NAFCU has reorganized its government affairs department to create a new political affairs division headed by Murray S. Chanow, formerly NAFCU's senior legislative representative. Chanow's new duties will include directing NAFCU/PAC, the association's political action committee, leading NAFCU's grassroots programs and managing the annual Congressional Caucus public affairs meeting. Brad Thaler continues to lead NAFCU's congressional lobbying team as director of legislative affairs. "It's become apparent over the last year that we need to place more emphasis on our political programs," said NAFCU President Fred Becker, "and I can't think of a more qualified person to lead our efforts in this area than Murray Chanow." Becker pointed to the association's increased visibility last year at the two national party conventions as well as activities earlier this year associated with President Bush's inauguration-all of which Chanow had a large part in orchestrating.
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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