ALEXANDRIA, Va. -- The first of what is expected to be a number of state-chartered credit unions in Missouri have begun petitioning NCUA to convert to a federal charter, as the bankers' field of membership lawsuit has left them all in limbo. The NCUA Board announced Thursday it will vote next week on an aplication for Aerospace CU, one of the Show-Me State's biggest credit unions, for a federal community charter. The credit union is among 10 of the largest state charters in Missouri left in a void by a state court ruling invalidating the state's FOM rules, among the most liberal in the country. The credit unions are expected to appeal the ruling, but a final decision on the appeal could take more than a year, leaving the broad community grants awarded those credit unions up in the air until then.
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Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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