PEORIA, Ill. – Citizens Equity First CU said yesterday it has signed to move processing for $80 million credit and debit card portfolio to PSCU Financial Services. The deal calls for the $3.1 billion credit union to convert its 97,000 signature debit, 110 PIN debit and 45,000 credit card accounts to PSCU’s CreditAbility and DebvitAdvantage programs in 2008. CEFCU has 229,000 members and is the second largest credit union in Illinois.
The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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.
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.
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.
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.
