L.A. Financial Credit Union has been approved for what is the largest federal community charter ever granted, after getting the OK to serve anyone who lives, worships, works in, or attends school in, and businesses and other legal entities located in Los Angeles County. The $300-million credit union, known until 2003 as Courts & Records FCU, currently serves 45,000 people. "A more flexible field of membership is an important step in our evolution as a community-based financial cooperative," said CEO Barbara Nall. "We have been serving Los Angeles County employees for over 67 years and have a strong bond with the community. In recent years, we've added over 500 local Select Employer Groups (SEGs) and completed a merger with a community credit union in Lake Havasu City, Arizona."
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
Just now -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
April 22 -
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
April 22 -
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
April 22 -
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
April 22