Three credit unions here-Holy Rosary Regional CU, Northeast CU and Service CU-have collectively pledged to provide $12 million in loans over the next five years as part of an initiative called the CU Community Outreach. The CUCO program will fund home ownership loans for consumers who cannot qualify for traditional real estate loans, while an emergency loan program will offer small loans for consumers facing a financial crisis.
The legislation would let merchants, as well as banks and credit unions, round cash transactions to the nearest nickel, part of the administration's effort to discontinue the penny.
Federal Reserve Gov. Michael Barr said artificial intelligence has not yet had a material impact on the labor market, but governments and businesses should be prepared nonetheless.
The Securities and Exchange Commission issued a notice reminding companies to be rigorous in valuing private credit-related assets and disclosing their valuation techniques to investors.
The Federal Reserve's top regulator said Tuesday that bank boards, managers should be active in preventing cyber incidents, but supervisory oversight needs to be tailored by size and complexity.
Citi has been spending a lot of time recently trying to help its customers release trapped liquidity, CEO Jane Fraser said during the keynote address at Sibos in Miami.
The American public has soured on AI amid dire warnings about the technology's safety. But at banks, the approach is still full steam ahead.
