Latest news with #NationalCreditUnionAdministration
Reuters
7 days ago
- Business
- Reuters
US judge rules Trump illegally fired two Democratic members of credit union agency
July 22 (Reuters) - A federal judge on Tuesday ordered the reinstatement of two Democratic members of the National Credit Union Administration, saying President Donald Trump's administration illegally fired them without justification. U.S. District Judge Amir Ali in Washington said in his ruling, opens new tab that the administration violated removal restrictions established by the U.S. Congress when it fired NCUA board members Todd Harper and Tanya Otsuka in April. The firings left only one board member, Republican Chairman Kyle Hauptman, to oversee operations. The NCUA supervises the nation's $2.3 trillion credit union sector. The White House, Justice Department and lawyers for Harper and Otsuka did not immediately respond to requests for comment. Trump appointed Harper in 2019 during his first term, and Democratic President Joe Biden in 2021 named him the board's chairman. Harper's term was not due to expire until 2027. Otsuka was nominated by Biden and confirmed in 2023. Her term was not set to expire until 2029. They said in their lawsuit that no U.S. president had removed a board member prior to the expiration of their term in the history of the NCUA's nearly 50-year existence. The Trump administration in its defense asserted that the president has absolute authority to remove credit union board members at will. The Justice Department has made similar arguments in other lawsuits challenging Trump's removal of members of independent federal agencies. On Monday, a federal appeals court panel in Washington temporarily blocked a judge's order that would allow fired Democratic Federal Trade Commissioner Rebecca Slaughter to return to her post while the administration appeals a judge's reinstatement decision. The U.S. Supreme Court in May ruled that Trump could bar two Democratic members of federal labor boards from their posts while they challenge the legality of their dismissals.
Business Journals
18-07-2025
- Business
- Business Journals
See the credit unions in Austin-area with fastest-growing residential real estate lending
The 18 listed credit unions in the Austin area held $6 billion in total combined residential real estate loans as of March 31, 2025, less than 1 percent over $5.9 billion reported in the year-earlier period. Information on The List was obtained from the National Credit Union Administration and could not be independently verified by the Austin Business Journal. Rankings were determined by year-over-year percent change in residential real estate loan volume in the period analyzed. In case of ties, credit unions are listed alphabetically. Unlike the banks version of this List, commercial real estate loans are not included here, as the NCUA classifies them under its broader commercial lending category. To qualify for this List, credit unions are required to have a residential real estate lending balance at the end of the first quarter. Only institutions headquartered in Austin-area are included. This week's List is part of a shift in our research methodology and philosophy in 2025, one that will emphasize more data and context for readers while better coordinating the resources available to us and our 46 sister publications under the American City Business Journals flag. We anticipate this effort will identify thousands of new local records — and cumulatively, tens of thousands of new businesses across ACBJ's footprint — this year alone.
Business Journals
18-07-2025
- Business
- Business Journals
These are Greater Baltimore's fastest-growing credit unions by real estate lending
The credit unions in Greater Baltimore held more than $6.2 billion in total combined residential real estate loans as of March 31, 2025, marking a 10.5% increase over what was reported in the year-earlier period. The online version of this ranking expands beyond what appears in print; another 6 credit unions are included in our digital rankings, in addition to the 16 featured in this week's print edition. This week's List is part of a shift in our research methodology and philosophy in 2025, one that will emphasize more data and context for readers while better coordinating the resources available to us and our 46 sister publications under the American City Business Journals flag. We anticipate this effort will identify thousands of new local records — and cumulatively, tens of thousands of new businesses across ACBJ's footprint — this year alone. Information on The List was obtained from the National Credit Union Administration and could not be independently verified by the Baltimore Business Journal. Rankings were determined by year-over-year dollar value change in residential real estate loan volume in the period analyzed. In case of ties, credit unions are listed alphabetically. Unlike the banks version of this List, commercial real estate loans are not included here, as the NCUA classifies them under its broader commercial lending category. To qualify for this List, credit unions are required to have a residential real estate lending balance at the end of the first quarter. Only institutions headquartered in Greater Baltimore are included. bterzi@ or 410-454-0537.
Forbes
05-06-2025
- Business
- Forbes
Today's Top Money Market Account Rates For June 5, 2025 - Rates Hit 4.89%
The current average money market rate is 0.53%, while the highest rate is up to 4.89%, according to Curinos. Here are today's money market account rates: A money market account (MMA) is a type of interest-bearing deposit account offered by banks and credit unions that works like other savings accounts: You deposit money into the account and earn interest on your balance. You can withdraw funds whenever you need to, but you may be restricted to six transactions per statement period. Money market accounts typically pay higher interest rates than other deposit accounts, including traditional savings accounts. And unlike typical savings accounts, they often offer debit cards, check-writing capabilities or both, providing convenient access to cash. Money market accounts often have higher deposit and balance requirements than many bank accounts. MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA). In both cases, depositors are covered for up to $250,000 per account type, protecting your money in the event of bank failure. Before opening a money market account, check out different options at various banks or credit unions. In addition to shopping around for the highest rates, you'll want to compare minimum balance and deposit requirements, monthly fees and withdrawal limits. Look for an account that offers competitive rates you can easily qualify for. You can typically submit an application for a money market account online or in person at a branch. The application will ask you to provide basic information, including your name, address, Social Security number, employment status and income. You will probably need to present a government-issued ID as well. After being approved, you can make your first deposit. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Epoch Times
20-05-2025
- Business
- Epoch Times
The Best Places to Park Your Short-Term Investments
As you sift among the various options for your short-term investments, keep these key items on your dashboard: yield, guarantees, liquidity, and your individual situation. The short-term investments that promise the highest yields often come with at least some risk and/or constraints on your daily access to funds. It may be that you're just looking for the highest safe yield and don't care that much about liquidity. Or maybe having ready access to your funds is the name of the game. Also think through whether you value an ironclad guarantee or are willing to go without in exchange for a potentially higher yield. Some cash instruments are fully insured by the Federal Deposit Insurance Corporation (FDIC), while others are not. On the short list of FDIC-insured investments are checking and savings accounts, certificates of deposit (CDs), money market accounts (not to be confused with money market mutual funds), and online savings accounts. CDs will typically offer the most compelling yields of all cash instruments, and they're also FDIC-insured. Yet there are a couple of caveats. One is that minimum deposits for the highest-yielding CDs might be $25,000 or even higher. There's also a trade-off on the liquidity front: You'll usually pay a penalty if you need to crack into your holdings before the maturity date. The longer the term of the CD, the bigger the penalty for cashing out early. If you want daily liquidity, a decent yield, and FDIC protection, your best bet will tend to be a high-yield savings account through an online bank or a savings account through a credit union. The former offers FDIC protection, up to the limits, whereas credit union accounts are insured by another entity, the National Credit Union Administration. Related Stories 4/23/2025 4/14/2025 Money market mutual funds also offer daily liquidity and the convenience of having those funds live side by side with your long-term investments. But money market fund yields are still generally below those of online savings accounts today. Additionally, money market mutual funds aren't FDIC-insured, though in practice most funds have done an excellent job of maintaining stable net asset values. Don't confuse money market mutual funds with brokerage sweep accounts, though both are offered by investment providers. Interest rates on brokerage sweep accounts, which hold investors' cash that hasn't yet been invested, have ticked up a bit recently but are still well below other cash options. Stable-value funds are another example of an investment that offers an often-decent yield in exchange for not checking the liquidity and guarantee boxes. Stable-value funds are only accessible inside of company retirement plans. They invest in bonds, so they're not FDIC-insured; to protect investors' principal, they employ insurance wrappers to help maintain a stable net asset value. Just bear in mind that stable-value funds carry drawbacks. Because you can only own such a fund within a 401(k), you'll pay taxes and penalties to withdraw your money before retirement unless you meet certain criteria. So don't think of a stable-value fund as an emergency fund unless you're already retired or close to it. In contrast with the preceding investment types, I bonds are the only safe investment vehicles that guarantee investors will keep pace with inflation. I bonds are Treasury bonds that pay a fixed rate of interest as well as another layer of interest that varies with the current inflation rate, as measured by the Consumer Price Index. As attractive as that is, it comes with several limitations. If you redeem an I bond within five years of buying it, you'll forfeit three months' worth of interest. Purchase constraints are another drawback for large investors. By Christine Benz of Morningstar The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
