For residents and credit union employees along the Gulf Coast, such as Elizabeth Kommersmith of Keesler FCU, Hurricane Katrina remains very much a part of their lives. They've had to learn to spend hours and hours on the phone with authorities and insurance companies, wade through red tape, learn to deal with emptying portable toilets, and keep swarms of insects off their children. For many, help from other CUs has been the only positive in their lives. Read the fascinating story of the Kommer-smiths online at www.cujournal.com. Just type "Kommersmith" into the search engine in the left navigation bar, and prepare for a fascinating story.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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