Two more credit unions are suing Equifax for damages related to the credit-reporting agency’s recent data breach, court records show. Colorado Springs, Colorado-based Aventa Credit Union and New Castle, Pennsylvania-based First Choice Federal Credit Union, along...
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?
NCUA Wants to Continue Push for Exam Flexibility
The NCUA would like to implement a flexible exam schedule that extends exam cycles up to 20 months, according to the agency’s draft Strategic Plan, released Thursday. The NCUA board approved the publication of the draft plan and is soliciting comment on the...
Credit Unions Wade Further Into Auto Loans Alone
Imagine walking through the palms toward the beach with an umbrella and cooler in hand. As you turn a corner, you see snakes, crocodiles and everyone else rushing past you headed for higher ground. Michael Cochrum of CU Direct calls the resulting insecurity the...
Puerto Rico Rejects $1 Billion Loan Offer From Creditors
Puerto Rico rejected an offer from Electric Power Authority bondholders to lend the utility $1 billion in the wake of Hurricane Maria, saying the deal would hamper the agency’s recovery. Investors holding about $3 billion of power utility bonds said the...
Operating Level Boost Needed to Protect Share Insurance Fund: NCUA Board
Reporters meeting with NCUA board members. Photo from NCUA. Defending their decision to increase the agency’s operating level, NCUA board members said they are prudently protecting the Share Insurance Fund and are not engaging in a “cash grab.” In...
NCUA Approves 24 Mergers in August
The NCUA approved 24 mergers in August, the highest number of consolidations in one month so far this year. In July, the federal agency approved only 11 mergers. Five credit unions were approved to merge because of their poor financial condition, and two because of...