In December, the National Credit Union Administration barred the individuals from working in the financial services sector for taking money from their institutions for personal use.
The New Canaan, Conn., company said it will record a pretax expense of $3.9 million in the fourth quarter related to branch and office closings, severance payments and the end of a vendor contract.
From dealing with a flood of deposits to working with examiners virtually, credit unions were forced to quickly adapt to a new normal after the pandemic hit. Here's a look at some of the biggest changes and challenges they faced.
Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail services to the gun and fossil fuel industries.
The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.
The Consumer Financial Protection Bureau is giving the credit card issuer and the fintech firm some regulatory latitude to develop specific new products.
Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.
Remote online notarization helped originators close loans amid social distancing measures, but complex local laws remain a barrier to its widespread use.
An impasse over pandemic relief checks for Americans is holding up an override of President Trump's veto of a bill shifting beneficial-owner requirements from banks to their commercial clients.
