The Trump Administration’s comprehensive Fiscal 2018 budget, released Tuesday, again proposes eliminating the Community Development Financial Institutions program, and includes as a plan to make the CFPB subject to the annual appropriations process. The budget...
Credit Union Industry News & Updates
The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.
WHAT’S GOING ON AT CREDIT UNIONS?
Millennials Saving for ‘Financial Freedom,’ Not Retirement
Well, at least millennials are saving. According to the Spring Merrill Edge Report from Bank of America Merrill Edge, 63% of millennials are socking it away in the name of financial freedom: the amount of savings or income they need to...
CUNA: Winter ‘Pause’ Won’t Deter Economic Growth
Credit unions remain on track for record growth this year, despite the weak start for the U.S. economy in the first quarter, CUNA economist Mike Schenk said Monday. While President Trump’s one-pager budget released April 26 contains ideas for tax cuts that might...
Courts Will Not View DOL Fiduciary Rule Repeal Favorably
The chief architect of the Labor Department’s fiduciary rule, Phyllis Borzi, sees a tough road ahead for the Trump administration in repealing the rule. “If the administration decides to flip it [the fiduciary rule] or make changes, they will be sued and...
Former CU CEO Gets Two Years for Embezzlement
A former CEO of a Pennsylvania credit union was sentenced to two years in prison Friday for embezzling more than $740,000. U.S. District Court Judge Davie S. Cerione also ordered Karen Schenck, 50, of Bear Lake, Pa., to pay $696,273 in restitution and served five...
CHOICE Act Could Boost Fees Paid by Credit Unions: CBO
The House Financial Services Committee’s plan to overhaul the Dodd-Frank Act could result in increased fees to financial institutions, including credit unions, the Congressional Budget Act said in a newly released report. The CBO reported that the House...