BATON ROUGE, La. - (09/12/05) Bayou FCU is offering up officespace to the Louisiana Credit Union League, whose own offices inHarahan, La., are still in an evacuation area. League staff havebeen working out of the league's service centers in Baton Rouge andShreveport, as well as out of the home of one of its staffers wholives in Baton Rouge. "There are still some credit unions that wehave not heard from," according to LCUL's Alicia Blanda. "NCUA, thestate regulator, CUNA Mutual Group and the league are sharinginformation, so in some cases, where we haven't heard from a creditunion, one of them has, and we have information from them that way.But there are still about a dozen that none of us have been incontact with."
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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