WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)
The NCUA told Credit Union Times Oct. 30 it is currently developing new exam procedures to improve the identification of fraud risk indicators, especially at small institutions.
According to the credit union industry's two major trade associations, the NCUA's proposed stress test rule is unnecessary because the four largest credit unions in the nation already conduct their own tests.
WASHINGTON—Freddie Mac CEO Donald Layton urged housing finance executives Oct. 28 to focus less on the fate of his company and Fannie Mae and more on the lending infrastructure the two have marshaled.
The Aspen Institute and Institute Trustee Anne Welsh McNulty announced Oct. 28 that William Bynum and the $169 million Hope Credit Union are winners of the sixth annual John P. McNulty Prize.
If Chris Wolgamott had his way, every young professional would make time to shake the hand of their CEO.
Industry experts say due diligence can help credit unions avoid losses like those suffered by the $620 million Alabama One Credit Union in Tuscaloosa, Ala., and the Small Business Administration, which were defrauded of more than $3 million by a businessman.
The financial crisis of 2008 most likely taught members one hard lesson – no one wants to lose their money like that ever again.
The increasing popularity of crowdfunding to raise capital for small businesses could actually complement credit union business lending, not compete with it, said one industry expert.
WASHINGTON—A panel of three housing finance executives and one regulator expressed strong confidence the 30-year, fixed rate mortgage will remain a key element of the U.S. housing finance market.
It's been encouraging to see the ample response we've received to our ongoing coverage on reputation risk as it relates to small credit union fraud. Most of the feedback has been positive, with vendors and credit union managers alike saying the issue can no longer be ignored.
Baby boomers collectively represent nearly half, or 44%, of the affluent investor population, and as such, are justifiably a group of great interest to credit unions and other financial service providers.
Mobile banking and payments are becoming a mature component of the banking landscape, with surveys showing nearly 50% of smartphone owners having engaged in mobile banking in the past 12 months.
Maryland's financial regulator and the FDIC have approved the purchase of Advance Mutual Savings Bank in Baltimore by Municipal Employees Credit Union of Baltimore.
The Northwest credit union community has raised more than $130,000 for Credit Unions for Kids to support six Children's Miracle Network Hospitals in Oregon and Washington, according to an Oct. 29 Northwest Credit Union Association release.
A consumer coalition voiced support to federal financial regulators attempts to prevent payday lenders from using the electronic check system to debit their customer's checking accounts for loan payments.
The SBA said Oct. 29 it supported more than $29 billion in lending to small businesses this fiscal year, making 2013 the third highest in lending activity in the agency's history.
Amy Sink was named chief executive officer of the $650 million Interra Credit Union in Goshen, Ind.