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NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 22 hours ago
Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 1 day ago
Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats 1 day ago
AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr 1 day ago
NCUA approved 2010 OTR of 57.2 percent 2 days ago
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MADISON, Wis. (11/20/09)
- For the third consecutive week, U.S. mortgage rates for 30-year fixed-rate loans decreased, providing an incentive to potential homebuyers who may use a government tax credit to purchase homes, analysts said. The 30-year rate fell to 4.83% from 4.91%--the lowest level since May, Freddie Mac said Thursday. Also, the average 15-year rate dropped to 4.32%--the lowest mark since record-keeping began in 1991. Low mortgage rates and a first-time homebuyer tax credit have boosted demand for property this year, analysts said. President Barack Obama signed legislation earlier this month to extend the credit and broaden it to include some current homeowners. The move may lead to increased home sales, analysts said (Bloomberg.com Nov. 19) ...
- For the seventh consecutive month, the index of U.S. leading economic indicators, a signal that the economy will continue to grow into 2010, analysts said. The Conference Board's gauge of the outlook for the next three to six months increased 0.3%--less than predicted--following a 1% rise in September. Economists predicted the leading indicators index would increase 0.4%, according to a Bloomberg News survey's median of 58 estimates. Claims for unemployment benefits remained at a 10-month low of 505,000 last week, separate reports indicated. A growth spurt for the economy is dependent on hiring gains, which have yet to materialize, analysts said. This is a big reason Federal Reserve Chairman Ben Bernanke said earlier this week that the U.S. economy must confront "headwinds," analysts added (Bloomberg.com Nov. 19) ...
News of the Competition
MADISON, Wis. (11/20/09)
- The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64% of all loans outstanding at the end of the third quarter of 2009--up 40 basis points from the second quarter of 2009, and up 265 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 108 basis points to 9.94% this quarter from 8.86% in the second quarter of 2009. The delinquency rate breaks the record set in the third quarter. The records are based on MBA data dating back to 1972. For Delinquencies Continue to Climb in Latest MBA National Delinquency Survey, use the link ...
- Wells Fargo & Co. will pay $1.9 billion in penalties and buy back $1.4 billion in illiquid auction-rate securities (ARS) after reaching settlements in principle with state securities regulators. The settlements culminate litigation filed in April by California Attorney General Jerry Brown, and an investigation led by the Washington State Department of Financial Institutions Securities Division on behalf of the North American Administrators Association that allege Wells misled clients. Wells' deception was manifest in falsely assuring that ARS were a safe and liquid alternative to cash, certificates of deposit or money market funds, analysts said (The Bond Buyer via American Banker Nov. 19) ...
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