NCUA said three new credit unions were chartered in January, the most of any month in the past three years. Federal deposiit insurance was approved for two new state charters, Community CU, Clinton, N.C., and Bradley Initiative CU, Cleveland, Tenn. Friday, NCUA announced the first new federal credit union chartered this year, for Faith-Based CU, Oceanside, Calif. There were only eight new credit unions chartered in 2002.
With staff scattered between working at home and in the office, management at many institutions has taken steps to revamp intranets and launch employee-only Facebook groups to keep their workforce connected.
Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.
With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.
Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.