More than 20 banks have been sold to credit unions. A prominent banking lawyer made the case at this year's ICBA convention that banks can become more aggressive acquirers.
The credit card network has teamed up with an ICBA unit and the fintech Urban FT to offer a payments services program tailored to community banks trying to keep pace with bigger banks.
Congress granted banks significant reg relief last year, but incoming ICBA Chairman Preston Kennedy says a lighter touch is needed with Bank Secrecy Act rules, loan-loss modeling and call reports.
More than three dozen organizations are asking the FDIC to reject Square’s pending application to become an industrial loan company, according to a letter filed Tuesday.
The vast majority of comment letters to the FDIC support the fintech’s banking venture, in stark contrast to the public outcry over the pre-crisis ILC bids by large retailers.
Banks that gather deposits through branches generally pay lower deposit premiums than those that solicit deposits online. So what happens if long-standing restrictions on brokered deposits are relaxed?
An “emergency merger” with the troubled Progressive Credit Union gives PenFed — already the nation’s third-largest credit union — the ability to welcome any potential member nationwide.
The fintech's new products may violate several banking and securities regulations and could mislead the public about the differences between coverage on banking and investment accounts, industry officials say.