PALO ALTO, Calif. - (05/11/05) Addison Avenue FinancialPartners, a wholly owned CUSO for Addison Ave. FCU (formerly H-PFCU), is restructuring its CUSO to be the first to offer investmentadvisory services separate from its broker-dealer services. The$1.5 billion credit union, like all other credit unions, isbringing its broker-dealer in-house because of the impendingSecurities and Exchange Commission rule encouraging it to do so,but will create a new advisory service in the CUSO, to servemembers with more than $1.3 billion in investments undermanagement, according to Scott Davis, president of the CUSO. Thecredit union has become one of the first to undergo SECregistration as an investment advisor, and has contracted with athird-party, Houston-based US Fiduciary, to provide advisoryservices, Davis told The Credit Union Journal. This way, the CUSOwill be able to earn commissions on the investment advice, insteadof having all of the commissions go to thebroker-dealer/advisor.
-
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.
4h ago -
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.
8h ago -
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.
9h ago -
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.
10h ago -
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.
10h ago -
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