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Raising the cap on member business loans would result in credit unions "straying further from their traditional mission of serving consumers," American Bankers Association President Edward L. Yingling wrote to Sen. Charles Schumer (D-N.Y.)

The $410 billion bill funding the government through September passed the Senate last night, with a provision allowing the Central Liquidity Facility to keep its lending ceiling at $41.5 billion.

Last night, CUNA distributed a summary of accounting guidelines to members to assist with the question of whether or not to record U.S. Central's Dec. 31 losses on their books.

Early signs of economic recovery could come during the next six months, according to a Charles Schwab survey of more than 1,200 independent financial advisers.

A few credit unions joined banks last week in an effort to recoup some of the losses they have taken as a result of the largest card data breach ever.

Former U.S. Mortgage Corp. President/CEO Michael McGrath isn't the only U.S. Mortgage employee implicated in the fradulent scheme of selling $14 million worth of mortgage loans to Fannie Mae.