CRANSTON, R.I.-Coastway CU has ended 89 years as a credit union today when it becomes a mutual savings bank. An overwhelming majority Coastway members approved of the conversion to a mutual bank in April. The $300-million credit union, the state's fourth largest, plans to use its new charter to expand its business lending, limited to just 12.25% of assets as a CU. The credit union was chartered in 1920 as Telephone Workers CU.
Regulators want firms to spot where several critical functions ride on one provider, a question the department's earlier vendor guidance did not ask.
The digital asset and card-issuing firms are supplying the guts to enable transactions for cards and digital wallets, betting that Mastercard's ties to both firms will be attractive to banks, consumers and merchants.
North Carolina-based First Citizens BancShares completes its acquisition of 138 branches across 11 states; City National Bank appoints Chad Lloyd senior vice president and head of RBC U.S. Mortgage; London-based payments processor Checkout.com launches its U.S. subsidiary in Georgia; and more in this week's banking news roundup.
Advisors can leverage the updated opportunity zone program, starting in January, to help ultrahigh net worth clients defer capital gains.
As advisors rush to build their own AI tools, experts warn that guardrails need to cover data going in, not just data going out.
Bank and credit union regulators proposed a rule that would apply more supervisory oversight to core service providers, saying the firms sometimes provide little transparency to banks and can disrupt due diligence processes.
