U.S. Central CU said it signed a long-term contract with Jack Henry and Associates' to replace the core processing capabilities of the corporate credit union network. The replacement of the corporate system and its related open door web-based 'front-end' functionality will be performed by Jack Henry's Symitar Systems subsidiary. Jack Henry, which is based in nearby Monett, Mo., provides data processing for more than 350 credit unions through its Symitar unit.
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.