Economy

In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood bemoaned the lengthy process necessary for launching a new credit union.

The agency issued a proposal moving the compliance date for the Qualified Mortgage rule revamp to October 2022.

The U.S. economy expanded modestly in the first two months of the year and sentiment among business owners is picking up as vaccinations bolstered the prospects for economic growth, the Federal Reserve said.

As government debt swells, the outer limits of what the U.S. can safely borrow are becoming less and less clear.

Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, which plans to have a digitally focused platform and operate as an industrial loan company.

The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.

The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020.

There's no overstating the impact the pandemic has had on travel, but there are innovative products that can help the recovery, says Nuvei's Yuval Ziv.

Community banks, which for years have relied heavily on commercial real estate lending, have been tightening underwriting standards, conducting more frequent loan reviews and stepping back from certain subsectors to minimize their credit exposure.