The Office of the Comptroller of the Currency (OCC) has issued a bulletin (2023-37) that provides guidance on managing risks associated with “buy now, pay later” (BNPL) lending. The BNPL loans addressed in the bulletin are loans that are payable in four or fewer installments and carry no finance charges.
An Eastern Wisconsin legislator is taking aim at ending predatory lending. Senator Andre Jacque of De Pere has introduced a bill he is calling the Predatory Lending Prevention Act, which he says will limit interest rates on payday loans.
PORTLAND, Ore., Dec. 8, 2023 /PRNewswire/ -- The Portland Business Journal named OnPoint Community Credit Union Oregon's "Most Admired Company" in the Financial Services category. This honor marks OnPoint's 16th consecutive year as one of the state's most admirable credit unions, banks or wealth management firms throughout Oregon.
Traditionally, consumers have relied on their primary financial institutions (FIs), such as banks or credit unions (CUs), for credit products like credit cards, mortgages, auto loans and personal loans. However, increased competition from non-bank and non-credit union financial entities has led consumers to shop around for better deals.
A ransomware attack on a credit union IT provider has disrupted banking functions at approximately 60 credit unions. National Credit Union Administration (NCUA) spokesperson Joseph Adamoli told CNN that the ransomware attack, in which criminals lock a company’s data or computer system as an extortion tactic, affected a unit of Trellance, a cloud computing firm provider used by credit unions.
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