The $4-million Verizon Employee's FCU has merged with Orange County's Credit Union, creating a $763-million CU serving 81,000 members. Separately, in Salem, Va., City of Salem Employees FCU has merged into Freedom First FCU. In Moon Township, Penn., the $1.4-million Neville Chemical Employees FCU has merged into the $600-million US Airways Federal Credit Union. USAFCU held a reception for the 352 members of NCEFCU. Also merging were two defense credit unions. Coast Guard FCU, Mobile, Ala., has merged into Army Aviation Center FCU, Daleville, Ala. The merger creates a CU with 95,000 members. Finally, in Houston, the former S&S Credit Union is changing its name to Space City Credit Union. With the new name has come a new web address, www.spacecitycu.com.
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As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
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Hope Bancorp's acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
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The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.
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Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.
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The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
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Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
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