RICHMOND, Maine - (12/16/05) Bowdoinham FCU has backed away fromplans to buy a 62,000-square-foot building here on eight acres tobe its new headquarters. The credit union had planned to buy thebuilding, a former Etonic shoe factory, from the city for $500,000,but cited federal regulations and the likelihood it would have toinvest up to $250,000 to upgrade the space in making itsdecision.
Witnesses and lawmakers at a House Financial Services Committee hearing gave a more downcast view of a Senate deposit insurance reform proposal, with many House committee members expressing cost concerns.
In the company's first earnings report since going public, CEO Sebastian Siemiatkowski offered what analysts called a conservative Q4 outlook while laying out its growth plans that included an expanded distribution network, increasing its long-term installment loan penetration with merchants and becoming a full-fledged neobank.
An October staff memo from the Federal Reserve's Division of Supervision and Regulation outlines changes to how supervisory activities will be carried out, including a greater emphasis on relying on examinations conducted by state banking supervisors.
The Office of the Comptroller of the Currency issued an interpretive letter Tuesday that would allow banks under its jurisdiction to hold small amounts of network tokens to test and process customer transactions.
Treasury Under Secretary for Domestic Finance Jonathan McKernan said he is concerned that the traditional bank funding model of taking in low-cost deposits and making more lucrative loans could be set for a shakeup as fintech challengers get more competitive.
An activist investor is seeking more information on how, and when, the largest bank deal of 2025 came together.
