BALTIMORE – Municipal Employees CU members shared $2.1 million last month as the second installment of an annual cash bonus totaling $4.2 million.
MECU has paid its members a cash bonus every year since 1981. In 2007, its board decided to pay half the bonus in June and the second half in December, and decided to continue this practice in 2008.
Loan interest rebates were deposited in members’ accounts on December 1 and extraordinary dividends were deposited on December 31.
Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
The Federal Reserve's top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
The commerce company has made major inroads into embedded finance, a strategy that could get a boost from partnering with the social media giant's new AI agent.
Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.
State Street promotes Ann Fogarty to chief operating officer and names Mostapha Tahiri president of State Street Alpha; Florida's Portrait Bank expects to open for business on Saturday; Texas Capital Bancshares is on the lookout for a new chief risk officer following the departure of David Oman; and more in this week's banking news roundup.
