News

Despite intense opposition by credit unions and banks, a bipartisan majority in the Senate last night voted 64-33 to pass an amendment to the regulatory overhaul bill that will restrict interchange fees.

The industry's massive lobbying effort this week to oppose Sen. Durbin's interchange amendment triggered an estimated 35,000 letters and e-mail messages to U.S. senators but that was apparently dwarfed by retailers' counter campaign.

NAFCU vowed it would continue to oppose an amendment to the regulatory overhaul bill that would regulate card interchange. The measure was sponsored and championed by Illinois Democratic Senator Richard Durbin.

Two-thirds of all phishing attacks detected worldwide in the second half of last year can be traced to a single electronic crime syndicate, according to a new report.

Despite a new $1 million OTTI, the $1.2 billion Constitution Corporate FCU rounded out the first quarter with a net profit of $708,000.

The rates of foreclosures in the country dropped in April for the first time since before the current economic downturn began, according to Realty Trac, a firm that bills itself as the "leading online marketplace of foreclosure properties."