ALEXANDRIA, Va. – A story in last Thursday’s Credit Union Journal Special Bulletin about NCUA’s new rules requiring financial literacy training for directors incorrectly stated the rule also requires credit unions converting to banks to notify members about the possibility of a liquidating dividend instead of conversion. That provision only applies to when a credit union is being purchased by a bank.
Amid a surge in bank mergers, Citizens CEO Bruce Van Saun said the Providence, Rhode Island-based bank is largely focused on organic growth. "It would have to be a pretty high bar for us to go down that path," he said.
The conditional approval came with residency waivers for board directors and green-lights the bank's business model, which is aimed at serving tech companies and ultra-high net worth customers in the digital asset space.
Federal Reserve Gov. Christopher Waller said Wednesday that breakthroughs in artificial intelligence will undoubtedly make life easier and lead to growth, but acknowledged that the technology's adoption will lead to short-term labor market disruptions.
Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency will open the bidding process for failed banks to private equity and other nonbanks, streamline resolution plans and revamp its bidding and funding models, reforms spurred by 2023's bank failures.
Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.
"We actually see a little bit more strength in the nonprime [consumer]," CFO Brian Wenzel told American Banker.
