What constitutes "small" has gotten larger. The NCUA board has proposed updating the definition of a small credit union to include those with assets up to $10 million, up from the current $1 million. The definition is included as part of the Regulatory Flexibility Act, and Interpretive Ruling and Policy Statement (IRPS) 87- 2 requires NCUA to prepare an analysis describing the impact of proposed and final rules on small entities. The proposal includes a new provision requring NCUA to review all existing rules every three years and to inform the public of the rules to be reviewed. The one exception to the new definition: participants in NCUA's Small CU Program (SCUP) will be capped at assets of $5 million.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
April 26 -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
April 26 -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26 -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26