The Latest

On Dec. 31, 2021. Dollars in thousands.

U.S. credit unions that serve Ukrainian immigrants are coordinating efforts to provide aid in Ukraine while bracing for cyberattacks at home.

Block, the digital payments company run by Chief Executive Jack Dorsey, is under investigation by the Consumer Financial Protection Bureau and multiple state attorneys general in connection with its Cash App service.

The Federal Reserve's models assume interest rates will decline if the economy falls into a recession, but as big banks prepare for their annual stress tests, they should also be considering the impact of rising rates and higher inflation on their operations.

A portion of Goldman Sachs Group’s Russia staff is relocating out of the country as firms react to a global effort to shut off the Russian economy after the invasion of Ukraine.

Zeta Services, a banking and credit card technology unicorn, has raised $30 million from investors including Mastercard, and the two announced a five-year collaboration to help customers launch credit card services.  

Five Star Bank, which is based in a rural part of New York state, has embraced digital lending, banking-as-a-service, real-time payments, bitcoin and more. “Those that don’t innovate don’t survive,” says Chief Administrative Officer Sean Willett.

The companies' moves came a day after Visa and Mastercard said they were halting business in Russia because of its attack on Ukraine.

The $7.6 billion deal was originally expected to close in the fourth quarter of last year, but the banks had pushed back their deadline until June. Once the merger is complete, the combined bank will have more than $200 billion in assets.

Empire Financial Federal Credit Union had been placed into conservatorship by the National Credit Union Administration in May because of “unsafe and unsound practices.” Another credit union has assumed its assets and deposits.