Nonbank financial institutions are critical intermediaries in the U.S. financial system, alongside traditional banking organizations. The Financial Stability Board of the G-20 countries estimates assets of U.S. nonbank financial institutions totaled roughly $20.5 trillion in 2021, compared to $23.7 trillion in assets held by U.S. insured depository institutions. This represents around 30% of nonbank assets globally.1
The Federal Trade Commission announced today that its enforcement action against the University of Phoenix continues to help students deceived by the for-profit university, as the U.S. Department of Education will forgive nearly $37 million in federal loansfor more than 1,200 students affected by the school’s deceptive practices, based in part on the FTC’s 2019 case.
In a significant legal development, a U.S. district judge serving in the Eastern District of Kentucky granted a plaintiff’s motion for a preliminary injunction (PDF), effectively putting a halt on the enforcement of the Consumer Financial Protection Bureau’s Small Business Lending Rule.
Bank of America's Chief Financial Officer, Alastair Borthwick, offered an optimistic view on the US economy during the company's annual financial CEO conference on Wednesday. He stated that the threat of a recession is receding, primarily due to robust consumer spending.
HAUPPAUGE, N.Y., Sept. 20, 2023 /PRNewswire/ -- Teachers Federal Credit Union, one of the largest credit unions in the United States with $9.7 billion assets and more than 460,000 members, is proud to now offer VA Loans to help active-duty military, veterans, and surviving spouses maximize their benefits, minimize costs, and find the home they deserve.*
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