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.
-
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
42m ago -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
48m ago -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
3h ago -
In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
3h ago -
To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
5h ago -
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.
April 25