WASHINGTON - (07/28/06) -- The Senate last Wednesday nightconfirmed former NCUA Board member Geoff Bacino to the FederalHousing Finance Board, the regulator for the nation's 12 FederalHome Loan Banks. The long-time credit union figure was confirmedalong with Frederic Mishkin, to the Federal Reserve Board, EdmundMoy as director of the U.S. Mint, and three nominees to theExport-Import Bank. Bacino, currently an executive with CENTRIXFinancial, was among the founders of Callahan & Associates, andformerly served as head of the National Association of StateChartered CUs and of the National Association of Share InsuranceCorporation. The FHLB system has become increasingly important as asource of mortgage funding for credit unions, with more than 1,000credit unions now part of the system.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3