CHARLESTON, S.C. - (09/10/04) -- South Carolina FCU said it hit the$1 billion mark in assets, making 91 credit unions in thebillion-dollar club. The 68-year-old credit union, chartered asCharleston Navy Shipyard FCU, has almost doubled its assets andincreased its branch network to 16 over the past five years. Thegrowth has been fueled over the past year by the credit union'sconversion from a multiple group charter to a communitybase.
As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
Hope Bancorp's acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.
Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.
The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
