News

An Iowa Senate bill that would allow financial institutions to conduct savings promotion raffles is getting support from credit unions in the Hawkeye state.

In a gesture to aid its members, two California credit unions serving the Japanese-American communities announced Monday they are waiving wire transfer fees for individuals sending money to family and friends in Japan.

The nomination period for the National Association of Credit Union Service Organizations’ 2011 CUSO Collaboration and Innovation award is now open.

Key Republicans on the House Financial Services Committee are concerned that the Obama administration’s proposed settlement with mortgage servicers could require the servicers to write down mortgage principles in certain cases.

While the nation’s attention still remains focused on the Wisconsin union-legislative fight, the state’s credit unions have been quietly helping member businesses and employees cope with the economic fallout through literacy efforts being promoted this week.

TCF National Bank, the financial institution which has taken the Federal Reserve to court over the debit interchange cap, lost roughly 250,000 checking accounts when it announced it would start charging a fee for checking accounts with balances of less than $500.00

Paradoxically, credit unions may need to act to increase debit transactions if a cap on debit card interchange makes it into federal regulation, a specialist on checking and debit maintains.

Community banks could lose money and consumers could have to pay higher fees if the Federal Reserve implements its debit interchange proposed rule as is, FDIC Chairman Sheila Bair wrote Federal Reserve Chairman Ben Bernanke.