LANSING, Mich. – State regulators enacted new regulations last week that will allow state chartered credit unions to acquire assets and assume liabilities, including deposits, of ailing banks and thrifts.
The power is already available for federally chartered credit unions and other non-credit unions.
The new powers were prompted by a request to the Michigan Office of Financial and Insurance Regulation by Lake Michigan CU in December.
A new study based on a survey of more than 500 advisory practices by The Kitces Report sheds light on how the fastest-growing firms are spending their marketing dollars.
As Truist Financial implements the strategy of Chief Executive Michael Lyons, the bank is dropping near-prime auto lending, a business that it says doesn't play to its strengths.
Bill Pulte, FHFA director, has ordered Fannie Mae to update its servicer guide to mirror Freddie Mac policy regarding notifying borrowers about dropping MI.
A high-yield savings account, incentive marketing and artificial intelligence-powered payroll are new additions to a long-standing strategy to lure clients away from fintechs and banks.
Seven of eight offices are open; debit cards are capped at $1,000 a day; and the bank's website is down. The bank has given no restoration date.
The Senate failed to invoke cloture on the crypto market structure bill, known as the CLARITY Act, by a vote of 49-50. The procedural vote would have opened floor time for debate on the legislation, and its failure to pass likely means the bill will not be reconsidered until next Congress.
