ALEXANDRIA, Va. - (03/28/06) -- Directors of a federal credit unionmay reduce the number of board seats but must obtain a two-thirdsvote to do so, according to NCUA. A change in the number of boardseats amount to an amendment to the Federal CY bylaws, andtherefore, require a two-thirds vote of an FCU's board, NCUA saidin a new legal opinion letter. Requiring the bylaw amendmentprocess for changes to the number of directors prevents smallminorities of a board from acting to manipulate or concentratecontrol, the agency said. Federal CUs may not reduce the number ofdirectors unless a corresponding number of seats are vacant, theregulator pointed out.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25