PALO ALTO, Calif. – Addison Avenue FCU, the credit union for Hewlett-Packard companies, said yesterday that it has hired J. Benson Porter, an executive at Washington Mutual, as its new president and CEO. Porter, formerly the chief administrative officer and head of corporate affairs at WaMu, will succeed Steve Lumm, who is retiring as head of the $1.9 billion credit union at the end of the month. Porter has more than 20 years in financial services and currently sits on the Fannie Mae Housing Impact Advisory Council and the board of the Federal Home Loan Bank of San Francisco.
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JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
June 26 -
House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
June 26 -
The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.
June 26 -
A new lawsuit seeking class-action status alleges that FirstBank Puerto Rico knowingly facilitated Jeffrey Epstein's sex trafficking operation by failing to enforce basic anti-money-laundering and know-your-customer rules.
June 26 -
Pinnacle Financial Partners' headquarters is moving to a new 25-story office tower in Midtown Atlanta; New Jersey-based Provident Bank appoints Adriano Duarte to succeed Thomas Lyons as chief financial officer; Binance will shut down services for customers in France, Italy, Spain and Poland after the exchange withdrew its MiCA licence application in Greece; and more in this week's banking news roundup.
June 26 -
The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.
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