Michigan credit unions to merge, NYCB to enact a reverse stock split
Bloom Credit Union and West Michigan Credit Union aim to join forces; Long Island-based New York Community Bancorp plans a reverse stock split; Providence, Rhode Island-based Citizens Financial hires longtime California banker to lead its middle-market team; and more in this week’s banking news roundup.
Coinbase sues FDIC over efforts to debank crypto companies
The company says the FDIC’s “pause letters” to banks and denial of Freedom of Information Act requests are illegal.
Supreme Court ends Chevron deference in landmark decision
The high court’s much-anticipated ruling gives federal courts — rather than executive agencies — the power to interpret ambiguous statutes. The decision is expected to facilitate an increase in litigation over banking regulations.
Fincen proposes tougher anti-money laundering standards in new rule
The Treasury Department’s Financial Crimes Enforcement Network issued a proposal mandating banks enhance their anti-money laundering and counterterrorism financing programs, including measures to address fentanyl trafficking and Russian money laundering.
FDIC Marks Important Milestones in Culture Change Efforts
PRESS RELEASE | JUNE 28, 2024 FDIC Marks Important Milestones in Culture Change Efforts WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced important updates regarding the ongoing work to improve the agency’s workplace culture following an independent review of allegations of sexual harassment and other interpersonal misconduct. At its meeting on June 20, […]
How Visa’s key growth engine keeps growing
The value-added services unit of Visa, led by longtime Australian bank executive Anthony Cahill, covers nearly 200 global products in five categories, and recently produced a 23% quarterly increase in revenue over the prior year.
AI and tech investments need to show results beyond the CIO’s office
The real test of the value of investments in artificial intelligence and other tech upgrades is the generation of measurable value across a bank’s lines of business.
FDIC Makes Public May Enforcement Actions; No Administrative Hearing Scheduled for July 2024
PRESS RELEASE | JUNE 28, 2024 FDIC Makes Public May Enforcement Actions; No Administrative Hearing Scheduled for July 2024 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May 2024. There are no administrative hearings scheduled for July 2024. The […]
From teller to president: The Climb
Elizabeth Magennis started out as a teller in Brooklyn, New York, and is now the president of the $9.8 billion-asset ConnectOne Bank.
SCOTUS axes use of in-house judges, a win for banks accused of bad acts
A landmark ruling by the Supreme Court’s conservative majority means that defendants will have the right to a jury trial in cases where bank regulators are seeking civil penalties. The consequences for federal banking agencies are expected to be substantial.