News

Four state leaguesCalifornia, Texas, Georgia and Ohiohave organized a new Dallas firm, CU Partner Link, to develop new state-of-the-art products and services for member CUs concerned over lost income.

The NCUA sued investment bank Goldman Sachs last week, seeking damages of more than $491 million and alleging misrepresentations by the firm when selling mortgage-backed securities to U.S Central and Western Corporate credit unions.

Credit unions whose membership includes significant numbers of Federal Aviation Administration employees rolled out lower cost loans, fee reductions and other measures as an ongoing legislative dispute left the workers without paychecks.

American Airlines Federal Credit Union of Fort Worth, Texas has agreed to pay nearly 300 current and former employees more than $83,000 in overtime back wages following a U.S. Department of Labor investigation.

Since the finalization of the Durbin amendment, many credit unions have been considering how they will compensate for lost interchange revenue with other forms of noninterest income.

Law firms seeking relatively easy settlements have helped fuel the numbers of lawsuits against both credit unions and community banks over alleged failures to comply with ATM regulations.