CLARIFICATION: An item on CU Journal’s Daily News Sept. 28 on a college professor who had bilked numerous institutions and lenders should have noted that Congressional FCU did not experience any losses as a result of the scam. It was Congressional FCU that notified authorities of the suspicious activity.
The credit card issuer added two programs with home goods retailers Raymour and Flanigan and Bed, Bath and Beyond during the quarter while also increasing its stock buyback allocation and dividend payouts.
A cohort of more than 100 Republican members of Congress sent a letter to Treasury Secretary Scott Bessent urging the administration to protect and fund a community lending program that has been gutted despite its legal mandate and Bessent's backing.
The company's software automates much of the process of getting money transmitter, lending and other types of licenses.
The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
