defense should exempt National Credit Union Administration Payday Alternative Loans from its Military Lending Act proposal, NCUA Chair Debbie Matz said in a letter filed with the DOD Thursday. ReadMore

CFPB proposes changes to mortgage servicing rules in regs X, Z

Washington
The Consumer Financial Protection Bureau has proposed amendments to its mortgage servicing rules that were first introduced in 2013. ReadMore

NCUA projects no assessment for NCUSIF in 2015

Washington
The National Credit Union Administration is projecting no Temporary Corporate Credit Union Stabilization Fund assessments this year, and "only a possible small premium" for the National Credit Union Share Insurance Fund, according to a letter sent to federally insured credit unions Thursday. ReadMore

CUNA hails president's signing of IOLTA

Washington
CUNA hailed President Barack Obama's signing of the Credit Union Share Insurance Fund Parity Act Thursday. ReadMore

Mortgage rates hit lows for 2014: Freddie Mac

Market
Mortgage rates tracked by Freddie Mac continue to drive lower, as the government-sponsored mortgage giant reported Thursday that rates have hit their lowest points for 2014. ReadMore

Business Rates

Market

Get daily financial rates for the last five business days, including Treasury Yield Curve, Treasury Bills, Prime Rate, Federal Funds, Freddie Mac and Fannie Mae 30-day commitments, LIBOR, and 90-day Commercial Paper.

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News of the Competition (12/19/14)

Market

WASHINGTON (12 19 14) Wells Fargo was hit with a $1.5 million fine this week by the Financial Industry Regulatory Authority (FINRA) for its role in a number of anti money laundering failures

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Consumer Rates

Market

Daily rates from Informa Research Services for deposit, consumer loan, mortgage, credit card, and indirect auto loan products.

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Iowa's Jury elected treasurer for World Council exec committee

CU System
The World Council of Credit Unions has selected Pat Jury, president/CEO of the Iowa Credit Union League, to serve as executive committee treasurer for the council's board. ReadMore

CU System briefs (12/19/14)

CU System

SAN FRANCISCO (12 19 14) The Federal Reserve Bank of San Francisco Thursday announced appointments to its Community Depository Institutions Advisory Council. Elizabeth Dooley, president CEO, Educational Employees CU, Fresno,

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MCUL reward unused on arrests for string of CU robberies

CU System
A reward fund amassed by the Michigan Credit Union League to help investigators track down criminals allegedly behind a string of recent credit union robberies went unused, but police officials said they were glad the fund was still available. ReadMore

Panelists decrypt payment trends for CU leaders

CU System
More than two dozen credit union executives received an education this week in new trends in the payments industry at a symposium held by the Massachusetts Credit Union League in Marlborough, Mass. ReadMore

Christmas-New Year's week busiest for car shopping: Edmunds.com

CU System
While the week between Christmas and New Year's is viewed as a bit of a break for many, it will be the busiest car-shopping week of the year, according to Edmunds.com --and a prime time for credit unions to make vehicle loans. ReadMore

N.Y. gov. signs historic FOM expansion bill

CU System
New York Gov. Andrew Cuomo Wednesday signed into law a historic piece of pro-credit union legislation that will allow state-chartered credit unions to combine select employer groups, associations and community groups into a single field of membership. ReadMore

Iowa loan growth 3 times national bank rate

CU System
Iowa credit unions reported a loan growth rate nearly three times faster than that of national banks in the third quarter, according to the Iowa Credit Union League. ReadMore

CUs put the 'ho, ho, ho' in holiday greetings

CU System
A "Happy Holiday" can make someone's day merry, and credit unions and leagues created some memorable season's greetings this year. ReadMore

Give safely and guilt-free this holiday season

Consumer
The holidays are synonymous with giving, as seasonally warm feelings for humanity combine with charities searching for a year-end boost to their bottom lines. ReadMore

CUAnswers rolls out payday loan alternative

Products
CU*Answers, a Grand Rapids, Mich.-based credit union service organization, has launched a National Credit Union Administration-endorsed small-dollar lending program for federal credit unions designed to protect members from predatory payday lenders. ReadMore
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Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago