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September 16, 2014

Balance needed between 'safety/soundness,' credit availability, CUNA tells FHFA

Washington
Safety and soundness should not be used as a justification to create additional regulatory burden, CUNA told the Federal Housing Finance Agency in a letter sent Monday. ReadMore

New NCUA videos fight financial exploitation of seniors

Washington
Aiming to combat the trend of millions of American seniors who become victims of financial abuse, the National Credit Union Administration has released two videos to help consumers recognize this kind of fraud. ReadMore

House lawmakers seeking breach answers from Home Depot exec

Washington
A bi-partisan coalition of House lawmakers is seeking some answers from Home Depot about its data security practices. ReadMore

NCUA offers 'road map to success' for FCU organizers

Washington
Groups looking to apply for a federal credit union charter have a new resource from the National Credit Union Administration. ReadMore

Inside Washington (09/16/2014)

Washington

WASHINGTON (9 16 14) The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has announced a settlement of $550 million with HSBC North America Holdings

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CUNA: SBC testimony 'important step' toward reg. relief bills' passage

Washington
CUNA will testify before the Senate Banking Committee today in a hearing titled "Examining the State of Small Depository Institutions." ReadMore

This week: Economic hearings, House to consider reg. relief bills

Washington
This week likely marks the final pre-election sessions for Congress, and while the top priority is to pass a bill to fund the government past the end of the year, a number of other bills are likely to be considered. ReadMore

CFTC fines Morgan Stanley for alleged 'red flags' failures

Washington
The U.S. Commodity Futures Trading Commission announced Monday that it has imposed a fine against Morgan Stanley Smith Barney LLC for failure to "diligently supervise" the opening and handling of accounts under "know your customer" rules. ReadMore

FOMC meeting watch: Change in forward guidance expected

Market
Should the Federal Open Market Committee's quantitative easing program come to an end in October as many predict, the Federal Reserve's monetary-policy making body likely then must decide how it will determine when to raise interest rates from near-zero levels. 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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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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Hession--in 100M T-shirt--hits home run with anthem rendition

CU System
Clad in a "100 Million Memberships" T-shirt, Illinois Credit Union League President/CEO Sean Hession delivered a stirring rendition of "The Star-Spangled Banner" before Sunday's game between the Chicago White Sox and the Minnesota Twins. ReadMore

Member growth continues despite mill closure

CU System
For the last 75 years, even in the most difficult of times, Mill Town CU has been there for the community it serves. ReadMore

No stretch for CU to loan to fledging yoga studio

CU System
Bayport CU was recently able to secure a $50,000 member business loan for members Sue and Michael Blei, helping the couple open a yoga studio after they had been turned away by local banks. ReadMore

PCUA, Pittsburgh FHLB pursue cooperative benefits, Part 2

CU System
The Pennsylvania Credit Union Association and the Federal Home Loan Bank of Pittsburgh, through recent collaborative efforts, have initiated a partnership onto which each organization hopes to build. ReadMore

Fin. lit. ideas percolate during NerdWallet TweetChat

CU System
In a rapid-fire discussion Monday on Twitter, credit union leaders from across the country imparted loads of advice on how to ramp up financial literacy for high school and college students. ReadMore

Filene survey: Economy still challenging consumers

CU System
Macro-economic data indicates the economy is on the mend, but a recent survey by the Filene Research Institute found that 36% of the "every day people" respondents still think the economy is in a recession or depression. ReadMore

CO-OP webinar covers tokenization, Apple Pay

CU System
CO-OP Financial Services will present a free webinar on "Tokenization, NFC and Apple Pay" at 1 p.m. (ET) Sept. 24. ReadMore

Metro CU mortgage program provides hope for neglected housing segment

CU System
A new mortgage program from $1.3 billion-asset Metro CU, Chelsea, Mass., is offered with the hope of revitalizing a city faced with housing challenges. ReadMore

Millennials: Rethink credit vs. debit

Consumer
There is a generational divide when it comes to shopping: A CreditCards.com survey indicates that boomers and millennials both choose plastic, but for the older cohort the word is "credit" and for the younger, it is "debit." ReadMore

CUNA Mutual's TruStage protecting 15M members

Products
CUNA Mutual Group announced that its TruStage Insurance Program now protects more than 15 million members. ReadMore
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News Now LiveWire
#NewsNow No stretch for CU to loan to fledgling yoga studio http://t.co/4ryQisBtW1
21 minutes ago
.@CUNA's Pierce: Every dollar a CU spends on complying with a regulation is a dollar that is not spent to the benefit of its membership.
26 minutes ago
(2of2)...that incentive structure for CUs and banks is quite different, and regulatory structure should reflect those differences."
27 minutes ago
Pierce: When considering reg burden as it relates to consumer financial protection, it is critical that policymakers understand...(1of2)
27 minutes ago
.@CUNA's Pierce: "Without meaningful relief, consolidation in CU sector will continue."
33 minutes ago