News

Last Friday's sudden 50bps cut in the discount rate generated lots of prognostication and predictions in the economic community and in the CU sphere. But will the cut unfreeze the credit market and soothe the run to the safety of U.S. Treasuries, which fell yesterday more than they did after...

In an effort to reassure its customers, Countrywide Financial Corp. ran ads in the <em>Los Angeles Times</em> yesterday saying that the business is safe and deposits are insured by the FDIC.

Fidelity National Information Services faces a lawsuit stemming from a data breach that was alleged to have been caused by a former employee in its Certegy check verification division.

Cognizant of the industry's emerging role in trying to calm member concern over mortgage turmoil, a prominent Virginia CUSO said today it has been sending out letters and e-mails to client CUs in two states and the District of Columbia urging they become &quot;pro-active&quot; on re-fi products as well as...

LAS VEGAS -- With the state leading the nation in foreclosures, Nevada Federal Credit Union, the state's largest, said Monday it considers itself fortunate to have steered its members away from subprime and despite the gloom is doing well in first-time home buyer mortgages.

In a recent legal opinion letter, NCUA stated that federal regulation pre-empts a Georgia state law prohibiting charging fees to non-accountholders for cashing share drafts on federal credit unions.