AUSTIN, Texas – An item that appeared on The Credit Union Journals daily website for Monday, Jan. 23, regarding Velocity CU and a lawsuit it has filed against the Standard Insurance Co. incorrectly stated the nature of the suit. The item reported Velocity had established a $10-million benefit plan for two top executives, but the plan was established for all Velocity employees. The lawsuit, however, is in reference to The Standard’s failure to account for an IRS rule when creating the plan, and this rule only affects the retirement benefits of two Velocity executives.
-
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
44m ago -
In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
1h ago -
To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
3h ago -
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
April 25 -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
April 25 -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25