This past week, nine credit unions announced new hires, retirements and promotions, including the PenFed Foundation, which hired a former White House liasion as director of communications and development. WEST The $4.7 billion Ent Credit Union in Colorado Springs,...
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?
DOL Files to Delay Fiduciary Rule
As expected, the Department of Labor filed a notice Thursday with the Office of Management and Budget to delay implementation of its fiduciary rule via a Notice of Proposed Rulemaking. OMB reviews generally take from 10 to 14 days and then once OMB approves...
Melrose Credit Union Conserved
New York’s tenth largest credit union by assets, the $1.7 billion Melrose CU, was placed into conservatorship Friday by the New York State Department of Financial Services, which appointed the NCUA as the conservator, according to the federal agency. The state...
CU Trades Continue Support for CFPB Commission
House Financial Services Chairman Jeb Hensarling's revised Dodd-Frank overhaul bill abandons the idea of converting the CFPB into a five-member commission - a plan consistently advocated by credit union trade groups. Instead, the plan calls for the CFPB to be governed...
Millennials Overconfident & Underprepared in Managing Money
Millennials are overconfident and underprepared for managing their money, according to new research from the Denver-based National Endowment for Financial Education. Only 24% of the millennial respondents (23-to-35-year-olds) showed basic financial literacy in...
Arby’s Breach Put Credit Union Cardholders at Risk
Another breach at a fast-food restaurant, this time at Atlanta-based restaurant chain Arby’s, once again puts credit union cardholders at risk, in an incident reminiscent of the Wendy’s hack in 2016. According to cybersecurity expert Brian Krebs, sources...