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 Draft 2027-2028 Budget

AGENCY: National Credit Union Administration (NCUA) SUMMARY: NCUA's draft “detailed business-type budget” is being made available for public review as required by federal statute. The proposed resources will finance the agency's annual operations and capital projects,...

Conversion to State-Chartered Credit Union

AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board (Board) solicits public comment on a proposal to remove a regulatory provision regarding the process for maintaining federal share insurance following the conversion of a federal credit union...

Nonconforming Investment Special Reserve

( printed page 66532) AGENCY: National Credit Union Administration (NCUA). SUMMARY: The NCUA Board (Board) is proposing to amend its regulations governing the requirements for federal share insurance. This action would remove the requirement for federally insured,...

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...

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...

Republican Plan Still Leaves Credit Union Tax Exemption At Risk

The Republican tax reform blueprint released Wednesday does not specify how tax cuts in the plan would be paid for, so credit unions that are carefully guarding their tax exemption aren’t out of the woods yet. The plan would cut taxes for businesses, the middle...

Phishing Attacks Against Financial Orgs Doubles in One Quarter

The volume of phishing attacks targeting the financial industry nearly doubled in the second quarter of this year and is the largest quarterly volume Charleston, S.C. firm PhishLabs has ever observed In its Q2 2017 Phishing Trends and Intelligence Report PhishLabs...

Former CU Office Manager Faces Sentencing

A former credit union office manager will be sentenced in December after she admitted to embezzling nearly $180,000 from a failed New York credit union. Norma Gold, 57, of Eldred, Pa., pleaded guilty to false entries in federal credit union reports, last week in U.S....