- ALEXANDRIA, Va. (04/08/02) -- Pentagon FCU saidFriday it merged April 1 with West Point FCU in the biggest creditunion merger of the year. West Point FCU is a 44-year-old $55million, 17,500-member credit union that serves cadets, alumni andemployees of the U.S. military academy about 40 miles north of NewYork City. "Pentagon Federal Credit Union is extremely proud to bea part of the West Point and Highland Falls communities, especiallyduring the Academy's historic 200th anniversary," said Pentagon FCUPresident Frank Pollack. Pentagon FCU is the world's fourth-largestcredit union with $4.4 billion in assets and 445,000members.
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A July pickup in activity is just a start, experts say. The banking industry's drive for scale and greater efficiency is expected to drive a renewed wave of consolidation, pushing the institution count lower.
8h ago -
Administration of the Community Development Financial Institution Fund at the Treasury Department will be led by the CDFI Fund's legal counsel following the resignation of the fund's director.
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Paxos and Mastercard are among the firms betting that legal clarity will lead to a wider range of stablecoin users.
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Google, Oliver Wyman and Corridor Platforms offer bankers a safe space where they can experiment with using generative artificial intelligence for customer interactions.
July 21 -
The Treasury's financial crime agency delayed enforcement of a variety of Bank Secrecy Act requirements for investment advisors in order to gain time to revise and tailor regulations.
July 21 -
Kate Luft, a former chief of staff for Citi CEO Jane Fraser, is now running the company's U.S. retail banking business. In her first interview since getting the job, Luft discussed what banks can learn from airlines and the advantages that incumbents have over fintechs.
July 21