News

Bernard Madoff's $10 million bail was revoked and he was immediately sent to jail to await sentencing for his role in a $65 billion Ponzi scheme.

Citigroup's recent profit numbers coupled with a market rally has offered a glimmer of confidence to investors.

Foreclosure filings, bank repossessions and similar actions increased 5.9% last month and were up 29.9% over February 2008, according to a report released today by RealtyTrac, an online seller of foreclosed properties.

The recession continued to cause consumers to cut back on spending in some areas of the economy, the Commerce Department reported today.

In light of the current economic crisis, both CUNA and NAFCU today urged lawmakers to consider changing how financial institutions do some of their accounting.

For his role in the loss of $65 billion from former clients, Bernard Madoff today pleaded guilty to 11 counts of theft, money laundering, fraud and perjury and now faces up to 150 years in prison.

Credit unions participating in the Credit Union Better Choice program have made almost 15, 000 loans to consumers seeking an alternative to higher cost payday loans, according to the Pennsylvania Credit Union Association.

Saying that the current rules governing how financial institutions must calculate the value of assets are a "major contributing factor to the nation's financial crisis,"