BOSTON - (03/09/06) City of Boston CU, locatedinside City Hall, has applied to expand its wings to cover three ofthe states most populous counties, the Department of Bankingsaid Wednesday. The bid would allow the $200 million credit unionto serve almost half the Bay States population, living inSuffolk, Norfolk and Middlesex counties. Separately, Premier Sourcein Springfield has been approved to serve almost 700,000 residentsof the two western Massachusetts counties of Hamden and Hampshire,which includes students and faculty at more than a dozen collegesand universities. Also, Freedom CU, in Springfield, has applied tothe state regulator for permission to sell insurance.
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A housing bill that already passed the Senate cleared the House Monday evening, but included bipartisan community banking provisions that have already raised objections in the upper chamber.
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Fifteen banks have failed since November 2019, with the most recent one occurring on Jan. 30.
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Federal Reserve Gov. Christopher Waller said comments from banks and fintech firms reveal sharply different priorities in the creation of the central bank's proposed "skinny" master accounts.
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Check fraud has risen 385% since the pandemic, with criminals using stolen mail and digital tools to deceive major financial institutions.
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The activist investor HoldCo Asset Management said Monday that it doesn't plan to pursue proxy battles this spring at either Key or Eastern. It had been agitating publicly over the banks' M&A strategies.
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