While the target is modest in size, the latest bank acquisition announcement by a credit union is still setting new industry benchmarks. Harvesters CU's announced acquisition of First National Bank Northwest Florida is the largest bank to be targeted by a credit union relative to the size of the acquirer among all pending and completed deals, according to S&P Global Market Intelligence data.

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The Federal Deposit Insurance Corp. issued five cease-and-desist letters on Friday telling five cryptocurrency-related companies to stop making false and misleading statements about the availability of deposit insurance for their customers. 

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The Consumer Financial Protection Bureau (CFPB or bureau) recently published a “consumer financial protection circular” that concluded having insufficient data protection or information security could be an unfair act or practice, thereby implicating the federal prohibition against unfair, deceptive or abusive acts or practices (UDAAP).

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The Federal Reserve is unlikely to tame inflation without pushing the American economy into a recession, according to a survey of economists released Monday. Seventy-two percent of economists polled by the National Association of Business Economics expect the next US recession will begin by the middle of next year -- if it hasn't already started.

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Banking giants such as JPMorgan Chase & Co. and Bank of America collectively face more than $1 billion in regulatory fines for employees' use of unapproved messaging tools, including email and apps like WhatsApp. The U.S. Securities and Exchange Commission (SEC) began probing banks' record-keeping practices relating to the use of personal devices last year, Reuters reported at the time, and the Commodity Futures Trading Commission (CFTC) is also scrutinizing the issue, bank disclosures show.

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Join the Tidewater Chapter on Sept. 8 as representatives of Children's Hospital of the King's Daughters provide an update on the hospital and its latest projects. The Chapter will be presenting proceeds from its charity golf tournament -- held in June -- to the hospital.

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Your League today continued its push to reach every member of Virginia's Congressional delegation to discuss the long list of credit unions' federal legislative priorities. In meetings today with the offices of Sen. Tim Kaine and Rep. Gerry Connolly (D-11), we covered a range of issues and legislation, including interchange, overdraft protection programs, and third-party examination authority for the National Credit Union Administration.

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The FCC should avoid imposing excessive restrictions on “non-conversational traffic,” CUNA and other organizations wrote in response to a proposal involving methods to target and eliminate unlawful robocalls.

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Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases. Today nonsufficient-funds fees, which are also sometimes called returned-item fees, are largely a thing of the past among the top 20 banks.

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Twice per year, at least 150 issuers submit information to the CFPB on their largest credit card plans, including interest rates and fees, through the Terms of Credit Card Plans (TCCP) Survey. To spur competition and give Americans the power to shop around and choose the best credit card for their needs, the CFPB is considering modernizing the TCCP Survey by: Collecting median rates by credit score tiers; Gathering information on credit cards available to specific communities or groups; and Requiring the biggest issuers to submit information about more credit cards.

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