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NEW YORK – The findings of a proof of concept (PoC) that explored the feasibility of an interoperable network for wholesale payments operating on a shared multi-entity distributed ledger have been published by the Federal Reserve Bank of New York's New York Innovation Center (NYIC) and members of the U.S. financial services sector.

WASHINGTON— The Consumer Financial Protection Bureau has sued lease-to-own finance company Snap Finance, alleging the company has been deceiving consumers, obscuring the terms of its financing agreements, and making false threats.

BASINGSTOKE, U.K.–A new study from Juniper Research is forecasting the total value of digital wallets transactions will rise to $16 trillion in 2028 from $9 trillion in 2023, a growth of 77%.

NEW YORK–Unrealized losses on bonds and loans held by U.S. banks are expected to have grown in the second quarter, even as pressure on profits is rising, according to a new analysis.

DENVER–Westerra Credit Union said it has launched a “groundbreaking financing program” that streamlines loans for new home construction or renovation projects.

BERN, Switzerland—The Swiss National Bank (SNB) is set to launch a wholesale central bank digital currency (CBDC) pilot supported by the country’s SIX digital exchange.

CUPERTINO, Calif.— If banks and credit unions did not already fear Apple’s entry into the credit card space, they now have more to worry about, according to one new report.

VANCOUVER, B.C.–With the harborside location of this year’s World CU Conference, WOCCU’s CEO used water skiing to note there is no doubt credit unions are navigating some rough waters, but they are also better positioned for skiing forward than they may realize. 

LONG BEACH, Calif.—Two credit unions have announced changes in CEOs.

BOSTON–The loyalty of credit union members may prove “fickle” as the result of new technologies, according to a new study, which found more than a quarter of members saying they would move to another FI for product innovation.