The Bureau of Economic Analysis released it preliminary estimate of first quarter gross domestic product Thursday, and the 0.5% annual growth rate was even weaker than the 1.25% forecast of CUNA’s economists.
For regularly charging African-Americans and Hispanics higher rates on home mortgages than white clients, the Department of Justice is requiring Lowell, Mass.-based Sage Bank to pay a $1.15 million settlement to compensate those wronged by the financial institution.
A new report from CoreLogic has found that despite a drop in the actual percentage of homeowners with underwater mortgages, the percentage of homeowners who still think their homes are underwater has barely budged.
Despite an uptick in the number of homes purchased entirely with cash in August, the overarching downward trend signals that cash sales will fall to their pre-recession levels in 2017, according to a recent report from CoreLogic.
The Department of Justice may be poised to hold individuals criminally responsible for corporate crimes related to the financial crisis, as it will reportedly file criminal charges against executives at JPMorgan Chase and the Royal Bank of Scotland.
Nationwide, credit health continues to improve, with the overall U.S. credit score climbing three points compared with 2014 levels and five points since 2013, according to Experian’s State of Credit study.
If the majority gets its way next month, the Federal Open Market Committee will raise interest rates for the first time since before the Great Recession, the minutes from the committee’s October meeting show.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.