NCUA denied a credit union's request to convert excess credit union property into residential housing it planned to rent to its employees. In a new legal opinion letter, NCUA ruled federal credit unions have neither express authority nor is it within their incidental powers to engage in this. The unnamed credit union told NCUA it would like to offer residential housing to its employees due to high real estate prices in its area. Under the plan, the CU would have developed its own excess property by converting it into residential rental units, then lease units to employees and charge below market rates. But NCUA rejected the idea, saying, "an FCU may only engage in activities that the FCU Act expressly authorizes or that fall within an FCU's incidental powers."
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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Strong consumer spending and cross-border activity drove an 8% increase in Visa's total payments volume during the first quarter of the year, although Asia's economic recovery is taking longer than expected.
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Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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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.
April 24 -
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.
April 23