The $154-million Community One FCU has become an equity owner in Business Partners, LLC, a CUSO in which the founding credit union, Telesis Community Credit Union in Chatsworth, Calif., has sold ownership to several other credit unions. The turnkey operation specializes in business real estate and small business lending, and recently unveiled a small business services model geared toward the SBA Express and small business loan products. The CUSO also specializes in loan participation, underwriting, servicing and quality control. "Through Business Partners, Community One can diversify by investing in and receiving a substantial return on member business loans, with the advantage of fast to market expertise that could potentially take us years to gain," said Community One FCU CEO Alan Pughes.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3