WASHINGTON— The Financial Stability Oversight Council on Wednesday unanimously approved proposed guidance that would make it harder to designate nonbank financial companies for enhanced Federal Reserve supervision, restoring a more restrictive framework that places a strong emphasis on addressing risky activities across markets before singling out individual firms, according to American Banker and the Treasury Department.
SCRANTON, Pa.—A former employee of the now-defunct W.O.D. FCU has been sentenced to eight months in prison after admitting she stole more than $16,000 from the small $2.5-million Pennsylvania credit union and then falsely reported it as an armed robbery, according to WBRE.
DOVER, Del.— Delaware lawmakers this week introduced legislation that would create a state licensing framework for payment stablecoin issuers, a move CryptoRank said could position the state as an early leader in crypto regulation as policymakers continue to debate a broader federal framework.
WASHINGTON— Bipartisan lawmakers in the House and Senate on Wednesday introduced the Main Street Depositor Protection Act, legislation that would expand federal deposit insurance for noninterest-bearing transaction accounts to a level somewhere above the current $250,000 cap and up to $5 million, with the exact amount to be set by the FDIC and, possibly, NCUA.
WASHINGTON--Wednesday, the Defense Credit Union Council sent a letter to Maxine Waters, ranking member of the House Financial Services Committee, applauding her leadership in calling for a formal conference committee to reconcile House and Senate housing packages.
WASHINGTON— Senate Budget Committee Chairman Lindsey Graham’s comments Wednesday that Republicans will “expeditiously move toward creating a second budget reconciliation bill” are giving new shape to what had been a speculative discussion in Washington—and prompting renewed attention within the credit union industry to whether the movement’s federal tax exemption could again surface as lawmakers look for possible offsets.
TAMPA-- Velera President and CEO Chuck Fagan will retire at the end of the company’s current fiscal year on Sept. 30, 2026, the CUSO announced Wednesday.
PHOENIX— Federal Reserve Gov. Michael Barr used a speech at the 2026 National Community Investment Conference in Phoenix Tuesday to signal that financial institutions should expect the Fed to remain cautious on rate cuts while also underscoring the continued importance of the Community Reinvestment Act as a framework for banks’ community-development lending, investment and partnership activity.
WASHINGTON — Mortgage applications decreased 10.5% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20.
WASHINGTON--As credit unions work to prevent new credit card mandates from moving forward in Congress and fight interchange efforts on the state level, America’s Credit Unions noted it has advocacy resources to help address the issue – including a new “How Interchange Works” graphic.
