BOSTON – Metro CU, the city’s biggest credit union, has applied to state regulators to merge into it ailing Boston Globe Employees CU.
The Globe’s $22.1 million credit union reported $68,000 in losses for the first three quarters of the year and 10 straight quarterly losses.
Under the plan, the $730 million Metro CU will retain the smaller credit union’s single office within the offices of the Boston Globe, the state’s largest daily newspaper.
As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
Hope Bancorp's acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.
Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.
The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
