NOVI, Mich. – Everything’s for sale by the Novi Parks Foundation, which agreed to an innovative deal with Telecom CU to sell the naming rights of a local recreational facility. The program is trying to sell naming rights to Novi's sports fields, shelters, playgrounds, rooms at city hall and other facilities to provide another source of revenue for the city's parks amid tough economic times. Under plans to raise as much as $200,000 a year to supplement the city’s $3.8 million parks budget, the credit union has agreed to pay $7,500 over three years to have a a sign over the heretofore Ella Mae Power Park named for it. Telcom will get a sign bearing the company's name at the park, which sits behind the Civic Center.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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