Credit unions

Credit Suisse Group must face New York Attorney General Eric Schneiderman's $10 billion lawsuit accusing the bank of fraud in the sale of mortgage-backed securities prior to the 2008 financial crisis, a state appeals court ruled Tuesday in a split decision.

Banking and credit union trade groups are urging Congress to consider repealing any upcoming Consumer Financial Protection Bureau rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act.

Five credit unions in three states have partnered with myCUmortgage, a provider of outsourced origination and servicing programs.

The Consumer Financial Protection Bureau's contentious rulemakings on arbitration and payday lending may be in jeopardy with the change in administrations and continued GOP control of Congress.

The regulator's settlement with Nomura is tied to the failures of two corporate credit unions, though Nomura did not admit fault as part of its settlement.

Bethpage Federal Credit Union, Holston Methodist Federal Credit Union and United Heritage Credit Union have all selected the FirstClose Report for instant title search, flood certification, valuation and property information tied to mortgage and home equity loan products.

Arch Capital Group's mortgage insurance business had underwriting income of $37.4 million in the third quarter, an increase of 119% compared with the $17.1 million one year prior.

Navy Federal Credit Union, the largest credit union in the country, agreed Tuesday to pay $28.5 million to settle regulatory allegations it engaged in illegal debt collection practices.

Royal Bank of Scotland Group agreed to pay $1.1 billion to settle the first of three major U.S. mortgage-backed securities probes the bank must overcome before it can resume dividend payments.

Republican lawmakers are pushing back against claims by the Consumer Financial Protection Bureau's allies that it rooted out fraud at Wells Fargo, arguing the L.A. City Attorney and the Los Angeles Times brought the situation to light.