For the second time in less than two months, at least four wildfires have destroyed homes, buildings, cars, and more than 80,000 acres forcing tens of thousands to evacuate their neighborhoods and communities over the last three days across Los Angeles, Ventura, San...
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?
Rise in Foreclosures Hits Heartland, Retirees
It’s liable to be a rough ride ahead as foreclosures rise in what’s been a sizzling heartland housing market. As the Huffington Post reports, Stateline points to a number of problems as possible causes for an uptick in foreclosure starts...
Credit Union Accuses Trump of ‘Hostile Takeover’ of CFPB
A New York credit union has filed suit in federal court accusing the Trump Administration of a “hostile takeover” of the CFPB following the resignation of agency Director Richard Cordray. The Lower East Side People’s Federal Credit Union filed suit...
Student Loans Raise Other Risks as Debt Equals U.S. Junk Market
U.S. student loan debt now equals the size of the $1.3 trillion U.S. high-yield corporate bond market, presenting investors with a whole different range of risks. “Delinquency rates on student loans are much higher than those on auto loans or mortgages, due to...
NCUA Liquidates Riverdale Credit Union
The NCUA said Monday it liquidated the $54.9 million Riverdale Credit Union in Selma, Ala., which posted a net income loss of $14.4 million at the end of the third quarter of 2017. Riverdale was placed into conservatorship in June 2017 because of unsafe and unsound...
Credit Unions Need to Be More Aware of Regulatory Activity
I recently spoke at two different conferences for credit unions. During both speeches, I asked the audiences (approximately 125 people at one and 105 at the other) if they were aware that the CFPB was considering rules to regulate first-party collections. I also asked...