WASHINGTON—A bipartisan group of Senate Banking Committee members have called on Treasury Secretary Steven Mnuchin to conduct an in-depth study of the current expected credit loss (CECL) standard to better understand its impact on lending and the economy overall.
WASHINGTON—With the National Defense Authorization Act (NDAA) for fiscal year 2021 being marked up this week, the Defense Credit Union Council is asking the Senate Armed Services Committee to “strike any provisions that would alter the status quo.”
WASHINGTON—NAFCU is urging the Small Business Administration (SBA) to release updated guidance to help Paycheck Protection Program (PPP) lenders and borrowers implement changes enacted by the Paycheck Protection Program Flexibility Act – H.R. 7010.
PHOENIX–Desert Financial Credit Union has launched InvestED, a program offering full college tuition and professional certification coverage for all eligible employees beginning July 2020.
SAN FRANCISCO—Payments giant Stripe has announced it is now offering card issuing services directly to businesses to let them in turn make credit cards for customers tailored to specific purposes, Tech Crunch Reported.
WARSAW, Poland–This country’s National Association of Co-operative Savings and Credit Unions said it has been working with its member CUs to limit direct contacts between employees and members, and in the process identified an opportunity to reduce the level of digital exclusion and bridge the technological gap.
RALEIGH, N.C.– Coastal Credit Union is reporting its Coastal Credit Union Foundation will provide an additional $300,000 in grants that will be used to provide community assistance in response to the COVID-19 pandemic.
WASHINGTON— District of Columbia Attorney General Karl A. Racine has filed a lawsuit against Elevate, an online lender, alleging the company has been deceptively marketing high-cost loans carrying interest rates far above the District’s cap on interest rates.
WASHINGTON–With little room to maneuver, the Federal Reserve concluded its Open Market Committee meeting here by opting to not change rates.
ARLINGTON, Va.—Total consumer credit fell 19.6% in April at a seasonally-adjusted, annualized rate, but is up 1.6% versus a year ago. NAFCU Chief Economist and Vice President of Research Curt Long expects a continued fall as unemployment remains high in a slow-recovering economy.
