The newest CDCU in New York, Brooklyn Cooperative FCU, has expanded into larger quarters and attracted local dignitaries to a ribbon cutting. Chartered in 2000, the CU serves more than 2,600 residents of Brooklyn's primarily low-income Bushwick community. Among those on hand for the opening was Rep. Nydia Velazquez of New York, who offered praise for the CU's work as a Volunteer Income Tax Assistance (VITA) site, which assisted members of the community to save over $1.8 million in Earned Income Tax Credit (EITC) refunds this year alone. Velazquez brought with her a check for $253,440 from the Treasury Department's Community Development Financial Institutions (CDFI) Fund, which will allow the credit union to increase their microenterprise and mortgage loan portfolios and to expand into the adjacent neighborhood of Bedford-Stuyvesant, another underserved community.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
April 23