News

The Federal Reserve Board and Treasury's Financial Crimes Enforcement Network have announced $65 million in penalties assessed against American Express Bank International and American Express Travel Related Services Company, Inc. for violations of the Bank Secrecy Act.

The nationwide mortgage jitters marked by last week's collapse of American Home Mortgage should demonstrate to credit unions the need to stick to basics and "partner with those you know," a major CU service vendor said this week.

First Entertainment Credit Union and Utah First Federal Credit Union are the latest in the industry to partner with Member Business Lending, LLC, the country's number one Small Business Administration 7(a) credit union lender.

A survey sponsored by a prepaid card association has found that the cards are extremely popular among underbanked and unbanked consumers.

Congressman Melvin Watt (D-N.C.) seemed to know his way around the teller line on a visit this morning to Charlotte Metro Credit Union during the legislator's 11th annual "Trading Places" district work period.

Bank of America's recent decision to increase the fees on many of its ATMs could provide credit unions with still another opportunity to differentiate themselves with banks, according to an executive with CO-OP Financial Services, the parent CUSO of the credit union owned CO-OP Network of fee-free ATMs.