A federal credit union need not obtain stop-loss insurance coverage if it implements a debt cancellation program, according to NCUA. Still, such coverage may limit a credit union's exposure to losses from debt cancellation, the agency said in a new legal opinion letter. NCUA previously cleared federal credit union's to offer debt cancellation, a kind of credit insurance, as long as it acquires insurance to cover its risk of losses, under its Incidental Powers Rule.
What's behind the unlikely First Citizens-CIT deal; ex-Trump adviser Gary Cohn predicts bleak future for community banks; midsize banks gird for loan defaults, more margin pressure; and more from this week's most-read stories.
Foreign banks for years have been using technology that folds several communication and information-sharing capabilities into one platform. Now Citigroup and others here are showing interest because of the growing importance of digital in the pandemic.