ALEXANDRIA, Va. - (01/18/05) -- The move to convert to communitycharter decelerated last year to its slowest rate in six years,according to NCUA. The number of federal charters converting tocommunity fields of membership fell to just 84 in 2004, down from112 the year before, and the fewest since 1996, the year theSupreme Court struck down NCUA's select groups policy. But the sizeof the community FOMs granted continued to grow, the agency said ina new report on community chartering posted last week. Thatincluded a grant to LA Financial FCU to serve 10 million residentsof Los Angeles County, the biggest FOM grant ever; and separategrants to US Airways FCU (now Clearview FCU) to serve three millionpeople in greater Pittsburgh, Pa.; to US FCU to serve three millionpeople surrounding the Twin Cities in Minnesota; Dallas Telco FCUto serve the 2.2 million people in Dallas County; and High DesertFCU to serve two million people in San Bernardino County,Calif.
-
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
1h ago -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
2h ago -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
3h ago -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
3h ago -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
4h ago -
The Federal Reserve has proposed that the two payments services run seven days a week, meaning they'd no longer close on weekends or holidays. The public has 60 days to comment.
4h ago