Senate Bill 331-a bill to allow Oregon's CUs to accept deposits from a variety of public entities-has been signed by Gov. Ted Kulongosk. The bill had the support of the Credit Union Association of Oregon, which had to fight off attempts by Oregon's bankers to have the legislation attached to a separate bill imposing a corporate excise tax on state-chartered CUs with more than $100 million in assets. After strong lobbying by Cus, the excise tax bill died in committee.
South African bank's approach to chatbots offers lessons for U.S. players; small lenders embrace automation for latest PPP round; flush with capital, Canadian banks eye U.S. acquisitions; and more from this week's most-read stories.
The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.
Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.