WINTHROP, Mass. - (08/24/04) -- Winthrop FCU, a low income creditunion bumping up against NCUA's net capital standards, has becomethe first credit union to test pilot CUNA Mutual Group's newsecondary capital product, called Capital Notes. The $33 millioncredit union, which has been searching for additional capital toexpand into the nearby low income communities of Chelsea, Revereand East Boston, will use the $300,000 in secondary capital andanother $300,000 from the National Federation of CDCUs to build itsnet worth ratio to 8.1% from the current 6.3%, close to NCUA'sminimum 6% level. Because Winthrop FCU is a low-income designatedcredit union it may count the secondary capital as net worth underNCUA's minimum capital, or prompt corrective action, rules. "Ourgoal is to expand in Revere and East Boston," Joseph Clark,president of the credit union, told The Credit Union Journal. Moreimmediately, the credit union is looking at building a new branchin nearby Chelsea. Under the terms of the deal, the credit unionwill begin repaying the 7% notes midway through their 10-yearterms.
-
Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."
42m ago -
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
March 28 -
The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
March 28 -
Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
March 28