KENSINGTON, Md. – Directors of Lafeyette FCU, faced with a recall initiative over members angry over the failed attempt to convert to savings bank, have added two new members to fill recent resignations. The new director, both popular in the community, are: Rodrigo Leiva, head of the Coalition of Latino Agencies in Adams-Morgan and Columbia Heights, where Lafayette recently opened a new branch; and Darryl Pounds, a former player for the Washington Redskins involved in local philanthropy. Leiva issued a press release at the opening of the new branch saying he supported the conversion to mutual savings bank because of the expansion into new areas it would entail. Angry members are petitioning to hold a special meeting where they hope to vote the recall of the board for its support of the ill-fated conversion.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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