AKRON, Ohio - (01/16/06) Med/Pro CU thinks it has abetter idea for members seeking short-term cash. As an alternativeto the high-cost payday loans a large number of its members havebeen pursuing, the $12 million credit union introduced its ownsolution last weekat a much lower cost. Called MemberAdvance Loans, members can sign up for regular advances for $35 ayear and a $15 processing fee for each advance. That entitles themto 12 advances of up to $500 a year, depending on the size of theirpaycheck. The loan is repaid from the members account whentheir next paycheck is deposited. As part of the program, membersmust agree not to use payday lenders.
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Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3