Credit unions

Already defending itself against a lawsuit challenging its member business lending rule, the credit union regulator now must grapple with a challenge to field-of-membership regulations. Some observers suggest the scope of the legal approach is unprecedented.

The American Bankers Association has filed a lawsuit against the National Credit Union Administration, arguing that the regulator's new field-of-membership rule go too far.

The Independent Community Bankers of America has asked a federal judge to reject a motion by the National Credit Union Administration petitioning for the dismissal of a lawsuit filed by the ICBA that challenges recent revisions to the agency's member business lending regulation.

If there is one thing credit unions and banks can agree on with regard to the National Credit Union Administration's latest effort to revamp its field-of-membership rules it is this: a lawsuit is brewing.

Many fully expected the agency to approve the significant overhaul of its field of membership rule, but the regulator went one better, issuing a new proposal that raises the population limit on well-defined communities from 2.5 million to 10 million.

WASHINGTON — A bipartisan group of House lawmakers on the financial services panel introduced legislation Wednesday that would help banks remotely open accounts.

The Massachusetts banker is honored for her commitment to financial education and entrepreneurship.

The state of Washington halts a plan to update its 15-year-old member business loan rule while the federal regulation undergoes a legal challenge from the Independent Community Bankers of America.

Ten institutions are rising above national grievances to help startups – many minority owned – get up and running in a struggling mill town.

The trade group challenged the NCUA's member business lending rules enacted in February, but also hinted that it is prepared to file another lawsuit should the agency move forward with a separate regulation that would expand credit unions' field of membership.

Making good on threats it had made previously, the Independent Community Bankers of America filed suit Wednesday against the National Credit Union Administration, claiming the agency's recent overhaul of its member business lending rules violate two different laws.

Until recently, credit unions rarely used arbitration clauses, and were praised by consumer advocates for pro-customer practices. But credit unions have learned to embrace the use of arbitration clauses – and now oppose the Consumer Protection Bureau’s plan to rein them in.

Small-business owners heard "no" more often in July when seeking loans from big banks after six months of improving prospects.

Despite fears that increased compliance costs from new Consumer Financial Protection Bureau rules could drive community lenders out of the mortgage business, a watchdog report found that smaller companies remain active.

Executives at several minority-owned community banks nationwide, including OneUnited Bank in Boston and Carver Federal Savings Bank in New York, say they have received a windfall of deposits in recent weeks, coinciding with the introduction of the Black Money Matters Project.

Some banks are looking to reenter small-dollar consumer lending now that a recent CFPB proposal has given them greater regulatory clarity. But they may need help from technology companies to make a very labor-intensive business more profitable.