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Is 2024 the Beginning of The End of Bank-Fintech ‘Partnerships’; Instant Payments: How to Navigate the FedNow Revolution; FCA Sets Out Credit Information Market Improvements; Amazon Will Discontinue Venmo Payments in January
U.S. Crypto Industry Lobby Spending on Track for New Record In 2023; APIs: The Silent Fintech Security Concern; NCUA’s Vice Testifies Before House Subcommittee; AICPA Develops Criteria to Increase Transparency for Stablecoins 
Failure to Install Patch Opened Door for Ransomware; Humans Are Notoriously Bad at Assessing Risk; Hackers Exploited Vulnerability to Breach Federal Agency Servers; Microsoft Warns of Malvertising Scheme Spreading Ransomware
Congressional Actions Necessary to Stop Imitation Banks; Bank CEOs Warn About a Looming Recession; ‘Clear Rules of the Road’ Needed, Trades Ask Biden for Help with CFPB; Discover, Facing Regulatory Scrutiny, to Exit Student Lending

Various devices remain vulnerable to the bug, which has existed without notice for years and allows an attacker to control devices as if from a Bluetooth keyboard. Attackers can exploit…

Sluggish global growth, a higher risk of borrowers defaulting on loans and pressure on profitability mean that banks face a negative outlook in 2024, credit rating agency Moody’s said on…

PUBLISHED DEC 07, 2023 CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting The Consumer Financial Protection Bureau (CFPB) today took action against Atlantic Union Bank…

Around the States

Dec. 8, 2023 Stories

Idaho Central Issues $80 Million in Subordinated Debt, ‘One of the Largest’ Ever

The private placement increases its net worth ratio, which has lagged peers. Idaho Central Credit Union is bolstering its net worth through $80 million in subordinated debt issued Nov. 7. The Luse Gorman law firm of Washington, D.C., which served as legal counsel to Idaho Central in the offering, said the private placement of $80.0 million of subordinated notes was “one of the largest single issuances of subordinated debt by a credit union.” It follows a $100 million issue announced in February by GreenState Credit Union of North Liberty, Iowa ($11.2 billion in assets, 447,703 members as of Sept. 30) to support minority homeownership.

13 Michigan Credit Unions Named as Top Workplaces

For the 16th annual Michigan’s Top Workplaces, the Detroit Free Press partnered with Energage to recognize 225 as Top Workplaces, 13 of which were credit unions. “It’s great to see the Detroit Free Press recognize so many credit unions for this year’s Top Workplaces survey,” said MCUL President/CEO Patty Corkery. “Every year, I see Michigan credit union leaders prioritizing culture, learning how they can foster a workplace that creates a healthy environment for collaboration and trusted member service.”

House Passes Resolution of Disapproval for CFPB’s Section 1071 Rule

On Friday, December 1st, the House passed a resolution of disapproval regarding the Consumer Financial Protection Bureau’s (CFPB) rule for Section 1071 of the Dodd-Frank Act, which would require credit unions to collect and report data on specific applications for credit. Namely, applications from female-owned, minority-owned, or small businesses.

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