HOUSTON-Smart FCU, has launched an instant issue debit card program to better serve its members. The credit union said the move offers members immediate access to their funds, eliminates unnecessary wait time for standard mail and the need for temporary checks, and is safer by putting the debit card directly into the member's hands. The instant card also provides a much quicker turn-around in the event that a member's debit card is lost or stolen.
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President Trump and Senate Banking Committee Chair Tim Scott, R-S.C., visited the Federal Reserve Board headquarters Thursday afternoon to inspect ongoing renovations whose cost overruns have heightened scrutiny of Fed chair Jerome Powell.
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The two Southeast banks agreed to combine in a transaction valued at $8.6 billion. Synovus CEO Kevin Blair would be chief executive of the combined bank, but a slim majority of board members would come from Pinnacle.
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Flagstar Bank wants to merge its holding company into the bank, which would cut $15 million in annual expenses and eliminate regulatory oversight by the Federal Reserve, leaving the OCC as its primary regulator. The bank's CEO, Joseph Otting, is a former comptroller of the currency.
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Fifteen banks have failed since 2019, with the most recent one occurring on Jan. 17.
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Fedwire has migrated to ISO 20022, a messaging standard designed to make it easier for digital real-time processing rails to work together. It's a difficult lift for banks, but the agency promises it will be worth it.
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Bread Financial continues to keep its eye on the potential inflationary impacts of the Trump administration's trade policies, despite the fact that its delinquencies and losses declined in the second quarter.
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