Members of Coastway Credit Union, Rhode Island's fourth-largest credit union, have voted overwhelmingly in favor of converting it to a mutual savings bank.
Only eight credit unions have made such a switch since 2004, according to the consulting firm CU Financial Services.
This week's vote is subject to final certification by the National Credit Union Administration, and the conversion of the $300 million-asset Coastway must be approved by regulators.
More depositories are getting involved in the securitized market and the competition is likely to add to expense management challenges of smaller balance loans.
Consumers' spending and payment behaviors were "holding very firm" despite inflationary pressures, Synchrony Chief Financial Officer Brian Wenzel said at the Barclays Global Financial Services Conference.
Sen. Elizabeth Warren sent a request for information to the National Association of Insurance Commissioners about state regulators' efforts to address private equity ownership of life insurance companies.
Advisors are still slow to plan for handing down their businesses, in part because of difficulties finding new owners they can trust.
Recent analyses found non-malicious AI agents can "think," emote and launch attacks unprompted. There are several things banks should do to protect themselves.
Increased costs, a limited consumer pool and churn are pressuring the financial institutions that are competing in the luxury card market.
