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...
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?
CU Tax Exemption Likely Safe; House & Senate Prep to Resolve Differences
Senate majority leader Mitch McConnell (R-KY) The tax overhaul legislation passed by the Senate early Saturday retains the credit union tax exemption—virtually ensuring that it will be retained in any tax legislation sent to President Trump this year. The Senate...
Fannie-Freddie Watchdog Stokes Quiet Fight With White House
While the CFPB grabs headlines, another independent U.S. regulator is quietly locked in its own showdown with the Trump administration. The Federal Housing Finance Agency is in deep discussions with the White House over what to do with more than $7 billion owed...
Lending Director Fired for Alleged $825,000 Embezzlement
In a move that is seldom taken by credit unions, the $213 million Florida State University Credit Union announced Thursday the firing of a long-time employee who allegedly embezzled $825,000 over three years. The Tallahassee-based credit union said Kevin Lee, 33,...
House Members Introduce Resolution to Nullify CFPB Payday Rule
A bipartisan group of House members on Friday introduced a resolution to nullify the CFPB’s payday lending rules. The rules, issued in October, but only published on Nov. 17, would crack down on an industry that critics contend charge exorbitant interest rates...
Almost a Quarter of FIs Don’t Have CECL Implementation Committees
About a quarter of financial institutions haven’t formed CECL implementation committees yet, according to new data from risk software company Sageworks. The Raleigh, North Carolina-based firm polled 172 financial institution chief credit officers, chief...