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WASHINGTON— Two California lawmakers have introduced bipartisan legislation that would create a new federal pathway for nonbank payment companies to tap directly into the Federal Reserve’s payment rails, a move backers say could speed transactions and lower costs for consumers who use payment apps—but one that could also intensify competition for banks and credit unions that currently sit between fintech apps and the payments system.

WASHINGTON— Credit card startup Mission Lane has applied to become a U.S. bank, seeking approval from federal regulators for a national bank charter that would let it move deeper into the regulated banking system, according to PYMNTS, which cited Bloomberg News and the company’s banking application.

ALEXANDRIA, Va.--NCUA is seeking industry input on whether it can reduce reporting burdens tied to some of the agency’s core data collections, announcing Thursday it has issued a Request for Information on potential changes to the 5300 Call Report, 5310 Corporate Call Report and Form 4501A Profile.

WASHINGTON--With NCUA’s deregulation efforts ongoing, America’s Credit Unions is encouraging future proposals to include updates to fidelity bond regulations. A letter sent Wednesday follows up on an October letter to the agency detailing the need for such changes.

WASHINGTON--The House Appropriations Committee advanced its FY27 Financial Services and General Government (FSGG) bill Wednesday following a two-day markup, America’s Credit Unions reported, adding the bill contains language to bar the Federal Reserve from issuing a central bank digital currency, which the trade group has supported.

DALLAS— At a time when many credit unions are still trying to balance slower loan growth, lingering liquidity pressures and the challenge of putting excess cash to work without taking outsized risk, ALM First has launched a new NCUA-approved loan fund structure that could give institutions a different way to do both: buy whole consumer loans at scale when they want yield, and create a new outlet for sellers when liquidity tightens.

MADISON, Wis.— Filene Research Institute’s innovation testing program, FiLab, has released findings from independent pilots of two financial technology solutions designed to address fraud, one of the most urgent and costly challenges facing U.S. credit unions.