Coastland FCU has borrowed $2-million at 0% APR from Louisiana Corporate's Disaster Loan Program to rebuild operations and restore liquidity following substantial withdrawals by members hit by hurricane Katrina. "We feel that as soon as the insurance companies start paying, our members will get money back into their accounts," said CFCU CEO Emmet Foxworth. Coastland FCU is attempting to return to its Metairie, La. offices and currently operating out of a back-up site in Houston. LaCorp, which is also homeless and operating out of U.S. Central's facilities in Kansas, is funding the disaster loans in part with deposits made by new associate members, including Arizona FCU, Atlantic Financial FCU, Electrus FCU, Hutchinson CU, Kinecta FCU, Market USA FCU, Money One FCU, Star One CU and Tyndall FCU, as well as CNBS. To date more the associate members have deposited more than $12 million.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
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