Economic news

With the ongoing issue of the affordable housing crisis, the Mortgage Bankers Association – which many credit unions are members of – got behind the Build More Housing Near Transit Act, a bipartisan bill introduced in the House of Representatives.

The Federal Housing Finance Agency is revising the multifamily loan purchase caps for the mortgage giants Fannie Mae and Freddie Mac to increase affordable housing.

The creator of the Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks.

Lenders considering other factors for those with bad or no credit history; the bank plans to sell its French retail unit.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

The California Senate passed a bill that could force Uber and other gig economy giants to reclassify their workers as employees.

President Donald Trump urged the Federal Reserve to lower interest rates to a level typically reserved for recessions or periods of persistently weak growth, suggesting that such a setting could allow the government to restructure Treasury debt at a lower cost.

Mnuchin hopes to strike a deal soon to recapitalize the two mortgage giants, a prelude to privatization; the bank’s focus on mid-tier corporations is starting to bear fruit.

Some industry economists say this yield curve inversion is not as reliable an indicator as it has been for past recessions, but credit unions should still start preparing for an eventual economic downturn.

Brexit, the U.S.-China trade war, and warning signs of a recession are pressuring cross-border supply chains, accelerating the impetus to streamline payment processing for transactions that are still relatively large, recurring and paper-based.

The event is the bureau's second in a series on consumer protection policy. The first dealt with the agency's authority to penalize firms for unfair, deceptive or abusive acts and practices.

The mortgage agencies would be privatized under Trump administration plan; central bank will probably cut rates by 25 bps, not 50 bps, at its next meeting.

About 15% of the bank’s partners are likely to leave this year to make room for new ones; the bank said it is looking into why it charges some customers even after their accounts are closed.

A new kind of institution wants to make the interest rate the Federal Reserve pays to its member institutions more widely available, but that could have big implications for monetary policy.

The industry has taken some steps to lower barriers to affordable housing, but some observers say that more can be done.

The company sees increasing consumer demand for cryptocurrency, especially in Asia, and gradual acceptance among financial institutions.

Streaming and ride-hailing services have become an entry point for cash-reliant customers in the Philippines to try electronic payments, according to a report by Visa Inc.

Sen. Thom Tillis of North Carolina called for the panel to hold a hearing on what he termed the danger that the Federal Reserve will meddle in the 2020 presidential election.

Processors that rely on cross-border payments to reach new territories are feeling the economic squeeze of the looming Brexit deadline.

Its approach appears to exclude retailers and small business owners––the very commercial market that would stand to benefit the most from Libra’s social mission, says HotNow's Nithinan Boonyawattanapisut.