NEW YORK–As consumers face higher prices, more people are getting into financial trouble for using buy now, pay later (BNPL) financing for everyday purchases, especially groceries.
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WASHINGTON—NAFCU told the Fed it supports for implementation of the Adjustable Interest Rate (LIBOR) Act, but it also wants the Fed to be aware of “the impacts that complex or costly regulations will have on credit unions.”
TYSONS, Va.–PenFed Credit Union is reporting it has closed itsinaugural prime auto loan securitization offering PenFed Auto Receivables Owner Trust 2022-A (PAROT 2022-A). The transaction issued $460,292,000 of fixed-rate, amortizing asset-backed notes backed by prime auto loans, according to the credit union.
WASHINGTON—CUCollaborate said it will host a free webinar Sept. 13 to present the findings from research on credit union board composition and its impact on institutional performance.
EAU CLAIRE, Wis. – Royal Credit Union (Royal) said its partial acquisition of Lake Area Bank in Minnesota is complete. The acquisition includes retail offices in Hugo, Stillwater and White Bear Lake, as well as Lake Area Mortgage in Arden Hills, Minn.
SEATTLE—The $1-billion Bannockburn, Ill.-based Great Lakes FCU and the $750-million, Saginaw, Mich.-based Team One FCU said they are now partnering with Strum Platform.
CHICAGO–The Federal Reserve said it has now narrowed the timing of the FedNow Service launch to mid-year 2023, and is specifically targeting a production rollout of the service in the May to July timeframe.
DES MOINES, Iowa– The CUSO Curql Collective said its Curql Fund I has made an investment in fintech startup Credit Mountain.
BOSTON– Some 40% of small business owners could not pay their August rent on time and in full, up 6% from July, according to Alignable’s August Rent Report.
BROOKFIELD, Wis.—While summer is not yet officially over, consumers are already thinking about holiday shopping—especially for gift cards—a new study shows.