Two members of the House Financial Services Committee—one Republican and one Democrat—are circulating draft legislation that would set a national data security standard and require prompt notification when a data breach occurs. House Financial Institutions...
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?
Sen. Hatch, the Banker & the Credit Union Tax Exemption
Sen. Orrin Hatch’s (R-Utah) recent broadside against the credit union tax exemption left a lot of people saying, “Huh?” Hatch had already announced he would not seek another term in the Senate this year, and Congress had just completed tax overhaul...
Tax Law Guts Fannie’s Bottom Line; Needs $3.7B From U.S.
Fannie Mae will request an infusion of taxpayer money for the first time since 2012 because of an unintended but anticipated side effect of the corporate tax cut signed into law in December. The mortgage-finance company, which reported fourth-quarter and full-year...
NCUA Approves $735.6 Million Distribution to Credit Unions
The NCUA board on Thursday approved a pro rata distribution of $735,678,797 to eligible credit unions—funds that are available as a result of the closing of the corporate stabilization fund. “We have excess funds,” said Board Chairman J. Mark...
Household Debt Rises for Fifth Year in a Row: NY Fed
Increasing debt is the not only a problem for the federal government; it’s also a growing burden for U.S. consumers. According to the New York Fed’s latest Quarterly Report on Household Debt and Credit, household debt rose in 2017 for the fifth consecutive...
Massachusetts CEO Placed on Administrative Leave
Shelley M. Holden, president/CEO of the $61 million Tewksbury Federal Credit Union, was placed on administrative leave after the board of directors in early December became aware of irregularities in several accounts including those held by Holden and her personal...