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After eight years of production delays, the Federal Reserve finally rolled out new Benjamins on Tuesday.

A hundred years after the first $100 bill was issued in 1914, the banknotes are receiving a much-needed makeover in an effort to thwart sophisticated counterfeiters -- after overcoming "mashing" printing issues that led the Feds to shred more than 30 million of the bills in 2012Read More

 
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Don't let Bank of America kill the credit union!  
~Fighting for people over profits

Bad feelings over the bailouts and extraordinary bank fees have driven millions of Americans into the arms of local credit unions. But instead of luring them back with better customer service, Big Banks are using their lobbying might to kill off credit unions, attempting to destroy a crucial tax exemption that credit unions need to survive.  Read More


Big Banks Start Campaign to Destroy Credit Unions
The Move Your Money project was born out of the Occupy Wall Street movement, which began in September 2011. The impetus was the announcement by Bank of America that they were going to impose a $5 dollar monthly fee for debit card users. On November 5, 2011, customers were to close their accounts at major banks and open new ones in community banks or in credit unions.  Already infuriated by Wall Street’s recklessness leading to the 2008 financial collapse, the idea caught on like wildfire across the nation.  Read More
 
GOP Chairman Vows to Lift 'yoke of Dodd-Frank' From Credit Unions
House Financial Services Committee Chairman Jeb Hensarling pledged Tuesday to use his gavel to push back against a flurry of Dodd-Frank Act regulations he warned would stifle the nation’s financial sector. 

“If I had the votes today, I would repeal Dodd-Frank,” the Texas Republican said.  "I want to take the yoke of Dodd-Frank from your back.” Read More
 
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Banks Beat Credit Unions in Phone Service, Survey Finds
Credit unions have tried to cultivate an image as kinder, gentler versions of banks, but when it comes to answering their phones, their rivals have them beat.

Banks do a better job of answering their phones on the first ring than credit unions, and, when they don't, the median hold time is less at banks, according to a study released Monday by Lake Bluff-based Moebs Services.   Read More

More credit union survey findings: 
Pew Survey: Half Of U.S. Adults Bank Online
Temkin Survey: CUs Continue High Scores In All Areas


 
A Senate committee is pressing federal regulators and law enforcement officials to explain how they plan to oversee Bitcoin and other virtual currencies as the issue gains increasing attention from government officials concerned about the role these new markets will play in the future.  Read More
 
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Though it was less than two years ago, the buzz surrounding national banks, Occupy Wall Street and Bank Transfer Day seems like a distant memory. Even so, one thing has lingered — Americans’ overall awareness and engagement surrounding the banking industry.

Read moreCredit Unions & Local Banks Vs. National Banks: Which Do You Prefer? 


 
Supreme Court's May Not Be Last Word On Arbitration
The Supreme Court last week ruled in favor of giving financial services companies the right to include mandatory arbitration clauses in contracts with customers. The high court is set to discuss another case this Fall with potential ramifications for the Consumer Financial Protection Bureau and credit unions: A case addressing the constitutionality of President Barack Obama's recess appointments. Read More
Credit Unions Back Regulatory Overhaul
The National Association of Federal Credit Unions (NAFCU) is throwing its support behind Senate legislation requiring independent agencies to measure the costs of proposed regulations before they are enacted.

Existing rules require executive branch agencies to weigh the benefits of major proposed regulations against the expense of enacting them. But independent agencies — including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) — are exempt from the requirement. Read More
Credit Unions in Auto Loan Fast Lane as Banks Stall
When it comes to the amount of auto loans they’ve recently originated, some banks have apparently stalled out.

According to data from tracking firm SNL Financial, the top 100 lenders increased their total auto loans by just 0.64% over the fourth quarter of 2012. Among these, the top 16 lenders didn’t budge from their spots compared to a quarter earlier. Read More
 
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OKLAHOMA CITY (AP) -- Oklahoma Sen. Tom Coburn has joined four other senators in promoting the replacement of $1 bills with $1 coins.

Coburn joined fellow Republican Sens. John McCain of Arizona and Mike Enzi of Wyoming and Democrats Tom Harkin of Iowa and Mark Udall of Colorado in introducing legislation to promote the $1 coin as a way to save money and reduce the federal deficit.  Read Story

 
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For only the fourth time in history, there will be a new $100 bill.After a three-year delay due to slower-than-expected production, Americans will finally have an improved, high-tech $100 bill for their wallets, the Federal Reserve said Wednesday.

The bill is set to debut on Oct. 8.

What's so special about the new greenback? To start, the Fed says the the bill is a culmination of a decade-long research and design process.  Find out MORE

 
The world of finance today is more transparent, diverse and competitive, in large part because it is better regulated. Since the financial crisis of 2008, the government has been moving once again to rein the excessive power, risk-taking and compensation on Wall Street, as mandated by the Dodd-Frank financial reform act.  Read More
~Washington Post