The National Credit Union Administration placed the $348 million-asset Huron River Area Credit Union in Ann Arbor, Mich., into conservatorship Friday, the agency said in a press release.
The credit union’s 39,000 members should not experience a disruption in service and are free to withdraw funds and make deposits while the NCUA operates the institution, the agency said.
The credit union was chartered in 1937.
The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.
Whether red or blue, leaders share an affinity for battling fintech giants, as the liberal mayor is pressuring regulators to scuttle Western Union's plan to buy digital transfer Intermex, shortly following PayPal's 'DEI settlement' with the Trump administration.
Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.
The Office of the Comptroller of the Currency issued a final rule saying that federal law trumps state mandates on interest in escrow accounts for national banks, wading into an ongoing court battle.
The Mortgage Bankers Association now predicts a Federal Reserve rate hike to arrive in 2027, as housing price growth also slows over the next two years.
The company says its mission-driven culture, family-supporting benefits and emphasis on flexibility are key factors.
