News

Touting a victory over "an army of lobbyists," President Obama today signed legislation that would take some of the student loan business away from credit unions and banks.

State leagues, hoping to take advantage of the soured-bank climate, are making new legislative gains this week in moving along enabling bills allowing deposit of public funds in credit unions.

In a deadline shift, the U.S. Treasury has given credit unions certified as Community Development Financial Institutions until April 30 to file applications for Community Development Capital Initiative.

Corporate America Credit Union's case against U.S. Central Federal Credit Union's former directors and executives is going to court. U.S. District Court Judge Inge P. Johnson filed the order March 25, setting a Dec. 6 trial date in Birmingham, Ala.

Frustrated by months of congressional inaction, President Obama on Saturday made a recess appointment of Jeffrey Goldstein as undersecretary of treasury for domestic finance.

Mark Cummins, president/CEO of the Minnesota Credit Union Network, is among the growing chorus of industry leaders urging for the lift of the 12.25% of assets member business lending cap.