News

MADISON, Wis. -- A federal appeals court last week reversed a 2007 class certification involving a couple who claimed that the disclosures for their option ARM loan were confusing. A federal trial court agreed with the couple and ruled that the loan could be rescinded and granted class action status...

WESTBROOK, Maine -- Synergent said it is expanding into New York with the signing of a Watertown credit union to a core processing contract.

BURLINGTON, Mass. -- Two more credit unions have signed up to use the DeposZip remote-deposit capture service from Eastern Corporate Federal Credit Union.

WASHINGTON -- The good news is that 99% of the loans backed by Fannie Mae and Freddie Mac are performing well. The bad news is that 1% of the loans are 90 days or more past due, according to a report issued by the Federal Housing Finance Agency.

EDMONDS, Wash. -- An international development effort launched by a noted credit union educator is establishing a retail outlet right here in the States.

CHARLOTTE, N.C. -- Bank of America has agreed to settle predatory lending charges against subsidiary Countrywide Financial Corp. at an estimated cost of about $8 billion.

BALTIMORE -- Credit unions taking a wait and see approach to the financial markets bailout signed into law by President Bush on Oct. 3 declined to comment on its effect. But one attorney suggested that CUs look for new sources of liquidity and to Europe for new loan products.

MADISON, Wis. -- The white paper report, "Developing Members from Indirect Borrowers: Lessons Learned," that was presented at CUNA Mutual's Discovery Conference back in June is more relevant now than ever, according to Heather Thiltgen, CUNA Mutual's vice president of consumer programs.