NCUA said last week a federal credit union can use its status as a federally insured depository to obtain a routing and transfer number from the Federal Reserve for use by an affiliated CUSO providing item processing for other credit unions. In a legal opinion issued to US FCU, part owner of Minnesota Item Processing Corp., NCUA said the CU may serve as a conduit to the Fed's routing and transfer system for the CUSO, as long as the CUSO is a member of the credit union. NCUA also cleared the way for the CUSO to provide collection, or deposit, item processing services. The CUSO is owned by 20 area credit unions and provides item and image processing for 100 Minnesota CUs.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
6h ago -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
7h ago -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
10h ago -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25