ALEXANDRIA, Va./Fort Worth, Texas - (08/30/05) -- NCUA was expected to drop itsobjections to the conversion of OmniAmerican CU and allow the $1.4billion charter switch to go forward under a deal that could beconsummated as early as today, one source close to the negotiationstold The Credit Union Journal. The settlement would avoid thefuture wrath of U.S. Magistrate Don Bush, who ruled against theagency in the Community CU conversion, and allow NCUA and itsJustice Department lawyers to focus on their defense against theMagistrate's ruling, which must now be certified by the U.S.District Court. The OmniAmerican settlement will allow the creditunion regulator to avoid a rematch in front of Magistrate Bush, whosharply criticized the federal agency's treatment of Community CUduring a hearing two weeks ago. NCUA has rejected OmniAmerican'sconversion vote on the same grounds as it rejected the Community CUvote, which the Magistrate has recommended the court find illegal.NCUA, though it must wait to see what the court decides beforelaunching an appeal, is also weighing the political consequences ofa drawn-out legal battle after members of Congress criticized itsactions over the conversion of the two billion-dollar credit unionsto banks.
-
While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
3h ago -
The Missouri bank surveyed consumers about what kind of financial management tools they use, then built its My Finance360 tool in response.
4h ago -
GodFather malware mimics and manipulates real financial apps on Android devices, exposing sensitive data without user suspicion.
6h ago -
As banks consider their strategies, other big names are also considering a role for digital assets.
7h ago -
The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
8h ago -
Kevin Fromer, who has headed the Financial Services Forum since 2017, announced his departure Monday. Fromer transformed the Financial Services Forum to advance the interests of the largest U.S. banks.
9h ago