A new study from the Pew Charitable Trust has found that every one of the credit cards offered by the country's 12 largest credit card issuers are bad deals for consumers and have practices the Federal Reserve has defined as "unfair or deceptive."
WASHINGTON -- House Financial Services Committee Chairman Barney Frank (D-Mass.) said last week he opposes giving credit unions
If, as many expect, Congress creates the Consumer Financial Protection Agency and if the new CFPA limits or eliminates payday loans, what should credit unions do?
"Seasonal employment. Reindeer wanted. New working conditions-lighter loads, fewer stops. Apply S. Claus, North Pole."
Even though Wright-Patt Credit Union experienced a 200% jump in loan growth over the past year through its mortgage CUSO, the financial cooperative felt it could turbocharge its lending program even more.
A federally chartered credit union in New York is challenging a tax that the state imposes on mortgage origination, arguing that its federal charter preempts any state taxation.
The state league leadership from eight Mid-Continent states pledged last week to pursue cost-cutting collaboration and took the first steps toward
As global financial services provider ING takes a look at cost-cutting measures to stay in the black, at least one division with a tie to the credit union industry has already been impacted.
Did you realize that you can sign up for Credit Union Times daily e-newsletter completely free of charge?
Credit unions without federal insurance could face additional requirements for informing members about their insurance status, as a result of a proposed rule by the Federal Trade Commission.
The NCUA is closely monitoring Ensign Federal Credit Union, which recently told the agency that its liabilities exceed its assets.
The Federal Financial Institutions Examination Council has released a policy statement supporting prudent commercial real estate loan workouts.
The $18 billion Western Corporate Federal Credit Union last week announced $356 million in other-than-temporary-impairment charges.
CUDL and the Minnesota Credit Union Network announced that they have entered into a marketing agreement.
As expected, the Iowa Bankers Association, joined by the American Bankers Association, is mounting a challenge to the Federal Reserve application of the Iowa Credit Union League to buy an Arizona bank.
A CUSO that specializes in helping firms image and store their documents electronically has warned credit unions that electronic storage may not be best for all their mortgage documents.
After taking time to restructure from bankruptcy and focus on the Cash for Clunkers program, Chrysler is now offering a new Invest in America incentive to credit union members.
The $431 million Smart Financial Credit Union in Houston found that it paid to bring its processing of all of its debit transactions to one processor, according to TNB Card Services, the firm that won the business.
In an effort to increase credit union membership in rural Kenyan villages, the World Council of Credit Unions has introduced a laptop-anchored system that brings services directly to members.
Call it yet another sign of the impact of harder times on the economy. The Mortgage Bankers Association has puts its award-winning Washington headquarters building on the market less than year after the association bought it.
Some of the alleged victims of David K Henke, the former CEO of the $6 million Rapids Municipal Credit Union, felt cheated on Nov. 2 when he failed to appear to answer embezzlement charges. Little did they know that he had already committed suicide
The Iowa Credit Union Foundation has drawn praise from the State of Iowa for its effort to help lower income Iowans save to purchase a home.
Credit unions can and should persevere in building both revenue and membership during this economic downturn.
The SBA said it has proposed increasing size standards for 71 types of businesses with most in the retail, hotel and food service sectors in an effort to open access to its programs.
Gesa Credit Union is gearing up for the November launch of its first investment program.
CUNA Mutual Group is adapting with the times and has launched a new employment practices liability coverage and risk management offering.
After some initial hesitancy, Indiana and Illinois credit unions appear to be on a roll when it comes to shared branching,
If the past five years are any indication, as long as unemployment goes up, deposit interest rates may stay low.
A nationally known CU card consultancy is working on launching a Web site that will help consumers find consumer friendly credit union credit cards in their area.
The Workers' Credit Union's Townsend, Mass., branch is getting a green edition makeover, complete with a geothermal heating and cooling system.
Affluent investors said they have moved significant amounts of their retirement money around over the past year in a search for better value, personalized advice and a financially-sound provider.
DigitalMailer has teamed with documents services provider Standard Register to help credit unions with print and mail service.
Mike Haselden, president of Texans Insurance Group, resigned Nov. 2 to pursue another career opportunity, Texans Credit Union confirmed last week.
Even though Space Coast Credit Union suffered some losses after merging with troubled Eastern Financial Florida Credit Union, the cooperative said the numbers are in line with its initial projections.
CIT Group Inc. has filed for Chapter 11 bankruptcy protection in part to get rid of $10 billion in debt, the small business lender announced Nov 1.
Fiserv Inc. this month plans to begin offering what the company said will be the first secure Internet PIN debit transaction functionality available through a payments network.
Visa will remain the only card accepted underneath the Olympic rings for at least a little while longer.
Columbia Credit Union's new leader is actually a familiar face.
American Eagle Federal Credit Union has wrapped up its Bank Smart, Drive Smart campaign by giving lucky longtime member Linda Klemba the keys to her new 2009 Smartfortwo Passion Coupe.
CO-OP Financial Services has finished buying CO-OP LoanLink from CUNA Mutual Insurance Group, the CUSO has announced.
Card issuers and retailers should expect a lean holiday season this year as consumers continued to signal that they will cut back more than splurge on gifts, decorations and celebration, according to the National Retail Federation.
TMG Financial Services, the agent-issuing arm of TMG, purchased 8000 credit card accounts worth roughly $16.6 million in outstanding balances from two credit unions, the firm announced last week.
Card Services for Credit Unions, the association of credit unions that process their card transactions on the FIS platform, is expanding its consulting program for credit cards to include debit cards as well.
A new report from Javelin Strategy and Research suggests that many credit and debit card holders fail to understand the importance of a notice saying that a credit card or debit card has been breached and do not protect themselves from fraud.
Navy Federal Credit Union was scheduled to hold a ribbon-cutting ceremony last month to celebrate a new ATM at Camp Lemonnier, a military facility supporting U.S. antipiracy and antiterrorism operations on the horn of Africa.
Credit Union 24 has announced that three more credit unions have joined the network. The addition brings 35,000 more credit union members and $225 million more in assets to the national credit union-owned ATM and EFT network.
Whether we like it or not, the credit card industry is in the middle of dramatic change.
Credit unions enjoy solid bipartisan support in Congress. Very few lawmakers would intentionally set out to harm credit unions. On the other hand, no one is going to stake their political career on credit unions.
Paragon Federal Credit Union President/CEO Richard Rays has never taken lightly the trust members, his board and the community at large have in him.
Fractured image. Increased fees. Tightened loan standards. Consolidation.
I believe in the American Dream. You work hard, pay your bills, save some money along the way. You should also be able to buy a home.
Credit unions should not rush out to change their fixed-rate credit cards to variable-rate cards, a credit union consultant is advising, until after the overall card market settles down a bit.
Service Credit Union, Portmouth, N.H., announced that its President/CEO Gordon A. Simmons was re-elected as chairman of the Defense Credit Union Council for the 2009-2010 term. Simmons has served as chairman for the past two years and from 2000-2002.
With the elimination of the Federal Family Education Loan Program looming and with overhead and college tuition costs continuing to rise, Credit Union Times decided to ask how many credit unions offer student loans to members.
located in Salem won the regional/national business of the year award from the Salem Area Chamber of Commerce.