WASHINGTON – Congressman Paul Kanjorski, who introduced the credit union regulatory bill just last week, underwent triple heart bypass surgery yesterday at Boston’s Brigham and Women’s Hospital, one of the foremost hospitals for coronary surgery. The operation was routinely scheduled and not the result of a heart attack, according to Kanjorski’s office. The surgery was scheduled after a physical Feb. 12 at the Office of the Attending Physician at the U.S. Capitol revealed that coronary heart disease has caused significant narrowing of three arteries feeding the 69-year-old lawmaker’s heart. Kanjorski will be in the hospital’s intensive care unit for the next day or two, then is expected to spend a week in the hospital, before returning to work in mid-April, following the spring Congressional recess. Kanjorski, the chief sponsor of HR 1151, the landmark 1998 CU Membership Access Act, introduced legislation last week to reduce regulatory burden on credit unions. The CU Regulatory Improvements Act, or CURIA, increase the allowable limit for member business loans; would enact a risk-based capital system for credit unions; allow credit unions to retain their select groups after converting to community charters; allow all credit unions to add underserved areas and make it harder for credit unions to convert to mutual savings banks.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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