MORGANTON, N.C. - (08/30/04) -- A week after unprecedented creditunion intervention failed to boost the credit union-backedcandidate to victory in the Republican primary run-off, the racefor the state's tenth congressional district took another unusualtwist last week. Democratic Party leaders last week asked theircandidate, Anne Fischer, to withdraw from the race after her homewas foreclosed on by State Employees CU. Fischer said party leadersasked her to resign after learning she lost her home in theforeclosure and she had no job. Federal election rules allow aparty to require a candidate's withdrawal for criminal wrongdoingor financial malfeasance. The move came a week after State Rep.Patrick McHenry bested Sheriff David Huffman in the Republicanprimary run-off, despite an expensive last-minute add campaign byCUNA and the North Carolina CU League on behalf of Huffman, along-time member of the Local Government Employees FCU advisorycommittee.
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Federal Reserve Vice Chair Philip Jefferson said in a speech Tuesday that despite positive employment readings in recent months, he remains concerned that an economic shock could still threaten the labor market.
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Santander U.S. and Webster Financial are doing integration work in advance of their pending merger, including naming business-line leaders, the banks said in separate notes.
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The FDIC board voted unanimously to issue a proposal putting a rebuttable ban on bank-issuers paying yield on stablecoins, another narrowing AML requirements and a third prohibiting examiners using reputational risk in exams, outside of operational or financial risks.
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The neobank is rolling out Chime Prime, a new membership service that rewards customers for making Chime their primary bank account.
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The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.
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Swiss banking giant UBS tried to get a federal court to reject new allegations that Credit Suisse, which UBS acquired in 2023, had concealed Nazi-linked assets.
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