News Now

July 11, 2014

Payday lender must refund $5 million for illegal practices

Washington
One of the largest payday lenders in the country is the subject of an enforcement action announced Thursday by the Consumer Financial Protection Bureau, forcing it to provide $5 million in refunds and a $5 million penalty. ReadMore

CUNA to drive home need for reg relief at House hearing

Washington
CUNA has asked Ohio credit union CEO Doug Fecher to speak for the credit union movement on regulatory relief before Congress Tuesday. ReadMore

Housing fin. reform must ensure CU access to markets: CUNA

Washington
CUNA interim President/CEO Bill Hampel wrote to three U.S. representatives Wednesday asking for consideration for credit unions during the housing finance reform process. ReadMore

IBEW Local 816 FCU closes

Washington
The National Credit Union Administration announced late Thursday that it has liquidated IBEW Local 816 FCU, Paducah, Ky., after determining the credit union was insolvent and had no prospect for restoring viable operations. ReadMore

Ways and Means' Marchant, Sen. Banking's Heller voice RBC plan concerns

Washington
New voices from both the House Ways and Means Committee and the Senate Banking Committee have joined the chorus of concerns regarding the National Credit Union Administration's proposed risk-based capital plan. Republicans Rep. Kenny Marchant (Texas) and Sen. Dean Heller (Nev.) sent letters to the agency July 10. ReadMore

CUs dig deep on RBC plan at Chicago Listening Session

Washington
The room was packed and the concerns were earnest at the National Credit Union Administration's Listening Session in Chicago Thursday. As expected, the primary topic of the day was the NCUA's proposed risk-based capital rule. ReadMore

Foreign buyers continue investing in U.S. housing market

Market
It's been widely reported that cash sales in the housing market have increased considerably in recent months, and one factor that may be driving the surge is the influx of foreign investment. 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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Kindness alert: NEFCU starts 'Pay It Forward Friday' today

CU System
NEFCU is telling Long ,"It's on us," this summer as the credit union this week announced a "pay it forward" initiative. ReadMore

CU System briefs (07/11/2014)

CU System

WASHINGTON (7 11 14) Four Washington, D.C. area credit unions were recognized for their achievements associated with the April 6 Credit Union Cherry Blossom Ten Mile Run, which benefits Children's Miracle Network Hospitals

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Fin. ed. for student body key part of Altura, UC-Riverside partnership

CU System
Altura CU, Riverside, Calif., announced a four-year contract with the University of California-Riverside's multimedia rights partner this week, an agreement that will allow the $731 million-asset credit union to provide the university's students financial education, among other services. ReadMore

Time MONEY recognizes Olson for refugee fin. ed.

CU System
Sandy Olson, an employee of the charitable foundation of $1.7 billion-asset Affinity Plus FCU, St. Paul, Minn., has been recognized as a Time MONEY hero. ReadMore

Debit rewards programs still valuable to members, CUs find

CU System
Credit unions are finding success in offering debit reward programs to their members--three years after big banks bailed on the programs in the wake of interchange rule changes. ReadMore

CU growth buoys hiring, pay increase plans: CUNA survey

CU System
Burgeoning membership expansion and the potential for double-digit loan growth are incubating a stronger employment environment at credit unions--one that portends more hires and increased wages, according to research from CUNA. ReadMore

CUNA Councils reaches milestone of 6,000 total members

CU System
CUNA's nationwide organization for credit union executives--CUNA Councils--has reached the 6,000-member milestone. ReadMore

Global study finds 1 in 6 U.S. students financially illiterate

CU System
In a recent international study that looked at the financial capabilities of 15-year-olds, U.S. teenagers scored below average in financial literacy, and roughly 17.8% of American students were found to be financially illiterate, meaning they failed to complete even the most basic of tasks. ReadMore

Emergency savings bleak? Starting to save is key

Consumer
More than a quarter of Americans do not have an emergency savings account. Of those who do, two-thirds have less than six months' worth of living expenses, according to a Bankrate.com survey. ReadMore

CU Companies joins Minn. housing approved lender network

Products
CU Companies has been approved as a Minnesota Housing lender, a designation which allows the company--on behalf of its partner credit unions and community banks--to assist low- and moderate-income Minnesotans with loan programs that deliver affordable financing options. ReadMore
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News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
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Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
14 minutes ago