Americans continue to pay down revolving debt balances after all, as pessimism may be curbing consumer credit growth

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ALEXANDRIA, Va. (June 6, 2011) – National Credit Union Administration Board Member Michael E. Fryzel visited South Division Credit Union in Evergreen Park, Ill., last week where he met with the credit unions’ CEO Geri Burek, several Board Members, and key staff to discuss current industry happenings and NCUA perspectives.

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The New York prosecutor subpoenaed American bank Goldman Sachs to investigate the institution’s role into the credit crisis. The court summons is in relation to the U.S. Senate Permanent Subcommittee on Investigation’s report that accused Goldman Sachs of misleading buyers of mortgage-linked investments as one of the reasons behind the collapse of the financial markets.

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News 4 new results for “Near Field Communications” Stevens Student Research Protects Credit Card Owner Privacy PR.com (press release) Students at Stevens Institute of Technology built a prototype for a software-defined radio system that defends credit card near-field communications chips from being read illegally. Their system was recognized with 3rd place at the RIT . . . → Read More: Stevens Student Research Protects Credit Card Owner Privacy

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Washington, D.C., United States (AHN) – The Obama administration has found an unexpected ally in a ratings agency in the White House’s battle with Republican legislators over spending cuts and hiking the federal debt limit. On Thursday, Moody’s warned that it may downgrade Washington’s credit rating if the U.S. debt ceiling is not hiked soon.

Moody’s said that the U.S. credit rating could downgraded because of a very small, but increasing risk of a short-lived default, which would likely translate into higher interest rates at a time when the country’s recovery is again on the slow lane.

The ratings agency anticipated there would be a political battle between the Obama administration and Republican legislators before the debt ceiling would be lifted, but Moody’s said that it failed to consider the worsening conflicting positions between the two parties. Washington wanted to raise the debt limit to $16.7 trillion from the current $14.3 trillion, but with no major spending cuts.

Moody’s warning came on the heels of a lower outlook by Standard & Poor’s of the AAA U.S. debt rating to negative from stable because of the political wrangling.

The House voted on Tuesday not to hike the federal debt limit without major spending cuts. At the Wednesday White House meeting of Republican legislators with U.S. President Barack Obama, the legislators asked the administration for a detailed plan on budget cuts to solve the impasse.

House Speaker John Boehner justified the lower house’s refusal to give in to Obama’s request because raising the debt limit beyond spending cuts would cost jobs for Americans. Obama, however, warned that failure to hike the debt limit soon would lead to dire consequences for the fragile, but recovering U.S. economy.

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An Iowa credit union is using data and the right attitude to generate solid member relationships….[ Read Article ]

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The National Credit Union Administration on Thursday said that it would consider lifting the maximum corporate stabilization assessment prepayment cap if enough credit unions request that it be raised.

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San Francisco here it comes – New York City and San Francisco have been selected for the Google Wallet and Google Offers wireless payment system. Google Wallet stores your credit card information, tracks bonus points and purchases. Google…

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ALEXANDRIA, Va. (May 25, 2011) – In recognition of National Hurricane Preparedness Week, National Credit Union Administration (NCUA) Board Chairman Debbie Matz reminds credit unions to adopt contingency plans for potential weather disasters. The National Oceanic and Atmospheric Administration has predicted an above normal 2011 Atlantic hurricane season.

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ALEXANDRIA, Va. (May 20, 2011) – Credit union industry representatives and all public stakeholders are invited to participate in a free webinar about a proposed voluntary prepaid Corporate Stabilization Fund assessments program at 4 p.m. EDT May 26.

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