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WASHINGTON—After nearly two decades focused on student lending, the CUSO CU Student Choice is making a major strategic expansion into workplace financial wellness, launching a new payroll-integrated platform it believes could reconnect credit unions with their historical roots serving working Americans through employers.

WASHINGTON—The House has passed bipartisan legislation designed to ease examination requirements for certain credit unions, drawing praise from both America's Credit Unions and Defense Credit Union Council, which said the measure would reduce regulatory burden while preserving safety and soundness standards.

NEW YORK—U.S. banks are scrambling to repair scores of information technology weaknesses uncovered by Anthropic’s powerful but costly Mythos artificial intelligence tool, triggering urgent software upgrades and raising concerns over potential customer disruptions, according to a new report from Reuters.

WASHINGTON--Several years after it implemented the current expected credit loss (CECL) accounting standard, the Financial Accounting Standards Board (FASB) conducted a roundtable Tuesday to review how the standard is working.

WASHINGTON—Federal Reserve Vice Chair for Supervision Michelle Bowman said regulators are preparing changes to the CAMELS ratings system used to grade banks’ condition, saying the effort is part of a broader push to make supervision focus more directly on “material financial risks,” Law360 reported.

WASHINGTON—Speaking during a Federal Reserve roundtable on the implementation of the Current Expected Credit Loss accounting standard Tuesday, Federal Reserve Vice Chair for Supervision Michelle Bowman said CECL “clearly did not improve safety and soundness” and called for community banks to receive relief from the rule through repeal, exemption or a practical expedient, the ABA Banking Journal reported.

NAPERVILLE, Ill.—Alloya Corporate Federal Credit Union said it will return to Nashville, Tenn., for its 12th annual Credit Union Leadership Symposium, scheduled for Sept. 9-11 at the Omni Nashville Hotel, where the organization will also celebrate its 15th anniversary with member credit unions.

WASHINGTON— Mortgage applications increased 1.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 8.