Credit unions should take advantage of NCUA’s ‘second chance’ reforms
A new rule allowing people with long-ago criminal convictions to find employment at credit unions is good for both the industry and for society at large.
Banks ‘flying blind’ without cumulative data on regulatory proposals
Trade groups, analysts and some regulators want more data on how various regulatory changes and proposals would impact the banking sector in totality. But regulatory agencies have yet to take on such a project and private sector groups say the task is beyond their capabilities.
Bankman-Fried found guilty of fraud at FTX criminal trial
Sam Bankman-Fried was convicted of a massive fraud that led to the collapse of his FTX exchange, following a monthlong trial.
Minnesota sues out-of-state tribe over loans with annual rates of 500%
The lawsuit by Attorney General Keith Ellison is the latest challenge to high-cost loans by tribal lenders. The lenders argue that tribal sovereignty gives them immunity from such lawsuits.
How a Wyoming credit union is doing more lending despite lower demand
Consumer appetites for new loans have slowed in the face of record interest rates, but Sunlight Federal Credit Union’s partnership with Avana Capital helps identify commercial real estate opportunities in markets both local and national.
Private equity makes loan payments with more debt to keep cash
Financing buyouts with “payment-in-kind” loans can preserve cash, but cost more; banks are losing out to private lenders on some of these deals.
JPMorgan Chase discloses multiple investigations by U.S. regulators
Regulators are looking into practices within JPMorgan’s securities arm and investigating parts of its trading operations, according to a regulatory filing by America’s largest bank.
Jamie Dimon warns Texas to stop pushing anti-business laws
The JPMorgan Chase chief says Texas risks undermining its business-friendly reputation with laws designed to punish Wall Street banks for policies that limit work with the gun and fossil-fuel industries.
Florida credit union buys insurance firm to boost noninterest income
Achieva Credit Union, which previously bought two community banks, is furthering its growth through the acquisition of an insurance company.
PayPal receives SEC subpoena focused on stablecoin work
The subpoena asks the company to produce documents tied to its work on the dollar-linked stablecoin PayPal USD. The company says in a regulatory filing that it’s cooperating with the probe.