THE news

NEW YORK–The New York attorney general’s office said it has opened an inquiry into the lending practices that left thousands of immigrant taxi drivers in crushing debt as they purchased taxi medallions. The announcement follows a 10-month investigation by the New York Times that found fault with numerous parties, including credit unions and NCUA, in contributing to the crash of the taxi medallion market, where values have plummeted even as many were enriched in the process.

ALEXANDRIA, Va. –NCUA announced it will pay out $160.1 million to more than 5,500 institutions credit unions eligible for a distribution from the National Credit Union Share Insurance Fund distribution.

STUDIO CITY, Calif.–The former CEO of the now-defunct C B S Employees FCU has agreed to a plea deal with federal prosecutors in which he admits to stealing more than $40 million over the past 20 years.

ARLINGTON, Va.—On a seasonally-adjusted basis, overall consumer prices increased 0.3% in April. NAFCU Chief Economist and Vice President of Research Curt Long says the Federal Reserve will likely hold off on future rate hikes. 

RANCHO CUCAMONGA, Calif.–Ready to take a selfie—with an ATM? CO-OP has launched a new fundraiser for Children’s Miracle Network that invites credit union staff and members to post a pic of the ATM and tag it #ATMs4CMN, and it will donate $10 to CMN hospitals.

ALEXANDRIA, Va.–Nine credit unions have been assessed financial penalties by NCUA for filing late call reports for the third quarter of 2018.