WASHINGTON – Several Hedge Funds are apparently scouting out credit union conversions and attempting to obtain membership in the converting credit union in order to get in on the ground floor of a future stock offering. In a phone conversation with The Credit Union Journal on Friday one Hedge Fund representative said his fund had made deposits in at least two converting credit unions and was seeking to establish membership in Lafayette FCU as it was switching to a mutual thrift. The inquiry came as an NCUA review of the Lafayette balloting uncovered as many as a dozen professional investors, speculators, who were able to establish membership in Lafayette through one of its select groups that have liberal membership standards. The speculators reportedly include a former president of one of the Federal Home Loan Banks, sources told The Credit Union Journal. Credit unions that convert to a mutual savings bank, then sell stock to the public usually give their former credit union members first crack at the stock before selling to the public at large, giving the former members the initial chance at any profits from a run-up in the stock price.
-
The payment company has made a series of moves to bolster its stablecoin and other coins to build a market for digital assets. Its Links feature adds to the strategy.
37m ago -
Google has launched its Agent Payments Protocol, an open protocol that establishes a payment-agnostic framework for users, merchants and payments in agentic AI. Payment companies such as Adyen, American Express, Mastercard and PayPal helped develop the protocol.
1h ago -
Prosecutors say Daryl Heller lured 2,700 investors with promises of safe ATM profits but misappropriated $185 million.
1h ago -
The companies have signed a new data-sharing agreement that includes an undisclosed pricing structure. Plaid said it will not pass the new costs on to its clients.
2h ago -
A group of Democratic Senators led by Elizabeth Warren, D-Mass., urged regulators to keep the 2023 Community Reinvestment Act overhaul, saying the rule was carefully crafted with bipartisan input.
2h ago -
The Denver-based bank-holding company's pending acquisition of Vista Bancshares in Dallas is an opportunity to expand into key fast-growing Texas markets and deepen its talent bench, CEO Tim Laney told analysts.
3h ago