The Texas CU Department said last week it has issued an order approving the application from Community CU to convert to a mutual savings bank, finding that the balloting and vote for the $1.4-billion credit union were proper. "It's not just the balloting process; we've approved their application," Kerri Galvin, general counsel for the CU Department, told The Credit Union Journal. The state regulator's action, coming a week after the federal Office of Thrift Supervision approved the credit union giant's thrift application and the voting process, sets up a showdown with NCUA, which has indicated it won't certify the controversial vote because the ballots included a technical violation of the agency's conversion regulations. NCUA said Wednesday its Texas-based Region Five Director has received Community CU's certification documents, including a 17-page letter and attachments, and has until this week to render its decision on the largest credit union ever to seek a bank charter.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
9h ago -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
9h ago -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
10h ago -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24 -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
April 24