BLUE BELL, Penn. – Norristown Bell Credit Union here has created a short-term, interest-only loan to help some of the 45,000 Verizon employees who currently are on strike.
The loan term offering is three months, and is structured so that if a family borrows $1,000, the first month’s payment is $0.84; the second month would also be $0.84; and the final payment would be $1,000.84.
One-third of the community-chartered Norristown Bell CU’s 4,800 members are employed by Verizon.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
