Minority borrowers increased their share of purchase mortgages received in 2021, but still trail white borrowers by a huge margin, an examination of initial Home Mortgage Disclosure Act data found.

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The Financial Crimes Enforcement Network’s (FinCEN) Interactive SAR Stats webpage now includes Filing Trend Data by industry updated through the 2021 calendar year.

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Speaking during a Senate Banking Committee hearing on medical debt, Sen. Pat Toomey, R-Pa., criticized a decision announced this month by the three major credit bureaus — Equifax, Experian and Transunion — that will eventually result in the elimination of nearly 70% of medical debt from consumer credit reports.

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Younger consumers have a stronger preference for national banks than for credit unions, according to a new survey. But there is also a bright spot.

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In response to a proposal calling for the establishment of a limited-duration pilot program to give financial institutions the ability to share SARs and SARS-related information with the institution’s foreign branches, NAFCU has written to FinCEN with recommendations.

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Since the start of the pandemic, banks have reported more sophisticated cyber-attacks, according to Lisa Arquette, associate director of the FDIC’s anti-money laundering and cyber fraud division. The more sophisticated attacks are the result of several factors, Arquette said, including an increase in bank employees working remotely and more customers accessing digital banking services, ABA Banking Journal reported.

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Losses involving members on-site at credit union locations have been increasing at an alarming rate – similar to employee slips, trips, and falls. In fact, there are several potential hazards that can cause these accidents at your locations. No matter how it happened, you should get in the habit of keeping records and carefully documenting member incidents and injuries. This habit can strengthen incident investigations, which includes reviewing security videos, taking photographs, getting statements from witnesses, and examining root causes. Learn more

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Viola Llewellyn brings her message of inclusion and community to Ignite 2022, with practical advice and tips on how to earn the business of foreign-born members and how to make individuals from different cultures feel comfortable, included and valued at your credit union. Register for Ignite 2022!

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Prior to the COVID-19 pandemic, consumers had steadily been paying more in credit card late fees each year—peaking at over $14 billion in 2019. Late fees assessed by issuers declined to about $12 billion in 2020 given record-high payment rates and public and private relief efforts. Even during the pandemic, late fees accounted for over one-tenth of the $120 billion consumers pay in credit card interest and fees annually. In 2021, late fees were on the rise again.

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The Consumer Financial Protection Bureau should carefully examine and regulate “buy now, pay later” (BNPL) companies, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Friday. The CFPB issued a request for information on BNPL products, following an inquiry into five companies offering the products.

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