A new report from the Center for Financial Services Innovation suggests that products and services marketed to unbanked and underbanked consumers could represent a huge and growing market for the nation’s credit unions.
Once the domain of Latin mom-and-pop shops, remittance services have in recent years become accessible to Hispanic and other consumers through their local credit unions.
A new partnership between the World Council of Credit Unions and Boom Financial, a Palo Alto, Calif.-based company that provides mobile banking and money transfer services to immigrant and unbanked families, could pump new life into credit unions in developing countries.
NAFCU says impact will help some but that most credit unions will still face denying transaction no. 101 or eliminating remittance services altogether.
Four years ago, our nation was thrown into the deepest economic morass since the Great Depression. No question, the situation was dire. People lost their jobs and their homes. Banks and companies closed. Government officials scrambled to help bolster our fragile economy.
NCUA Chairman Debbie Matz was named as a defendant in a lawsuit that challenges the constitutionality of the Consumer Financial Protection Bureau.
Plaintiffs challenge creation of CFPB and FSOC, Cordray's appointment.
The Consumer Financial Protection Bureau’s proposed remittance regulations could force credit unions to stop providing the service, said CUNA and NAFCU in letters submitted to CFPB Executive Secretary Monica Jackson.
If there were a category of potential credit union members that could be described as beyond unbanked, those would be the people that the Durham, N.C.-based Latino Community Credit Union seeks to serve.
New CFPB rule governs all outgoing international wire transfers and ACH transactions.