TYSONS, Va., Dec. 7, 2023 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today announced it joined as an initial signatory of Blue Star Families and the US Chamber of Commerce Foundation's Hiring Our Heroes Program 4+1 Commitment supporting military spouse employment. The commitment is a first-of-its-kind, nationwide effort to tackle the 21% unemployment rate among military spouses.
SEATTLE, December 07, 2023--(BUSINESS WIRE)--A new report released today by doxo found that hidden costs associated with paying bills amount to an additional $167 billion annually, averaging $1,268 per household.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023. The OCC reported that the overall strength of the federal banking system remains sound. The OCC expects banks to remain diligent and adhere to prudent risk management practices across all risk areas.
The FTC’s Safeguards Rule—and the Final Rule—apply to non-banking financial institutions, such as mortgage brokers, auto dealers, and payday lenders. The Final Rule will put such entities in a similar position as regulated banking organizations, which, under the Interagency Guidelines Establishing Information Security Standards,1 are required to notify their primary federal regulator of “incident[s] involving unauthorized access to or use of sensitive customer information.2
National banks dominate the U.S. consumer credit card industry, with a strong position that is unlikely to be challenged anytime soon. However, smaller financial institutions (FIs) are slowly gaining ground. The study “Credit Unions and Community Banks Gain Credit Card Issuing Momentum,” a PYMNTS Intelligence and Elan Credit Card collaboration, revealed that 15% of overall consumers would most likely turn to credit unions (CUs) for their next credit card application.
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