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PHILADELPHIA - After unanimously passing a bill in April that placed tough restrictions on subprime loans, the Pennsylvania state legislature did an about-face and passed a bill overturning Philadelphia's anti-predatory lending regulation. Specifically, the new law-H.B. 1703-pertains to loans with rates 4.5 percentage points above Treasury securities of comparable maturity....

SACRAMENTO, Calif. - Once again, members of the California state legislature killed a bill that would have imposed stricter privacy protection requirements on financial institutions than the Gramm-Leach-Bliley Act. The bill would have prohibited financials from sharing consumers' information with affiliates or third parties unless the consumer "opted in" by...

WASHINGTON - The National Association of Realtors and its members are still pushing for additional congressional hearings to be held on a controversial rule proposed by the Federal Reserve and U.S. Treasury that would allow banks to offer real estate brokerage services. NAR and individual realtors began lobbying Congress in...

FARMERS BRANCH, Texas - First it was called the Texas Credit Union League, then it wasn't, then it was again. What the Texas Credit Union League will be called after its next name change is approved is anyone's guess. The league, at the directive of the board of directors, is...

ALBANY, N.Y. - Empire Corporate FCU has reached a couple of major milestones. It hit the $4 billion mark on May 31, 2001, and it also eclipsed the one million mark for processing individual member share drafts. Empire serves approximately 1,000 credit unions primarily in the Northeast.

WASHINGTON-In a letters to three separate lawmakers last week, NAFCU extolled the virtues of H.R. 1590, the Flexible Savings Accounts (FSA) Rollover bill. NAFCU points out that the bill not only helps consumers but also employers and financial institutions. Many employees set money aside in FSAs for medical emergencies, but,...

"It would be great if we were able to get rid of predatory lenders, but we won't be able to get rid of subprime lenders because there's nowhere else for people who have had an unfortunate financial experience to go for loans." -Colleen Kelly, state governmental affairs director, CUNA "I'm...

SAN JOSE, Calif. - The $800 million Technology CU here has opened a new cashless ebranch. The ebranch is a physical facility loaded with electronic tools to help members conduct business virtually. Members can apply for loans, IRAs, and other CU products and services using electronic means. Any cash transactions...