News

Employees of federal credit unions have a conflict of interest if they disapprove a loan to a member and then refer the member to a mortgage banker that compensates that employee.

Marketing firm Epsilon, a third-party vendor that manages customer e-mail databases for more than 2,500 clients, said an unauthorized entry into its email system took place last week, reportedly compromising millions of clients’ customer names and e-mail addresses.

Reps. Ed Royce (R-Calif.) and Carolyn McCarthy (D-N.Y.) today introduced legislation to raise the cap on member business loans from credit unions to as much as 27.5% of assets.

It now looks like it could take until the third quarter for the Iowa Credit Union League, its processing affiliate and the National Cooperative Bank of Washington to finalize a plan to dissolve Iowa Corporate Central Credit Union and morph its correspondent services into the bank.

State league lobbying is undergoing more revamps this spring with advocacy schedules getting altered at two more leagues–Texas and California–to advance a more focused industry message to lawmakers.

Sallie Mae announced that it will begin offering no-fee student checking accounts into which colleges and universities can directly disburse financial aid and tuition refunds owed to students.