WASHINGTON-According to data recently collected by CUNA, credit unions are taking over an increasing portion of the financial institutions market share. Of federally insured financial institutions, banks still hold the vast majority of the market with 78.9%. Thrifts represent a distant second with 15.5% of the market. Credit unions, while...

WASHINGTON-With the number of small businesses growing at a rate of 6%, or 2.4 million a year, credit unions can not afford to miss out on this market, according to a study by CUNA and NFO WorldGroup Financial Services. The 68-page report recommends that credit unions profit from the solid...

WASHINGTON-The national credit union trade associations, in comment letters to the Federal Reserve, wrote that they generally support the electronic disclosures interim rule promulgated by the Fed. The e-disclosure regs became effective March 30 and will become mandatory October 1 under the Electronic Signatures in Global and National (E-Sign) Commerce...

WASHINGTON-Regulators and financial institutions are scurrying about in an attempt to get matters in order before the July 1 effective date for the privacy regulations promulgated under the Gramm-Leach-Bliley Act The five federal bank, thrift, and credit union regulators jointly released a legal opinion letter recently stating that a financial...

ALEXANDRIA, Va.-In a legal opinion letter, NCUA stated that if a community chartered federal credit union can demonstrate that the National Credit Union Foundation's (NCUF) Community Investment Fund (CIF) helps the credit union serve the underserved, portions of its community contributions made can be used in documentation of the credit...

WASHINGTON-According to credit union analysts, the trend toward a more consolidated credit union community will continue well into the future. Smaller credit unions, as well as federally chartered credit unions, are particularly affected by this environment. "This trend is going to continue on for some time," said NAFCU Director of...

WASHINGTON-As NCUA, CUNA, and NAFCU lawyers settle down for bedtime reading with the American Bankers Association (ABA) appeals brief for their field of membership case, they are not discovering anything new. According to CUNA General Counsel Eric Richard, most of the issues are just a "re-hash of those already considered...

WASHINGTON-In Saturday sessions, the House and Senate approved the conference report for the administration's $1.3 trillion tax cut bill, pared down from the original $1.6 trillion. The House vote was 240 to 154, with 39 not voting, while the Senate approved the measure 58 to 33. Credit union-backed pension reform...