ALEXANDRIA, Va. - (02/14/05) -- A federal credit union may acceptcommissions for soliciting members to contract with an independentthird-party card processor, according to NCUA. In a new legalopinion letter, NCUA said such third-party solicitations are apermissible activity under the agency's incidental powers rules.Under the proposed arrangement, a credit union would solicitmembers who are retail merchants to contract for services with aprocessing CUSO. The credit union will act as a finder on behalf ofthe member/merchant for whom it will obtain discounted rates fromthe CUSO. The credit union will receive a commission on from theprocessor based on the transaction volume acquired from themember/merchant.
-
The top five banks and thrifts have combined total assets of nearly $13 trillion.
Just now -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
1h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
7h ago -
Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
8h ago -
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
10h ago -
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
11h ago