NCUA said three new credit unions were chartered in January, the most of any month in the past three years. Federal deposiit insurance was approved for two new state charters, Community CU, Clinton, N.C., and Bradley Initiative CU, Cleveland, Tenn. Friday, NCUA announced the first new federal credit union chartered this year, for Faith-Based CU, Oceanside, Calif. There were only eight new credit unions chartered in 2002.
The plan still lacks concrete details about standards banks must meet to earn high ratings, but the agency said the new methodology would end grade inflation and could penalize banks that underperform.
CEO Wendy Cai-Lee says Piermont Bank can do it all for financial technology firms: be their commercial banker, be their banking-as-a-service provider and develop APIs and other cutting-edge products for them.