WASHINGTON CUNA reported a $2.5 million operating margin for 2012, up from $1.6 million in 2011.
That accounts for $52.4 million in revenue and $49.9 million in expenses.
Last year’s net helped CUNA build its net assets, or reserves, to $13.7 million, from $11.2 million at year-end 2011.
CUNA projects revenue of $53.8 million, with $25.4 million of that coming from dues, $24.1 million from fees based services and $4.3 million from other sources.
Flagstar Bank extended Joseph Otting's employment contract by one year and granted him new stock awards. Simultaneously, the bank promoted two executives to serve as co-presidents, in a move that could be a hint at CEO succession plans.
The two fintechs will increase distribution of a 'pay by bank' option that has picked up steam in recent years as merchants and consumers seek relief from card fees.
The Treasury Department's General Counsel Brian Morrissey resigned his post as controversy grew over a Department of Justice settlement creating a fund to compensate for alleged victims of prosecution by the Biden administration.
Yotta marketed accounts as FDIC-insured and impossible to lose, then moved $28 million of Californians' money to a Synapse arm its own executives didn't trust.
Federal Reserve Gov. Christopher Waller said Tuesday that central bank researchers using Artificial Intelligence must follow security protocols designed to protect sensitive data.
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
