News

WASHINGTON -- The Community Financial Services Association of America, an association representing roughly 50% of payday lenders in the U.S., is promulgating a working paper prepared by a researcher at the Federal Reserve Bank of New York that suggests statewide bans on payday lending have hurt consumers in those states.

NEW YORK -- Newtek Business Services, Inc., a provider of business services and financial products to the small- and medium-sized business market, has signed its 200th credit union partner.

Charlotte Ayers, president/CEO of Georgia's Own Credit Union, has been appointed the newest member of Georgia Central Credit Union's board of directors.

For the third consecutive year, Ascend Federal Credit Union is giving money back to its members just in time for the holiday season.

New York's "Hometown" paper, the New York Daily News, featured a story on Dec. 3 about SEIU CU member Onika Shepherd, who remembered how well her credit union treated her when she was in college and got a car loan. CUs were all about auto loans, right?

USA FCU here charged off $3.6 million in loans and set aside $5.6 million in its reserve for loan and lease losses in the third quarter and reported a net loss of $1 million. Rising delinquencies on loans behind two months and longer were $3.4 million.