ST. PAUL, Minn. - (07/05/05) A number of this state's credit unionsare offering help as Minnesota operates with the first partialshutdown of government in its history. Some 9,000 employees havebeen temporarily laid off due to a budget impasse. It was believedfor a while that the Department of Commerce would be among thosestate entities forced to endure the temporary shutdown, thereforehalting examinations and applications for credit unions and otherfinancial institutions. However, continued funding for theDepartment of Commerce was included in a bill that passed justprior to the holiday weekend, according to the Minnesota CreditUnion Network. Among those offering assistance are Affinity PlusFCU and Hiway FCU, both based in St. Paul. Affinity Plus isoffering automatic 30-day extensions for members on loanpayments.
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Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
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Swiss banking giant UBS Group received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
March 20 -
Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
March 20 -
Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
March 20 -
CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
March 20 -
Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.
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