WASHINGTON-CUNA, which has been struggling with large losses, said it will furlough all employees for a week of unpaid leave and stop making matching 401(k) retirement account payments to help stem its declining financial situation. The budget cuts come after CUNA reported an $8-million loss for 2008, after a $5.7-million loss for 2007. The furloughs will be staggered to ensure the continuation of services to members, CUNA said.
Mirroring the efforts of a number of larger institutions, Portland-based Northeast Bank plans to open a de novo branch in Bangor and renovate its seven existing branches.
The Brazilian digital bank is bringing its services to U.S. consumers through a partnership with Lead Bank as it awaits its own final charter approval.
Research from Cerulli Associates suggests that many RIAs have a long way to go with AI adoption while already finding possible ramifications for back-office staff.
Regulators want firms to spot where several critical functions ride on one provider, a question the department's earlier vendor guidance did not ask.
The digital asset and card-issuing firms are supplying the guts to enable transactions for cards and digital wallets, betting that Mastercard's ties to both firms will be attractive to banks, consumers and merchants.
North Carolina-based First Citizens BancShares completes its acquisition of 138 branches across 11 states; City National Bank appoints Chad Lloyd senior vice president and head of RBC U.S. Mortgage; London-based payments processor Checkout.com launches its U.S. subsidiary in Georgia; and more in this week's banking news roundup.
