NCUA Board member Deborah Matz said last week she is concerned that a slowdown in membership growth may pose a safety and soundness concern for credit unions over the coming years. Matz told attendees to NAFCU's Congressional Caucus that even with the broad expansion of field of membership among credit unions, growth in actual membership has slowed to 2% this year, its lowest in several years. "That means the majority of your growth is coming from existing members," said Matz. Credit unions, she said, need to look to new populations for their growth, like Latinos, Asians and other growing immigrant groups. Matz also repeated her concern about the loss of small credit unions, with one small credit union disappearing through merger or liquidation every business day of the year, she said.
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The FDIC Board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
36m ago -
The state's Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
42m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
43m ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
3h ago -
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24