LOS ANGELES—Dirty money is piling up in Los Angeles. In the last three weeks, federal agents made three seizures that each netted more than $1 million in suspected drug proceeds.
Fresh Today
YORK, Penn.–Two more Pennsylvania credit unions here are merging.
WASHINGTON—The Federal Reserve has launched a community to obtain insights from payments industry experts and stakeholders as the Fed continues work on its instant payment offering, the FedNow Service.
AUGUSTA, Maine–Credit union representatives have been named by the governors of two states to serve on respective panels aimed at leading financial recovery from the coronavirus pandemic.
WASHINGTON–Saying they are seeking to keep homeowners and renters up to date with accurate housing assistance information during the COVID-19 national emergency, the Consumer Financial Protection Bureau, Federal Housing Finance Agency, and the Department of Housing and Urban Development (HUD) launched the new mortgage and housing assistance website.
RANCHO CUCAMONGA, Calif.–CO-OP Financial Services has introduced a new #CreditUnionHeroes campaign aimed at recognizing those within credit unions who have exemplified the spirit of “people helping people” over the last few weeks.
ALEXANDRIA, Va.–NCUA is reporting all 11 corporate credit unions have joined the Central Liquidity Facility as agent members.
WASHINGTON—Total consumer credit saw its first month-to-month decline since 2011 as it fell at a seasonally-adjusted, annualized rate of 3.4% in March. NAFCU Chief Economist and Vice President of Research Curt Long attributed the fall to revolving credit, which fell 30.9% during the month.
WASHINGTON—Federal financial regulators, including NCUA, have issued a final interagency policy statement to provide clarification and consistency in the interpretation and application of the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard.
BURNSVILLE, Minn.–The former CEO of one of two large credit unions here that have announced plans to merge is calling the reasons for the merger “weak and purely boilerplate points” that are “hardly compelling.”