News

Delinquencies among eight installment-loan categories increased to 3.23% of all accounts during the first quarter from 3.22% in the last three months of 2008, the American Bankers Association reported today.

A Canadian firm, UM Financial Inc., has begun offering a prepaid card aimed at Muslims who wish to have the convenience of a credit card but refrain from paying any interest. Islamic religious law forbids the paying or earning of interest.

Pope Benedict XVI called for a new economic order that incorporates a "profoundly new way of understanding business enterprise."

The State of California has closed Watts United Credit Union in Los Angeles.

It may be hard to forecast how much revenue can be generated from a credit union's investment program but that first meeting the member has with an adviser may lay some groundwork.

Two credit union president/CEOs are scheduled to testify at a Senate hearing on Wednesday discussing the impact of the nation's economic woes on financial institutions in rural communities.