Regulatory & Compliance

The law passed by Congress last year overhauling credit card rules takes effect in stages. However, the vast majority of the changes take effect on Monday.

In what is being described as a "disappointing" industry defeat, the New Mexico Senate Thursday killed a House-passed bill, which would have funneled some $5 billion in state funds into community banks and credit unions.

President Obama is scheduled to unveil a plan later today that will provide $1.5 billion to state and local housing agencies in five states so they can provide additional relief to homeowners in danger of losing their homes, according to media reports.

Rep. Brad Ellsworth (D-Ind.) who has enjoyed strong support from credit unions during his two terms in the House of Representatives, is going to announce his candidacy for U.S. Senate, according to several media reports.

Credit unions got a glimmer of hope today when Sen. Charles Schumer (D-N.Y.) said he still would like to have legislation to lift the cap on member business lending.

Almost 20% of insured shares continued to be in credit unions with a rating of CAMEL 3 or higher at the end of last month and the NCUSIF's equity ratio remained at 1.24%.