MCLEAN, Va.—Capital One has been hit with a proposed class action in federal court in Virginia alleging it unlawfully wiped out billions of dollars in earned credit card rewards by shutting down customers’ accounts without cause and then refusing to let cardholders redeem points or cash back they had already accrued.
WASHINGTON--America’s Credit Unions is urging credit unions to weigh in on two NCUA proposals with comment deadlines fast approaching, while also reminding institutions that the window to submit feedback to ACU—so it can help shape the trade group’s own comment letters—is also closing quickly.
WASHINGTON--The House Financial Services and General Government (FSGG) Subcommittee is expected to mark up its FY27 bill starting Friday, and credit unions are encouraging members to fully fund the Treasury’s Community Development Financial Institution (CDFI) Fund.
WASHINGTON--Working to ensure credit union concerns are heard by a leading voice in financial regulation, America’s Credit Unions President/CEO Scott Simpson and Senior Vice President of Advocacy Greg Mesack met with Treasury Deputy Assistant Secretary for Financial Institutions Policy John Crews Thursday.
WASHINGTON--This week, the Defense Credit Union Council addressed several key policy issues impacting credit unions and the communities they serve.
WASHINGTON— The FDIC has rescinded Biden-era supervisory guidance that warned banks they could face scrutiny for charging multiple nonsufficient funds (NSF) fees when the same unpaid transaction is re-presented more than once, rolling back a consumer-compliance policy that had become a flashpoint with the banking industry.
NEW YORK— U.S. light-vehicle sales fell 13.9% year over year in March to an estimated 1.39 million units, though the decline was less severe on a selling day adjusted basis, down 10.5%, as March had one fewer selling days than a year earlier, according to GlobalData.
WASHINGTON— A federal judge in Washington has moved Bank of America and the FDIC closer to wrapping up their long-running fight over underpaid deposit insurance assessments, ruling the bank must pay interest on the roughly $540 million it owes using one formula for the period before judgment and a different federal rate after judgment, Law360 reported.
SAN ANTONIO– SWIVEL, a subsidiary of SWBC and leading fintech innovator, announced the launch of the Corelation Connector, a new integration designed to simplify payment processes for credit unions nationwide.
MCLEAN, Va.--The 30-year fixed-rate mortgage rate continued to drop this past week, averaging 6.30%, Freddie Mac said.
