First-Ever Redlining Case Puts Fair Lending on Collections’ Radar In a landmark enforcement action, the U.S. Justice Department announced its first redlining consent order involving a credit union, ordering Citadel
Credit Union News
End of Payment Pause Strains Borrowers, Could Spill Over to CU Loans After a three-year pandemic pause, federal student loan payments kicked back in during late 2023 – and by
High Court’s 7–2 Decision Means CFPB Rules and Exams Continue Uninterrupted A cloud of uncertainty lifted in mid-2024 when the U.S. Supreme Court affirmed the constitutionality of the CFPB’s funding
Economic Strains Push Loan Defaults to 10-Year Peak After years of unusually low defaults, credit union delinquencies surged in 2024 to their highest levels in over a decade. An
Credit Unions Embrace Chatbots and Machine Learning to Boost Recoveries During 2024, artificial intelligence made a breakthrough in credit union collections, promising smarter workflows and better member engagement. At the
New Rule Caps “Junk Fee” and Sparks Industry Pushback The Consumer Financial Protection Bureau finalized a rule in early 2024 to drastically cut credit card late fees – from
Credit Unions Face Rising Auto Delinquencies and Regulatory Scrutiny Auto loans emerged as the epicenter of credit risk for credit unions in 2024. After a boom in 2021–2022 when many
When it comes to managing credit applications, credit unions often seek reliable and efficient tools to verify applicant information. While TransUnion’s TLOxp is widely recognized for its skip tracing capabilities,
Unlocking Potential: Credit Unions Embrace ITIN Members for a Brighter Financial Future In the vast mosaic of America’s financial landscape, a group once overlooked is now finding its
Auto Industry Faces Surge in Repossessions as High-Interest Car Loans Strain Owners’ Finances As the cost of living continues to rise, putting additional pressure on already stretched budgets, the