ONTARIO, Calif. – CO-OP Financial Services announced this afternoon it has agreed to combine its shared branching operations with Atlanta-based CU Service Corp. The combination will form the nation’s largest shared branching network in the country, with 1,457 branches in 40 states. CO-OP, which runs the largest electronic funds network for credit unions, is the parent of Service Centers Corp., the pioneer in shared branching, which it acquired three years ago. The new network will include 1,052 credit unions, representing 80% of all credit unions participating in shared branching. The deal calls for CO-OP to own 51% of the combined entity, which will be called CUSC, and for CUSC to continue managing and marketing the network.
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The Federal Deposit Insurance Corp. is arguing that Colorado has the right to establish an interest rate cap that all state-chartered banks must follow. Three industry groups are suing the state in an effort to stop its attempted crackdown.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26