ALEXANDRIA, Va. - (03/02/05) -- NCUA approved a proposal Tuesday fora federal credit union to offer its members an interest-only homeequity line of credit. In a new legal opinion letter, the federalregulator said it is permissible for an FCU to make a home equityline of credit with a 10-year draw period, and only requireinterest payments. At the end of the 10-year period, the line ofcredit will close and the member will be required to pay theoutstanding principal and interest over a five-year period. Theproduct will allow the member to pay down the principal on the lineof credit during the 10-year draw.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3