OREM, Utah – Family First FCU said yesterday it is launching a payday loan product to assist members who need cash, have poor credit, or no credit.
The Credit Rebuilder Loan has lower fees and interest rates than other commonly used methods such as payday loans.
The Rebuilder Loan will be offered in maximum amounts of $1,000 at 18% for 12 months and includes: no denial based on the member's credit report and/or credit score; minimum of three months on the job; direct deposit.
The group behind the proposed Georgia Skyline Bank says recapitalizing a 24-year-old Virginia bank offers a faster path to success than a new charter would.
IDScan.net removed the pages naming its bank and credit union integrations after KrebsOnSecurity traced 153 million license scans to the company.
A consortium of international FIs are planning to issue a U.S. stablecoin in early 2027; London-based OpenPayd has entered the U.S. through its acquisition of MSB USA; the U.K. fined Citi £4.7 million ($6.3 million) for hundreds of transactions in breach of sanctions against Russia; and more in this week's banking news roundup.
The controlling owner of Santa Fe-based Century Financial Services Corp. wound up in bankruptcy court. Now his 71% stake is on the verge of being sold to an Oklahoma bank.
Swift's network of 11,500 banks can exchange deposit tokens in a standardized way.
The big three's trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
