Insurgent members of Columbia CU said they are on their way to forcing a special membership meeting aimed at reversing November's controversial vote to convert the $600 million credit union to a bank. Lloyd Marbet, chief organizer of the dissidents, said they have collected more than 1,000 signatures-half the necessary number-on a petition urging the special meeting where they hope to rescind the conversion vote and remove the current board, which is backing the charter switch. Marbet said petitioners are canvassing members outside Columbia CU headquarters and six branches in hopes of collecting the required support. If not, the group said it is prepared to go to court to block the conversion, which is currently awaiting regulatory approval.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25