The American Customer Satisfaction Index (ASCI) is reporting that banks topped credit unions in customer satisfaction. This is the first time in the history of the index where banks scored higher than credit unions. After [...]
The National Credit Union Administration (NCUA) should seek feedback from credit unions and other stakeholders concerning the current use of CAMEL ratings by the agency. The Federal Deposit Insurance Corporation and the Board of Governors [...]
Moebs Services is reporting that credit unions have dramatically reduced their offerings of free checking. Free checking has declined by 59.2 percent so far this year at credit unions. According to Moebs Services, only [...]
While overall membership at credit unions grew in the third quarter, roughly half of the country's credit union reported fewer members at the end of the third quarter of 2018 than a year ago. Median [...]
U.S. Senator Kirsten Gillibrand (D - NY) introduced legislation (S. 2755) to create a Postal Bank, which would establish a retail bank in all of the U.S. Postal Service’s 30,000 locations. [...]
The Wall Street Journal is reporting that the Federal Reserve Bank of Kansas City has granted conditional approval to a Colorado credit union to serve marijuana businesses. To win the approval of the Federal Reserve [...]
A bank regulator recently warned that managing third-party risk is a heightened supervisory focus. The Office of the Comptroller of the Currency (OCC) in its Semiannual Risk Perspective report identified increasing use of third-party service [...]
Credit unions have received taxpayer money, despite statements to the contrary. Recently, Richard T. Webb wrote Credit Union Times that "[c]redit unions have never cost the tax payers [sic] a single penny and will [...]
Twelve financial groups on January 4th thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering (AML) and counter-terrorist financing modernization bill that will help prevent criminals from using shell [...]
On December 22, President signed the Tax Cuts and Jobs Act (H.R. 1) into law. While the legislation preserved the credit union industry's income tax exemption, the legislation will impose an excise tax on [...]
The National Credit Union Administration reported that 81 percent of all federally-insured credit unions (FICUs) reported positive net income through the first 3 quarter of 2017. A year earlier, 80 percent of FICUs reported positive [...]
The National Credit Union Administration (NCUA) in a letter to credit unions announced its supervisory priorities in 2018. The agency identified the following seven areas for supervisory focus in 2018: cybersecurity assessment, Bank Secrecy Act [...]
The tax code shouldn’t pick winners and losers, and businesses performing the same service should face the same rules, ABA Chairman Ken Burgess wrote in a letter to the Wall Street Journal. The letter [...]
Members of the Federal Reserve’s Community Depository Institutions Advisory Council (CDIAC) raised concerns about compliance examination processes and the current regulatory landscape in a recent meeting, according to minutes released on Friday by the [...]
President Donald J. Trump has designated National Credit Union Administration (NCUA) Board Member J. Mark McWatters as the Acting Chairman of the NCUA Board. McWatters succeeds Rick Metsger, who was designated Board Chairman in May [...]
