Federal credit unions may participate in Allegheny (Pennsylvania) County's "BidAllegheny Program" under which the county accepts bids to deposit its funds in federally insured institutions, NCUA said in a new legal opinion letter. The FCU Act authorizes FCUs to accept public unit funds up to 20% of its total shares or $1.5 million, whichever is greater, the agency told the Allegheny County treasurer, who is contemplating broadening the program to include credit unions. The federal regulator would not express an opinion on whether state charters may participate, deferring to the state regulator on that question.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
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