ABA files suit against NCUA over FOM final rule

As expected, the American Bankers Association has filed a lawsuit against the National Credit Union Administration stating that the regulator’s new field of membership (FOM) rules go too far. The suit was filed in the United States District Court for the District of Columbia, alleging the rule “disregards Congress’ explicit instruction that community credit unions […]

TransUnion expects millennial housing boom in next few years

Over the next five years, TransUnion estimates that potentially 17.1 million first-time homebuyers will enter the housing market. For its analysis, TransUnion developed a model that examined thousands of credit scores and attributes determining credit worthiness and likelihood  to purchase a home. The resulting “First-Time Homebuyer Propensity Model” identified specific consumers with the highest probability […]

Five biggest data breaches in history

According to the data collected by the Breach Level Index (BLI) database, 974 data breaches occurred worldwide in the first half of 2016, up 15 percent from the 844 breaches during the previous six months (July to December 2015). More than 554 million data records were lost or stolen in the first half of 2016, […]

Texas judge grants emergency injunction against Labor Department overtime rule

A federal judge in Texas granted a preliminary injunction yesterday delaying implementation of a regulation that would extend overtime eligibility to an estimated 4.2 million workers. The injunction by Judge Amos Mazzant, an Obama appointee to the Eastern District of Texas in Sherman, TX, is temporary, but indicates he will eventually side with 21 state […]

Alabama Senator Jeff Sessions to be tapped for Attorney General by President-elect Trump

President-elect Donald Trump is expected to announce later on today that he has offered the job of attorney general to Alabama Sen. Jeff Sessions, according to transition official Sean Spicer. Sessions was an early Trump supporter and met with the President-elect at his New York home office yesterday. According to an article in Politico, “Sessions […]

League Sources Reveal NCUA Board Changes for 2017

League sources have provided some insight on items of interest from today’s NCUA  Board meeting for 2017: There will be a $1 million decrease in the overall budget. The NCUA will institute an 18-month exam cycle for credit unions below $1 billion in assets that carry a CAMEL 1 or 2 rating.  The other exam […]