APPLETON, Wis.-Prospera Credit Union is now offering its GoodMoney not-for-profit payday loan alternative program to other CUs nationally, and reported that two have already signed on: Superior Choice Credit Union, Superior Wis., and Delta County CU in Escanaba, Mich. Prospera said that for a "reasonable start-up fee," credit unions will have access to comprehensive training, advertising support and marketing materials. Also included is customized software provided by CU*Answers. PCU, which launched GoodMoney in 2005 and has since received a Herb Wegner Award, among other accolades, and partnered with Goodwill Industries and others to make the payday loan program available. It has since processed more 12,000 loans for more than $4.5 million. CU Journal readers can read more in-depth coverage at cujournal.com. For info: 920.882.4800 or www.goodmoneystore.com/consulting.
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A forthcoming rule from Treasury's Financial Crimes Enforcement Network will spell out banks' obligations to identify the true identities and beneficial ownership of its clients, even as the administration eliminated most U.S. beneficial ownership reporting.
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Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
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The Federal Reserve's top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
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The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
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Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.
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