MINNEAPOLIS - (05/09/06) U.S. Bancorp said its ElanFinancial Services, a growing player in the credit union cardsmarket, acquired two more credit union portfolios. Elan will managethe two portfolios, Jacksonville, Fla.-based First Florida CU andits $6.4 million in receivables and 5,400 accounts; and $1.1million in receivables and 550 accounts of Wymar FCU, in Geismar,La., under agent contracts. Elan has acquired more than 70 creditunion portfolios over the past two years.
Daryl Byrd, who led Iberiabank until it was acquired by First Horizon, has assembled an investor group to acquire MC Bancshares and its subsidiary, MC Bank & Trust Co. in Morgan City, Louisiana. Byrd will become CEO.
Nine banks and lenders were impacted by the years-long, $923 million fraud enterprise, according to an indictment of top Tricolor executives. The banks were not publicly named, but JPMorganChase, Fifth Third, Barclays, Louisiana-based Origin Bancorp and Texas-based Triumph Financial have said they would take write-downs.
The National Institute of Standards and Technology's preliminary draft helps banks integrate artificial intelligence into their existing security strategies.
The regulator signed off on the transaction just two months after the banks applied to merge.
The Department of Justice wants Federal Reserve Chair Jerome Powell to state if the central bank is profitable again and can, therefore, fund the Consumer Financial Protection Bureau.
The Financial Services Forum, which represents the largest U.S. banks, formed a new 501(c)(4) advocacy group to amplify big banks' policy preferences, a move that could counter the crypto industry's growing political influence.
