SOUTHFIELD, Mich. Central Corporate CU said yesterday it will pay a refund of $20 million in Member Capital Share Deposit accounts on July 1. CenCorp is reducing the mandatory MCSD for individual members to the lesser of 0.7% of year-end assets or $700,000, from the current 0.8% of assets or $800,000. The current rate paid on MCSDs at the $2.6 billion corporate is 6%.
Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
FiCare asked a judge to stop Fiserv from using automated checks to lift fraud holds. Fiserv says the credit union could have turned on one-time passcodes.
The federal agency's proposed definitions characterize event contracts as swaps, but exclude "casino-style" gambling.
Advisory practice sellers frequently wish they had taken more time for important strategic tasks before the deal, David Grau of Succession Resource Group says. He provided a list explaining why the timeline will take longer than many sellers may think.
Federal Reserve Vice Chair for Supervision Michelle Bowman said banks are making use of expanded balance sheet capacity to increase their Treasury holdings.
OUSD, the new stablecoin from Open Standard, a consortium of more than 140 banks, fintechs, payments companies and crypto firms, has drawn interest, in part due to its shared economics model.
