MADISON, Wis. - (08/12/04) -- The unusual effort by CUNA MutualGroup professional employees to form their own collectivebargaining unit is being seen as creating a major new impediment tosettling the six-month-long labor impasse. John Peterson, officemanager for the Local 39 of the Office and Professional EmployeesInternational Union, said the rare separation effort, though legal,is sure to complicate efforts to negotiate a final settlement withCUNA Mutual and even drag out the process longer. He said hebelieves the company will want to determine whether the break-awaygroup qualifies for a separate unit before agreeing to a finalcontract with the current union. "They're going to want thepetition and the vote (on a new unit) to occur before they finishnegotiating with us. I don't really see a settlement occurringbefore then," Peterson told The Credit Union Journal.
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Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
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Swiss banking giant UBS Group received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
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Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
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Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
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CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
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Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.
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