IOWA CITY – Members of University of Iowa Community CU who organized the rare recall of a new credit union name, failed in their bid to gain a foothold on the credit union’s board at the annual meeting Wednesday night. A write-in candidate nominated from the floor received scant support at the annual meeting, so three long-time incumbents were reelected to the panel. The members had hoped to gain entry to the board after they succeeded in defeating an effort to change the credit union’s name to Optiva CU. The name-change candidate received 69 votes to 664, 653 and 685 votes polled by the long-time incumbents.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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