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  • SCICAP CU closed (Tuesday, September 1, 2015)
    The Iowa Credit Union Division granted the authority to place SCICAP Credit Union of Chariton, Iowa, into receivership on Friday, and NCUA was named liquidating agent.
  • FBI: Business email scam losses top $1.2B (Tuesday, September 1, 2015)
    A new FBI alert estimated that fraud losses linked to business email scams worldwide totaled more than $1.2 billion from October 2013 through August – though experts say the losses could be higher as some incidents go unreported.
  • Fed at Jackson Hole: Rate increase still planned (Tuesday, September 1, 2015)
    Federal Reserve Vice Chairman Stanley Fischer sent the message that plans for an interest rate increase this year are still on, during the Kansas City Federal Reserve's annual retreat in Jackson Hole, Wyo.
  • NCUA invites comments on OTR, operating fee methodologies (Tuesday, September 1, 2015)
    NCUA Board Chairman Debbie Matz announced Monday that the agency will seek comments from credit union stakeholders and the public on the methodologies used for calculating both the overhead transfer rate and the federal credit union operating fee.
  • NAFCU applauds NCUA's MBL proposal (Tuesday, September 1, 2015)
    NAFCU President and CEO Dan Berger wrote NCUA to express the association's appreciation for the proposed member business lending rule that eliminates the waiver process and provides much-needed regulatory relief.
  • Berger to meet with Matz, Metsger (Tuesday, September 1, 2015)
    NAFCU President and CEO Dan Berger will meet with NCUA Chairman Debbie Matz and Vice Chairman Rick Metsger this week to discuss the top regulatory concerns of credit unions as well as the agency's agenda for the remainder of 2015.
  • NCUA charters Redeemer FCU (Monday, August 31, 2015)
    Redeemer Federal Credit Union, the fourth federally chartered credit union in 2015, will serve employees and members of the Redeemed Christian Church of God North America Inc., and is expected to open in December with its headquarters in Greenville, Texas.
  • Congress back next week; Obama warns against shutdown (Monday, August 31, 2015)
    With one week to go before the end of the congressional recess, President Barack Obama warned lawmakers via Twitter to not "kill" the "growing economy" through another government shutdown or austerity measures.
  • Google to launch Android Pay 'soon' (Monday, August 31, 2015)
    Google tweeted last week that those waiting for its mobile wallet app, Android Pay, to launch should "stay tuned" for an announcement "soon."
  • NAFCU warns of lack of regulation for online lenders (Monday, August 31, 2015)
    NAFCU Regulatory Affairs Counsel Kavitha Subramanian warned of the lack of consumer protections for borrowers who use online lenders, in a letter to the Treasury Department. She also raised concerns about the "uneven playing field" created by the over-regulation of credit unions compared to the unregulated online lenders.
  • NAFCU: CFPB should address reputational, privacy issues in database (Monday, August 31, 2015)
    NAFCU shared its concerns with CFPB on Friday regarding the bureau's Consumer Complaint Narrative Database, saying existing "reputational and consumer privacy issues" within the current system should be addressed first before adding functionality tools to the database.
  • Lawmakers urge CFPB to collect small-business lending data (Monday, August 31, 2015)
    Lawmakers are pressuring CFPB to start requiring lenders to provide better data about the loans they make to small businesses – such as the race and gender of the business owner and the businesses' current revenue – in order to better track trends and enforce fair-lending laws in small-business lending.
  • 'Larger participant' auto lenders under new CFPB rule Monday (Friday, August 28, 2015)
    A rule placing "larger participant" nonbank auto lenders – ostensibly, this could include credit union service organizations – kicks in Monday, and legal experts cited in Automotive News are counseling dealers to take note as well of related fair lending issues.
  • PACE loans now subordinate to first-lien mortgages (Friday, August 28, 2015)
    The Federal Housing Administration said Property Assessed Clean Energy loans that help mortgage borrowers finance environmentally friendly home upgrades are subordinate to a first-lien mortgage. The administration also announced a new initiative allowing borrowers to take out higher loan amounts to finance energy improvements.
  • Gallup: Not many using digital wallets (Friday, August 28, 2015)
    According to Gallup, only 13 percent of adults with smartphones have digital wallet apps, and 76 percent of those have only used the apps "very rarely."
  • FHFA mortgage interest rate index up in July (Friday, August 28, 2015)
    The Federal Housing Finance Agency's mortgage interest rate index was 4.02 percent for loans closed in late July – which is 17 basis points higher than its 3.85 percent level in June.
  • 2Q GDP revised up to 3.7% (Friday, August 28, 2015)
    The gross domestic product grew by 3.7 percent during the second quarter of 2015, according to a revised estimate from the Commerce Department – which first put the number at 2.3 percent.
  • NAFCU adds to Congressional Caucus speaker list (Friday, August 28, 2015)
    Rep. Denny Heck, D-Wash., lead cosponsor of H.R. 2769, the "Credit Union Risk-Based Capital Study Act of 2015," will speak during NAFCU’s Political Administrative Fund breakfast during the association's Congressional Caucus next month in Washington.
  • Financial CalCUlators discussed in NAFCU Services webinar today (Thursday, August 27, 2015)
    Credit unions will gain firsthand knowledge of how to further engage existing and new members with on-demand financial decision tools using Financial CalCUlators during a free NAFCU Services Corporation webinar today at 2 p.m. Eastern.
  • NAFCU Services selects Triad Financial Services for indirect consumer lending (Thursday, August 27, 2015)
    NAFCU Services Corporation has selected Triad Financial Services Inc. as its Preferred Partner for indirect mortgage lending, giving NAFCU-member credit unions access to an innovative platform to support their loan programs.
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