ALEXANDRIA, Va.–Federally insured, low-income credit unions have until March 17 to apply for the first round of certification as community development financial institutions through the streamlined application process developed by NCUA and the Community Development Financial Institutions Fund.
WASHINGTON—A debt relief company and its principals who allegedly misled consumers and charged illegal advance fees will be banned from those practices under a settlement with the Federal Trade Commission.
EAST LANSING, Mich.–Michigan State University FCU here has been named the winner of the 2017 Outstanding Credit Union of the Year Award from the Michigan CU League.
WASHINGTON–As expected, the Federal Open Market Committee has moved to raise rates, The FOMC said it has set the target range for the federal funds rate to 0.75% to 1%, a 25-basis point increase.
WASHINGTON–The Federal Reserve’s Open Market Committee is widely expected to conclude its two-day meeting here today by announcing an increase in its target interest rate by a quarter-point. Robust economic performance, strong employment numbers and inflation data that is within the FOMC’s target range are all expected to push the Fed to increase rates.
WASHINGTON–President Donald Trump told a group of community bankers that he is moving cautiously when it comes to potentially firing CFPB Director Richard Cordray, saying the move would create political backlash.
CARLISLE, Penn.—A group that has opposed an attempt by Cornerstone FCU here to merge with another credit union has filed appeals with NCUA and the Pennsylvania Department of Banking hoping to obtain a 90-day delay in the merger. The $105-million Cornerstone FCU is seeking to merge into the $450-millon Belco Community CU in Harrisburg, Penn.
WASHINGTON—A congressional hearing on why it’s so difficult to start up financial institutions at which a credit union CEO had been scheduled to appear today has been delayed until next week, due to the weather.
RANCHO CUCAMONGA, Calif.–In advance of its THINK 17 Conference, which is focused on the “Digital Transformation Journey,” CO-OP Financial Services is leading a webinar, Preparing for Your Digital Transformation Journey, on March 29.
CLARKSTON, Mich.–Prosecutors are seeking an 11-year sentence for a former credit union CFO who has allegedly admitted to embezzling approximately $20 million.
