May

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  • CUs’ input sought on NACHA proposal (May 30, 2008)
    NAFCU is seeking members' input on a NACHA proposal to revise its own rules on stop-payment orders to conform with provisions of the Federal Reserve Board's Official Staff Commentary on Regulation E.
  • GDP data show recession avoided in 1Q (May 30, 2008)
    The economy was not in a recession during the first quarter, with gross domestic product up 0.9 percent based on preliminary data, the Bureau of Economic Analysis reported Thursday.
  • OCC hits proposed appraisal code (May 30, 2008)
    A real estate appraisal code negotiated among Fannie Mae, its federal regulator and New York Attorney General Andrew Cuomo is being challenged by the Office of the Comptroller of the Currency, which says it focuses inappropriately on lenders' internal operations rather than practice standards.
  • Troubled loans still hamper bank profits (May 30, 2008)
    First-quarter net income at FDIC-insured banks and thrifts totaled $19.3 billion, down 45.7 percent from the same time one year ago, FDIC reported Thursday.
  • Bankruptcies up 37% nationwide in 2007 (May 29, 2008)
    Last year's total bankruptcy filings were up 37 percent from 2006, totaling 850,912 and including a 38 percent rise in consumer filings, according to data from the Administrative Office of the U.S. Courts.
  • Celebration of 100 years of CUs begins June 4 (May 29, 2008)
    NAFCU will kick off its observance of the first 100 years of credit unions in the United States next Wednesday at America's Credit Union Museum in Manchester, N.H.
  • Fryzel in June 3 nomination hearing (May 29, 2008)
    NCUA Board nominee Michael Fryzel is among 10 witnesses slated for a Senate Banking Committee hearing June 3 on pending nominations.
  • Mishkin to leave Fed Board Aug. 31 (May 29, 2008)
    Federal Reserve Board Gov. Frederic Mishkin on Wednesday told the president he plans to resign from the board effective Aug. 31.
  • NAFCU watching for Reg D interest action (May 29, 2008)
    NAFCU wants to see Congress act sooner rather than later on Federal Reserve Board Chairman Ben Bernanke's recent request to allow the payment of interest on Regulation D reserves to begin immediately rather than three years from now.
  • Becker disputes Miami Herald article (May 28, 2008)
    An article in the May 18 Miami Herald on mortgage lending at Eastern Financial Florida CU was not only biased but spread bankers' misinformation about credit unions, NAFCU President Fred Becker said in a letter to the editor published in the paper May 25.
  • Forecast unchanged by new home sales surge (May 28, 2008)
    April's unexpected increase in new home sales did nothing to alter NAFCU's view that the housing market is unlikely to stabilize until well into the second half of the year, NAFCU Staff Economist Katrin O'Connor said.
  • Share growth up, mortgage delinquencies up also (May 28, 2008)
    Credit unions' first-quarter call report data show strong growth in shares and investments from January through March and less robust loan growth, with growing mortgage delinquencies marked particularly among adjustable-rate loans.
  • Stars and Stripes notes dispute over AAFES card (May 28, 2008)
    NAFCU lobbyist Javier Sanchez reiterated for a May 26 Stars and Stripes article that a recently unveiled MasterCard offered by the Army and Air Force Exchange Service violates the "one bank, one credit union" rule for on-base financial institutions.
  • Webcast to target generational members (May 28, 2008)
    Experts say that those in Generations X and Y will make up half of the workforce by the year 2020, one more good reason to participate in NAFCU's June 4 webcast.
  • Berrish, Smith, Lussier win NAFCU Board seats (May 27, 2008)
    Frank Berrish, Randy Smith and Mike Lussier won election last week to three-year terms on the NAFCU Board of Directors in voting that closed late Thursday.
  • Congress on recess, CUs urged to make contact (May 27, 2008)
    NAFCU is urging its members to take advantage of this week's congressional recess by visiting with their lawmakers to encourage their support on credit union relief legislation and other measures awaiting action.
  • Data indicate housing recovery still way off (May 27, 2008)
    April's existing home sales decline was slightly smaller than expected, but record-high inventory numbers suggest that a housing market recovery is still several quarters away, NAFCU Staff Economist Katrin O'Connor said Friday.
  • NAFCU touts CU financial literacy efforts (May 27, 2008)
    NAFCU members understand that responsible money management is one of life's most vital skills and have been making an extraordinary impact on the financial literacy of Americans, NAFCU Senior Vice President of Government Affairs Dan Berger said May 23 in a letter to the President's Advisory Council on Financial Literacy.
  • Navy FCU adds Air Force, Army to FOM (May 27, 2008)
    Navy FCU has expanded its field of membership to include all active-duty armed forces, reserves and guard services following a 25 percent increase last year in branches worldwide.
  • Agencies unveil hybrid ARM final illustrations (May 23, 2008)
    Financial institutions that wish to help consumers better understand hybrid adjustable-rate mortgage products are encouraged to use the final illustrations released Thursday by NCUA and the other federal financial regulatory agencies.
  • Frank sees GSE compromise despite differences (May 23, 2008)
    House Financial Services Chairman Barney Frank, D-Mass., said he is confident that a comprehensive housing package will be signed by July 4 despite differences between the House and Senate versions.
  • FTC files 13 telemarketing fraud cases (May 23, 2008)
    Complaints were filed in federal court in 13 cases of alleged telemarketing fraud in "Operation Tele-PHONEY," a program carried out by the Federal Trade Commission and federal, state and foreign law enforcement representatives.
  • NAFCU criticizes data collection move (May 23, 2008)
    NAFCU President Fred Becker reiterated opposition to a data collection process approved Thursday by the NCUA Board, noting that the agency has not been directed to launch such a program, that it smacks of CRA and that it underestimates the burden on small credit unions.
  • Questions answered on NCUA data collection (May 23, 2008)
    NCUA Board Member Gigi Hyland yesterday addressed a number of questions the agency has received on the Outreach Task Force's data collection recommendations since their release earlier this year.
  • Underserved areas, incidental powers considered (May 23, 2008)
    Proposed rules on criteria used in approving new underserved areas for federal credit unions and new illustrations of permissible activities under the incidental powers regulation were released for 60-day comment periods in Thursday's NCUA Board meeting.
  • Bill on credit-card receipt rules cleared (May 22, 2008)
    A bill to prevent frivolous lawsuits due the printing of credit-card expiration dates on receipts was cleared by the Senate with no amendments Tuesday, one week following similar House action.
  • Final CAN-SPAM rule effective July 7 (May 22, 2008)
    A final rule on e-mail opt-out and other requirements under the 2003 Controlling the Assault of Non-Solicited Pornography and Marketing Act was published in Wednesday's Federal Register and goes into effect July 7.
  • Lawmakers eye appraisal standards (May 22, 2008)
    The Senate Banking Committee's work Tuesday on a mortgage refinancing and government-sponsored enterprises reform bill included talk but no vote on a provision to block implementation of an appraisal code worked out among Fannie Mae, its regulator and the New York attorney general.
  • Minutes suggest rate-cut cycle may be over (May 22, 2008)
    Last month's rate cut by the Federal Open Market Committee was a "close call" and possibly the last cut for the near term, according to minutes from the meeting released yesterday.
  • NAFCU: RESPA proposal creates inconsistencies (May 22, 2008)
    The House Small Business Committee should press for consistency in disclosures under the Real Estate Settlement Procedures Act and related statutes in any final RESPA rule from the Department of Housing and Urban Development, NAFCU said Wednesday.
  • NCUA Board meets on data collection, underserved (May 22, 2008)
    Recommendations for an ongoing data collection program, criteria for service to underserved areas and more are slated for action in today's open meeting of the NCUA Board.
  • GSE, housing provisions clear panel, 19-2 (May 21, 2008)
    A bill implementing added refinancing authority for the Federal Housing Administration and reforming the federal regulation of government-sponsored enterprises was marked up and approved by the Senate Banking Committee Tuesday on a vote of 19-2.
  • NCUA Board bars 7 from service (May 21, 2008)
    NCUA released news Tuesday of orders barring seven individuals from any future service in a federally insured financial institution.
  • Ohio tightens up on state-regulated payday loans (May 21, 2008)
    A payday loan law on its way to enactment in Ohio will not apply to federally chartered credit unions, whose loan rates and terms are governed by the Federal Credit Union Act and NCUA regulation, NAFCU's regulatory compliance staff noted Tuesday.
  • Panel eyes bill clarifying credit repair law (May 21, 2008)
    Witnesses in a hearing Tuesday on a bill to modify a law targeting credit repair organizations said they would favor exempting legitimate organizations, such as the three national credit reporting agencies, from the law's coverage.
  • House poised to vote on ID theft measure (May 20, 2008)
    An identity theft bill that would allow consumers, including credit union members, who are ID theft victims to sue in federal court for the costs of restoring their credit is up for voting this week on the House suspension calendar.
  • House Small Business panel reviews RESPA (May 20, 2008)
    The impact of the Real Estate Settlement Procedures Act on small businesses will be reviewed in a hearing Thursday by the House Small Business Committee, chaired by Rep. Nydia Velásquez, D-N.Y.
  • Senate Banking to vote on housing/GSE bill (May 20, 2008)
    The Senate Banking Committee is scheduled to vote this morning on a bill coupling measures for $300 billion in guarantees for refinancing at-risk mortgages and reform of the housing-related government-sponsored enterprises.
  • Unfair, deceptive acts proposal out until Aug. 4 (May 20, 2008)
    Four proposed rules dealing with credit and overdraft programs were published in Monday's Federal Register, with public comment deadlines set for July 18, Aug. 4 and Aug. 18.
  • Fannie issues new down payment policy (May 19, 2008)
    Fannie Mae announced a new national down payment policy Friday that will override one adopted in December 2007 that required higher down payments for housing located in markets where the home prices are declining.
  • OFHEO director touts new GSE regulator (May 19, 2008)
    Office of Federal Housing Enterprise Oversight Director James Lockhart offered a sneak preview Friday of what a new federal regulator for the government-sponsored enterprises would be like, noting the new agency would bring numerous benefits.
  • Paulson talks HOPE NOW progress, challenges (May 19, 2008)
    The housing crisis remains the biggest risk to the economy but the HOPE NOW Alliance has made significant progress in addressing its impact, helping 1.4 million homeowners since July, Treasury Secretary Henry Paulson said Friday.
  • Webcast to offer tips on targeting minorities (May 19, 2008)
    Credit unions will have the opportunity to pick up methods for attracting Latino members as well as those in Generation X and Y during NAFCU's next webcast slated for June 4.
  • Consumer benefits in interchange caps unproven (May 16, 2008)
    Government Accountability Office report on credit- and debit-card use by federal entities found no evidence of benefits to consumers from interchange fee caps tried in other countries.
  • Flash: Security remains key CU concern (May 16, 2008)
    NAFCU's latest Flash Report confirms that security is still a major concern to credit unions, with 78.1 percent of respondents stating their boards have initiated or reviewed security-related policies and procedures in the past 12 months.
  • GSE/housing bill not settled yet (May 16, 2008)
    Senate Banking Committee leaders were still negotiating over differences concerning a government-sponsored enterprises reform bill Thursday, with mark-up of the package postponed until the evening.
  • Hearing: Blum warns of interchange bill outcomes (May 16, 2008)
    John Blum, vice president of operations for Chartway FCU in Virginia Beach, Va., asked a House Judiciary Committee panel Thursday if any of them would consider doing business with a financial institution that lacked a credit card program, because enacting H.R. 5546 could signal the end of such programs at credit unions.
  • OTF-recommended data collection on agenda (May 16, 2008)
    NCUA's Outreach Task Force recommendations, opposed by NAFCU, on continued data collection from federal credit unions top the action agenda for the NCUA Board's open meeting May 22.
  • Blum: Interchange bill bad for CUs, consumers (May 15, 2008)
    Chartway FCU Vice President of Operations John Blum today will detail for lawmakers NAFCU's opposition to a credit-card interchange price controls measure that would squeeze credit union margins and lead to fewer options for consumers in obtaining credit.
  • CAC to meet on credit-card, overdraft rules (May 15, 2008)
    Proposed rules addressing unfair and deceptive acts and practices related to credit-card and overdraft programs are slated for discussion during a June 19 open meeting of the Federal Reserve Board's Consumer Advisory Council.
  • Housing mark-up in Senate Banking today (May 15, 2008)
    Differences within the Senate Banking Committee over the impact of a proposed government-sponsored enterprises reform package could complicate a mark-up slated today on this legislation, which also addresses mortgage refinancings.
  • Preston’s HUD nomination hearing set (May 15, 2008)
    The Senate Banking Committee holds a hearing May 20 on the president's nomination of Steven Preston as secretary of the Department of Housing and Urban Development.
  • Slowing CPI eases inflation worries for now (May 15, 2008)
    The lower-than-expected inflation readings in April's consumer index report may give the Federal Reserve some flexibility to cut rates at its June 24-25 meeting, but NAFCU believes it is more likely the federal funds rate will remain unchanged.
  • Treasury staffer moving to NCUA (May 15, 2008)
    Bob Foster, Treasury's deputy assistant secretary for legislative affairs over banking and finance, is leaving to join NCUA May 19 as its deputy director of public and congressional affairs, reporting to PACA Director John McKechnie.
  • Fed sees faster phase-out of check processing ops (May 14, 2008)
    The Federal Reserve Board says it plans to phase out check processing operations in all but four of its check processing offices by early 2010, earlier than planned.
  • Grassroots action on interchange bill underway (May 14, 2008)
    NAFCU members are working this week to generate lawmakers' opposition to H.R. 5546, a bill that would alter the process for setting interchange fees in a way that could threaten credit and debit card programs offered by credit unions.
  • Lending, membership growth targeted at A.C. (May 14, 2008)
    Boosting credit union lending, helping members avoid foreclosure and maximizing the credit union's appeal to Generations X and Y are among the key topics covered in the more than 40 educational breakout sessions slated for NAFCU's Annual Conference & Exhibition-which is just eight weeks away.
  • Retail sales decline belies strong month (May 14, 2008)
    April's retail sales report is "a mixed bag," containing both expected signs of weakness and some positive surprises but little indication of a near-term rebound, NAFCU Staff Economist Katrin O'Connor said.
  • Senate OKs flood insurance bill, 92-6 (May 14, 2008)
    The Senate voted 92-6 Tuesday to pass a five-year extension of the National Flood Insurance Program, erase the program's $17.5 billion debt from Hurricanes Katrina and Rita and revamp program requirements and flood plain maps.
  • $1.2 million credit union liquidated (May 13, 2008)
    NCUA placed Father Burke FCU of Bronx, N.Y., into liquidation Monday and said it plans to issue checks within one week to members with verified share accounts there.
  • Becker touts CUs for sound mortgage credit (May 13, 2008)
    The current mortgage market presents credit unions with "probably the greatest opportunity" in a generation to increase their share of mortgage credit and grow membership, NAFCU President Fred Becker said in a recent interview with Washington Business Journal.
  • Report includes CUs in goals for ‘new thrift’ (May 13, 2008)
    Renewing thrift "as an American value" and promoting the creation of "broadly democratic institutions" such as credit unions are two goals outlined in a report released Monday by the Commission on Thrift, a project of the Institute for American Values and several partner organizations.
  • Senate Banking to mark up GSE, housing bill (May 13, 2008)
    Senate Banking Chairman Chris Dodd, D-Conn., is slating a mark-up Thursday on regulatory reform for the housing-related, government-sponsored enterprises and refinancings of at-risk mortgages, reports said Monday.
  • Flood insurance reform nears Senate vote (May 12, 2008)
    The Senate is expected to vote early this week on its own flood insurance reform bill, S.2284, and the bill is unlikely to include a controversial provision that would provide insurance for wind damage.
  • JP Morgan deal violates DoD rules, NAFCU says (May 12, 2008)
    The Army and Air Force Exchange Service's offering of a "Military Rewards MasterCard" issued by JP Morgan Chase violates the "one bank, one credit union" rule for on-base financial institutions, NAFCU President Fred Becker said last week in a letter asking that the card be pulled.
  • NAFCU rep testifies Thursday on interchange fees (May 12, 2008)
    John Blum, vice president of operations for Chartway FCU in Virginia Beach, Va., will represent NAFCU's views on credit-card interchange fee legislation in a hearing Thursday by the House Judiciary Committee.
  • Omnibus housing stimulus bill awaits conference (May 12, 2008)
    The House cleared a comprehensive housing package Thursday, setting the stage for a House-Senate conference on foreclosure prevention, Federal Housing Administration and government-sponsored enterprises reform and more.
  • OTF recommendations no ‘fait accompli’ (May 12, 2008)
    There is no compelling case for implementing NCUA's Outreach Task Force recommendations on executive compensation disclosure and data collection, NAFCU President Fred Becker said in a letter to the editor published in the April 30 Credit Union Times.
  • Credit union CEO defends tax exemption (May 9, 2008)
    Cary Anderson, president and CEO of LA DOTD FCU, defended the credit union tax exemption, noting in a letter published May 5 by an online news service that it has not hindered banks' profits.
  • FACT Act proposal out on risk-based pricing (May 9, 2008)
    A proposed rule on risk-based pricing notices under the Fair and Accurate Credit Transactions Act-the provision under this law awaiting rulemaking-was released for a 90-day comment period Thursday by the Federal Reserve Board and Federal Trade Commission.
  • Paulson talks stimulus, touts economy’s resiliency (May 9, 2008)
    Treasury Secretary Henry Paulson was in Kansas City, Mo., Thursday to mark the first day of mass-production for the economic stimulus checks and used the appearance to address concerns about the economy.
  • Treasury still wants input on financial literacy work (May 9, 2008)
    Treasury is still accepting comments on financial literacy issues outlined by the President's Advisory Council on Financial Literacy created in January to augment the work of the Financial Literacy and Education Commission.
  • Consumer credit surge not felt at CUs (May 8, 2008)
    Though March brought the strongest monthly growth in consumer installment credit since November, credit unions' consumer credit fell from $232.3 billion to $230.7 billion, non-seasonally adjusted.
  • NAFCU backs key housing measures (May 8, 2008)
    NAFCU yesterday told key House members of its support for a first-time homebuyers' tax credit and other measures contained in the American Housing Rescue and Foreclosure Prevention Act under consideration, but it urged caution with an amendment that could weaken federal preemption.
  • Pannier details marketing compliance issues (May 8, 2008)
    Some 230 credit unions were given a thorough breakdown of regulatory requirements for print, broadcast and electronic marketing of a variety of credit union products Wednesday during a NAFCU webcast.
  • RESPA comment period extended 30 days (May 8, 2008)
    Credit unions and others have an additional 30 days to let the Department of Housing and Urban Development know their views on HUD's Real Estate Settlement Procedures Act proposal, which was released in March.
  • Senate considering flood insurance bill (May 8, 2008)
    The Senate on Tuesday began debating a flood insurance reform bill that would revamp the National Flood Insurance Program and could add wind damage to covered items.
  • CURRA window could open after housing bills (May 7, 2008)
    NAFCU lobbyists are encouraging credit unions to keep working to win new cosponsors for H.R. 5519, the Credit Union Regulatory Relief Act, even as lawmakers focus their current efforts on the mortgage crisis and credit-card legislation.
  • Housing package to be taken up, Frank says (May 7, 2008)
    House Financial Services Chairman Barney Frank, D-Mass., said the House will take up a mortgage rescue bill this week with Federal Housing Administration modernization, reform of the housing-related government-sponsored enterprises and a safe harbor for servicers attached.
  • NAFCU writes Senate Banking on GSE reform (May 7, 2008)
    NAFCU outlined its key concerns regarding legislation that would reform the regulation of the housing-related government-sponsored enterprises in a letter Tuesday to Senate Banking Committee leaders and its members.
  • OFHEO lifts Fannie consent order (May 7, 2008)
    A 2006 order requiring Fannie Mae to correct accounting and management problems has been lifted and its excess capital requirements reduced, the Office of Federal Housing Enterprise Oversight announced Tuesday.
  • Schumer eyes mortgage bankruptcy practices (May 7, 2008)
    Senate Judiciary Subcommittee Chairman Charles Schumer, D-N.Y., on Tuesday told a consumer that her story about abuses by her lender, Countrywide, in a bankruptcy proceeding that failed to save her mortgage could help give rise to new legislation.
  • Dawson is liaison to financial literacy panel (May 6, 2008)
    Navy FCU President and CEO Cutler Dawson will attend the May 15 meeting of the Financial Literacy and Education Council on behalf of the President's Advisory Council on Financial Literacy.
  • House poised to clear student-loan bill (May 6, 2008)
    A bill extending federal student-loan programs administered under the 1965 Higher Education  Act through May was on track for passage by the full House Monday.
  • Key regs to see action in next 8 months (May 6, 2008)
    Revised requirements under the Real Estate Settlement Procedures Act is among the key proposed rules expected to get final action before year-end, according to federal agencies' semiannual regulatory agendas published in Monday's Federal Register.
  • More work ahead on credit-card legislation (May 6, 2008)
    Lawmakers have been generally positive about regulators' proposed credit-card rule issued Friday, but they also note that it takes time to complete final rules and will be working the issue legislatively as regulators move forward, NAFCU lobbyists said Monday.
  • Mortgage rescue plan draws resistance (May 6, 2008)
    Resistance by and second- and third-lienholders in mortgages targeted by a mortgage rescue plan slated for House action could stall the measure, reports said.
  • NCUA liquidates tiny credit union (May 6, 2008)
    NCUA on Saturday placed the 162-member St. Luke Baptist FCU of Laurelton, N.Y., into liquidation.
  • April marks fourth straight month of job losses (May 5, 2008)
    Payrolls declined less than expected in April but continued the trend of job losses for the fourth consecutive month, with losses in housing and consumer-related industries remaining especially severe.
  • Becker, Frank discuss CU reg relief (May 5, 2008)
    House Financial Services Chairman Barney Frank, D-Mass., remains interested in winning action on a credit union regulatory relief bill and is continuing to seek the best path for ensuring that, NAFCU President Fred Becker said following a discussion with the lawmaker Friday morning.
  • Foreclosed-property bill up for action (May 5, 2008)
    The House will begin taking action on a slew of housing bills, beginning this week with H.R. 5818, a bill that would provide funding for state and local governments to purchase and refurbish foreclosed properties.
  • Multimedia marketing webcast this Wednesday (May 5, 2008)
    NAFCU's May 7 webcast on the compliance side of multimedia marketing has some 170 credit unions registered, and there is room for more.
  • NAFCU eyes credit-card reg’s impact on CUs (May 5, 2008)
    NAFCU will be working in coming weeks to ensure that any final rule resulting from regulators' proposal Friday on credit-card and overdraft programs does not hinder credit unions' ability to serve their members, NAFCU President Fred Becker said.
  • NAFCU lobbyists recognized in The Hill (May 5, 2008)
    This year's "best in the business" list of lobbyists by The Hill newspaper includes not one, but two of NAFCU's top lobbyists: Dan Berger, senior vice president of government affairs, and Brad Thaler, director of legislative affairs.
  • Vehicle sales at lowest level since August ‘98 (May 5, 2008)
    April's vehicle sales data confirm that the U.S. vehicle industry is having its worst year in a decade, and NAFCU Staff Economist Katrin O'Connor said that credit unions should continue to emphasize used- over new-vehicle lending.
  • Becker to NCUA: Act to strengthen CUs (May 2, 2008)
    NAFCU President Fred Becker on Thursday urged NCUA to shift its regulatory focus toward the matter of enhancing credit unions' ability to "provide provident credit" to the nation during this time of economic uncertainty.
  • NAFCU lauds Lieberman for Senate CURIA (May 2, 2008)
    A Senate version of H.R. 1537, the Credit Union Regulatory Improvements Act, was unveiled Thursday by Sen. Joe Lieberman, I-Conn., drawing plaudits from NAFCU President Fred Becker and offering more evidence of the support within Congress for the nation's non-profit consumer financial cooperatives.
  • NAFCU, CUNA to file joint amicus brief (May 2, 2008)
    NAFCU and CUNA will file an amicus curiae brief today supporting NCUA in a suit waged by the Coalition for Credit Union Charter Options over the agency's rules on conversions to mutual savings banks.
  • Pilot aims to empower families with less income (May 2, 2008)
    Treasury's Office of Financial Education announced Thursday that it is launching a new pilot program focused on improving low- and moderate income families' access to financial services and financial education.
  • SARs citing money laundering on rise (May 2, 2008)
    A new study from the Financial Crimes Enforcement Network shows that the number of suspicious activity reports citing suspected money laundering has increased dramatically since 2002 and peaked during 2004-2005.
  • Dodd introduces credit-card practices bill (May 1, 2008)
    Senate Banking Chairman Chris Dodd, D-Conn., on Wednesday unveiled his version of a credit-card practices bill that also would require the Government Accountability Office to study the impact of interchange fees on consumers and merchants.
  • Economic concerns prompt 25-basis-point rate cut (May 1, 2008)
    The Federal Reserve's monetary policy-setting arm cut the federal funds target rate by 25 basis points to 2 percent Wednesday in an effort to help ensure the economy stays out of a recession.
  • Home buying knowledge, saving trends noted (May 1, 2008)
    Nearly one-quarter of Americans say they do not possess enough knowledge about the home-buying process to consider purchasing a home, and about 10 million say they have been late or missed making a mortgage payment in the past year, according to a survey report released Tuesday.
  • Senate clears hike in federal grants for students (May 1, 2008)
    Another 100,000 students would qualify for up to $4,000 a year in federal aid under legislation cleared by the Senate Wednesday and expected to win House approval, Hill reports said.
  • They’re off: CUs win 5 CURRA cosponsors (May 1, 2008)
    Credit unions' efforts to pull additional cosponsors to H.R. 5519, the Credit Union Regulatory Relief Act, began to pay off on Tuesday, with three Republican and two Democratic House members signing on to the bill following an intense few days of heated banking industry attacks on the bill.